Barclays Africa expects full-year profits to rise

Comment on this story
BarclaysLogo REUTERS A logo hangs outside a branch of Barclays bank in the City of London.

Johannesburg - Barclays Plc’s South African unit said full-year earnings will probably increase as much as 20 percent after the group expanded into the rest of the continent.

South Africa’s former Absa Group Ltd. bought the UK bank’s operations in eight African countries in July for 18.3 billion rand ($1.63 billion).

The renamed Barclays Africa Group Ltd. issued pro-forma results after the transaction last year to show shareholders how it would have performed in the past had the acquisition been included in the earnings.

Earnings per share for 2013 are “expected to be 19 percent to 20 percent higher than the pro forma of 11.80 rand for the prior year,” the Johannesburg-based division said in a statement today.

Earnings excluding one-time items will rise 13 percent to 14 percent, the bank said.

Barclays Africa, which is scheduled to announce full-year earnings on February 11, dropped 3 percent to close at 126.05 rand in Johannesburg trading. Barclays, based in London, is the UK’s second-biggest bank by assets. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines