26 Feb 2017

Barclays Africa Group has reported a third consecutive year of earnings growth.

Speaking during a press briefing in Gaborone on Thursday (February 23), Barclays Africa Group chief executive officer, Ms Maria Ramos said Barclays Africa Group financial results for 2016, shows a continued growth of a five per cent increase for the year ending 31 December, 2016.

Ms Ramos said the 2016 results marks the third year of a three year strategy the bank put in place after the formation of Barclays Africa Group.

“We have been building on this foundation and we have created momentum for growth,” she said.

“South Africa went up 2 per cent to R12.2 billion with the rest of Africa up 17  per cent to R2.8 billion, pre provision profit increased by 10 per cent to R32.4 billion, revenue grew by 8 per cent while costs increased by 6 per cent with a positive effect on cost to cost income ratio which improved to 55.2 per cent during the period,” Ms Ramos said.

She further said the financial results for 2016 has proved the bank’s resilience and sustained positive direction outline in its three year plan.

Ms Ramos said culture and value are a fundamental part of Barclays Africa Group DNA and should be nurtured and shaped.

“How we conduct ourselves for me is non-negotiable. We remain committed to ensuring we conduct ourselves in accordance with both the law and our values,” she said.

For his part, Barclays Bank Botswana finance director, Mr Mumba Kalifungwa said Barclays would not be selling any of its businesses in Africa.

He also said Barclays Bank Botswana is among the top four best performing in Africa. ENDS