Barclays Africa

Barclays results depict bleak picture of South African economy

Barclays results depict bleak picture of South African economy

Johannesburg-based Barclays Africa Group’s discouraging earnings report has delivered further evidence of South Africa’s gloomy economy.

The lender reported 10 percent decline in earnings excluding one-time items at its main South African consumer unit in the 6 months through June this year. Deposits fell 14 per cent.

Maria Ramos, who took charge as CEO of Barclays Africa in 2009, admitted that the economic environment would like remain “challenging” for the next many months.

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Barclays Africa reports decline in first-half income

Barclays Africa reports decline in first-half income

Barclays Africa Group Limited on Thursday reported a notable decline in total first-half income, delivering further evidence that the economy of South Africa is not going to climb out of the financial doldrums anytime soon.

It is the first interim contraction reported by Barclays Africa Group since Maria Ramos took charge as chief executive officer of the Johannesburg-based lender in 2009.

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Barclays Africa Earnings Improve on Loan Recovery

Wendy Lucas-Bull - Barclays Africa Earnings Improve on Loan Recovery

Barclays Africa has surprised market experts and investors by posting 14 percent increase in earnings. The financial major has noticed decline in bad loans in both commercial and retail segment.

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