Barclays Africa puts best foot forward

2014-07-30 15:16

Banking group Barclays Africa today released its financial results for the six months to June 2014.

The group, headed by Maria Ramos, is the first of the big four banks to release its results this year.

Here are five things you need to know about the group’s results:

1. Barclays Africa’s debtors are behaving better. The group’s non-performing loans dropped to 4.6% of its loan book compared with 5.3% in the comparable first six months of last year. Credit impairments declined by 7% to R3.6 billion.

2. Although the bank has a strong acquisitive streak and has expanded its operations across the continent, South African operations accounted for most of Barclays Africa’s headline earnings at R5.1 billion – dwarfing the R1 billion contributed by the rest of Africa.

3. Non-interest income grew to R13.5 billion, accounting for 44% of total revenue. This fell from 47% in the first half of 2012.

4. The bulk of Barclays Africa’s non-interest income came from net fees and commissions earned by the retail and business banking segments, while corporate and investment banking contributed R865 million in fees.

5. A special dividend of R6 billion was paid in November, shaving 2% off the net asset value of a Barclays Africa share. It is now valued at 9 261c.

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