Fidelity bank banner NewsExpress advert
Barclays Africa eyes Nigerian market

By News Express on 02/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 483


Barclays Africa Group, South Africa’s No.2 lender by market value, plans to extend its reach throughout the continent, its CEO, Maria Ramos said on Thursday after posting annual profit up nearly 4 percent.

Ramos said the bank, which is changing its name back to South African brand Absa after its split from former parent Barclays, aims to enter Nigeria as it seeks to lift its share of the African market to 12 percent from 6 percent over the medium term.

Finance Director Jason Quinn told Reuters that Nigeria has been in its sights for some time.

“We would have to think carefully about how and when to enter the Nigerian market and that is what we are going to start doing,” he said.

“We have to decide how we enter, whether we acquire or build.”

The bank had earlier reported normalised diluted headline earnings per share — the primary measure of profit in South Africa, stripping out one-off items — up 3.9 pct at 1,837.7 cents for the year to Dec. 31, helped by a 20 percent drop in credit impairments.

Net interest income, a gauge of lending profitability, rose by 1 percent to 42.32 billion rand ($3.56 billion), while its net interest margin was unchanged at 4.95 percent.

Growth in the United States was the positive surprise in the second half, even as Europe, Japan and China grew at or above consensus expectations, the bank said.

This more than made up for slow economic expansion in its main markets, which account for about 80 percent of group income.

Barclays Africa and its rivals have struggled to increase lending as slowing economic growth in many African markets tempers demand from corporate clients while retail clients in its home South African market feel the squeeze from rising interest rates.

However, confidence in its domestic market has been buoyed by the Cyril Ramaphosa’s elevation to the South African presidency last month, pledging to revitalise the economy.

Barclays Africa said it expects growth in loans and deposits to improve in 2018 and forecast stronger loan growth from the rest of Africa. It also forecast stronger loan growth in corporate and investment banking in South Africa. (Reuters)

Source News Express

Posted 02/03/2018 5:37:49 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Day Buhari met Kano whizz kids in India...

N450m Campaign Fund: Court adjourns Belgore, Suleman case...

U.S. Supreme Court decision for Shell takes the...

HURIWA tasks Okonjo-Iweala on transparency

Obaseki calls for global consensus on strategy to...

PENGASSAN opposes IPMAN’s call for sale of refineries...

‘Multi-Million dollar Okonjo-Iweala family hospital’ does not exist,...

BBOG, clerics, others pray for return of remaining...

14 soldiers killed in anti-Boko Haram operations

Poor performance: Heads of Imo parastatals face sack...

Ex-OAU students’ leader confirms ritual killings in Ile-Ife...

Whistle blower on Ikoyi money now a millionaire...

 

Latest News World Cup: Mexico stun champions Germany 1-0 Ohakim, Okorocha and the battle of the cowshed, By Collins Ughalaa 31 reported dead as bombs rock Borno Atiku returns from lesser hajj, expresses condolences over Bauchi windstorm Man knifes himself to death ‘because he thought he was wearing a stab-proof vest’ Prof. Chukwuka Okonjo, foremost academic and traditional ruler, turns 90 Govt declares indefinite curfew in Abuja community after crisis SERAP asks court to compel Fashola to account for spending on power Darkness looms as electricity supply drops in FCT, states; 6 power stations shut down 1 killed, 29 arrested in Nasarawa cult clashes APC convention will be hitch-free - VON DG NAFDAC urges FG to establish institute for herbal medicine

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (351,420 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (350,422 views) Shameless Genevieve Nnaji exposes breasts in public (279,434 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (229,443 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (208,622 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,022 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,240 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,334 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,417 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,031 views) Lagos plane crash: Journalist releases victims’ names (143,441 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,327 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,239) Business Verdict (44) Columnists (868) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (503) Features (606) Global Business Monitor (280) International (2,029) Interview (153) Live Commentary (28) Love Matters (123) News (36,268) Opinion (1,000) Pidgin (10) Politics (5,265) Religion (770) Sports (1,549) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Royal Wedding 2018 of Prince Harry and Meghan Markel

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement