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JOHANNESBURG - Banking group Barclays Africa said on Thursday its headline earnings per share increased by 4 percent to 1 837.7 cents, while its dividend grew by the same margin to 1,070 cents per share in 2017.

Barclays Africa, one of the largest banking groups on the continent which was formerly known as Absa Group Limited, said it was reverting to the previous name, subject to regulatory and shareholders’ approval.

This follows the conclusion of the reduction by London-based Barclays PLC of its majority shareholding last year.

Barclays Africa said its normalised revenue grew one percent to R72.9 billion and operating expenses rose four percent to R41.4 billion.

Impairments declined 20 percent from a high base in 2016 while the cost-to-income ratio rose to 56.8 percent from 55.2%.

Barclays PLC first announced in March 2016 that it would sell most of its then 62 percent stake in Barclays Africa over two to three years, as the bank refocused its strategy on the United States and Britain.

"Barclays Africa Group’s separation from Barclays PLC is progressing well and the parties continue to work together to ensure a seamless separation," Barclays Africa said on Thursday.

- African News Agency