Barclays Africa Group Limited Announces Higher Earnings in the First Half of the Year

Barclays Africa Group Limited Announces Higher Earnings in the First Half of the YearBarclays Africa Group Limited which is South African subsidiary of Barclays reported eleven percent increase in headline earnings for the half year that ended on30 June 2015.

The financial services provider said it firmly remains on track to carry on its three year strategic priorities and market commitments.

Owing to a seven percent increase in the pre-provision profit which amounted to R14.3billion, the headline earnings of the group spiked from R 6.1billion to R6.8billion.  This is mainly attributed to the steady growth in Retail and Business Banking (RBB) along with the customer growth.  

The Group declared 450 cents as an ordinary dividend a share. It's a thirteen percent boost considering steady capital levels and Barclays Africa's capital generation capacity internally.

Chief Executive of Barclays Africa Group Limited, Maria Ramos, said "Our growth strategy is now half way through a three year journey and these results demonstrate that it is working. We have done what we said we would by delivering a strong performance driven primarily by the turnaround of Retail and Business Banking."

The Home Loans worked well with the operational performance which was also helped by the increasing numbers of customer and fourteen percent higher non-interest income in Business Banking. The group said that the results also reflected the efforts made in managing costs, investments in digital technology and innovative state-of-the-art branches.