Barclays Africa buoyed by 2014 performance

Barclays Africa Group

Barclays Africa Group

JOHANNESBURG – BARCLAYS Africa Group Limited announced it had delivered solid financial results for the year ended 31 December 2014.

According to a statement accompanying the results for the period, the financial firm is on track to deliver on its strategic priorities and financial commitments.

The Group on Tuesday reported a 10 percent increase in headline earnings to R13 billion as pre-provision profit rose 5 percent to R27,3 billion and credit impairments declined by 10 percent to R6,3 billion.

Maria Ramos, Chief Executive of Barclays Africa Group, says the firm’s strategic execution is on track and they have delivered solid growth in their headline earnings in line with expectations.

“Demonstrable progress has been made towards meeting our ambitious financial commitments. The Group has never been in a stronger position than it is today,” Ramos says.

“These results clearly show that we have built a solid foundation and that we are building the ‘Go-To’ bank in Africa. We will keep improving our business in South Africa by picking up the pace on turning around Retail and Business Banking (RBB) while simultaneously driving growth in our Corporate Bank and WIMI franchise across the continent.

“There is great upside in extracting more value from our existing portfolio so this is our main priority for 2015.”

The Group declared a 13 percent higher total ordinary dividend per share of 925 cents given its strong Common Equity Tier 1 (CET1) levels and internal capital generation.

During the period under review, RBB headline earnings increased 9 percent to R8,3 billion, due largely to lower credit impairments and a strong performance by Business Banking South Africa.

– CAJ News

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