Johannesburg - Barclays Africa, the lender that’s being sold by its London-based parent, said first-half profit rose 3.7 percent, a slower pace than last year, after credit impairments and non-performing loans increased and South Africa’s economy shrank.
Net income climbed to R7.02 billion ($497 million) in the six months through June from 6.77 billion rand a year earlier, Johannesburg-based Barclays Africa said in a statement on Friday.
Earnings per share excluding one-time items increased 7 percent to R8.57, beating the R8.44 median estimate of four analysts surveyed by Bloomberg. The bank declared an increased interim dividend of R4.60 per share.
Barclays Africa is focusing on managing its expenses to cope with a South African economy tipping toward a recession and the risk of a credit-rating downgrade to junk by the end of the year.