Fidelity bank banner Bayelsa State banner
Barclays Africa eyes Nigerian market

By News Express on 02/03/2018

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

Views: 630


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

 

You may also like...
Lassa fever is a Nigerian disease —DG, Institute...

Riots in Kano over tailor’s joke about Prophet...

Thai boys recall battle to survive cave ordeal...

APC attacks mega party (All Progressives Congress), Lai...

EXCLUSIVE: DSS re-arrests ex-Chief of Air Staff, recovers...

2015 Africa Cup of Nations: Ghana, South Africa...

You’re at home in Kaduna, PDP Chairman tells...

Mile 12 (Lagos) Clash: Sheathe your swords, Aka...

JAMB concludes UTME in 8 countries

Jonathan, ministers storm Lagos to condole Fashola over...

Being Aare Ona Kakanfo doesn’t mean I’ll die...

NIMASA raises alarm over fake employment exercise

 

Latest News Nigerian rights group proposes agenda for permanent peace in the Middle East •Details of its “two-lands-in-one-state” solution Rescue team vows to find body of missing Army General 2019: Lagos APC ward chairmen endorse Sanwo-Olu No peace as long as any section of Nigeria is being treated as second class citizens — Turaki Widow bites 8-year old house help, lands in police net Why Gov. Yari cannot anoint a successor, By Ahmed A. Ahmed APC shifts presidential primary Ghana to deport 72 Nigerian ladies Day Delta Central stood still for Okowa, PDP LG Chairman escapes kidnap as bandits abduct 7 in Zamfara Osun election: APC blasts PDP for claiming victory 2019: Bauchi Govt. dismisses Pate’s claims, defends State APC’s adoption of Gov. MA Abubakar, President Buhari

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,800 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,884 views) Shameless Genevieve Nnaji exposes breasts in public (308,692 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,727 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,438 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,726 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,190 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,752 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,834 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,432 views) Lagos plane crash: Journalist releases victims’ names (158,221 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,956 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,626) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (653) Global Business Monitor (301) International (2,432) Interview (165) Live Commentary (28) Love Matters (144) News (39,097) Opinion (1,110) Pidgin (11) Politics (6,726) Religion (872) Sports (1,703) Stock Watch (34) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement