Barclays Africa is the third largest lender in South Africa by value. On Wednesday, the company reported an eleven percent increase in its half-yearly profit s owing to a robust growth in its across the border business and also due to a drop in bad debt charges.
The majority of the company is owned by eponymous British bank. The lender said diluted headline EPS totaled 797 cents in the first half of the year which end on June as compared to 721 cents in the previous year for the same period.
In South Africa, headline EPS is the key profit measure which trims out some one-off items.
Barclays, operates in many of the African countries including Kenya, Ghana and Zambia and said that businesses in those areas increased more than twenty percent net profit which is greater than two times as compared to the home growth rate.
Banks, just like the other South African companies are setting up businesses in the sub-Saharan Africa in order to tap the potential growing economies which is a great option to grow business alongside the stagnating growth in South Africa.
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