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.
Barclays Africa operates in South Africa, Botswana, Kenya, Zambia and Ghana. The group is planning major expansion outside South Africa in 2014.
Headline Earnings per share increased to 1396 cents in 2013 compared to 1227 cents in 2012. The bank registered 10 percent increase in net interest income at R32.3 billion. Fee based revenue for the bank also increased by 5 percent.
The major boost to earnings came as the non-performing assets declined. The improvement in certain business segments led to better performance of commercial loan division in South Africa.
Last year, Barclays sold majority of its operations to ABSA. The bank now plans to focus on five major economies in Africa.
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