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Barclays Africa's move to integrate its African operations pays off

by , 30 July 2014

Earlier today, Barclays Africa released its results for the six months to the end of June. The bank revealed a steady rise in earnings.

Growth from Barclays Africa's African entities is strong.

This is the first set of results that Barclays Africa's has released since taking over many of its parent company's, Barclays, African operations.

Let's take a closer look at what the results revealed…


Barclays Africa’s investment banking performed well


Showing a very strong improvement was Barclays Africa’s investment banking division, says Bloomberg. Profit soared “30% to R1.1 billion”. Adding to the good performance was “an increase in fixed income and credit,” along with strong business from its African operations outside of South Africa.

For the six months, headline earnings per share rose 10% coming “in at 720.9c,” reports Fin24. That’s up from its restated headline earnings per share for the same period last year of 655.7c.

Net income rose strongly from R5.59 billion to R6.17 billion, notes IOL.

UK-based Barclays owns 62.3% of Barclays Africa, adds Bloomberg. It’s struggling to post decent results and reported a “50% plunge in investment banking earnings”.

This is the first set of results released under the ‘new’ Barclays Africa.


Barclays Africa’s expanded African footprint boosted earnings


Last year, Barclays Plc gave “ownership of eight African businesses to its South African subsidiary in exchange for” a large stake in Barclays Africa, notes MoneyWeb. And the deal looks to have paid off for Barclays Africa as its headline earnings “grew by 34% to R1 billion”. That’s in contrast to the “6% growth experienced in the bank’s biggest market, South Africa”.

With consumers finding things tough in the current economic environment, Barclays Africa managed to reduce credit impairments 7%, says Fin24. This follows the bank’s goal to tighten up on bad loans.

So a decent set of results for Barclays Africa. Last year’s deal helped the bank boost its results.

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Barclays Africa's move to integrate its African operations pays off
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