Barclays Africa Group, one of the largest banking groups in Africa, has released its first annual financial results since the successful conclusion of the reduction by Barclays PLC of its majority shareholding in Barclays Africa Group last year.
The Group reported a 4% increase in headline earnings in 2017 as impairments declined substantially from a high base in 2016.
Return on equity of 16.4% remains strong. Headline earnings, a measure analysts use to gauge profitability, grew despite the continued slow economic expansion in some of the Group’s largest markets, including South Africa, where the Group generates approximately 80% of its income.
Barclays Africa Group continues to have solid balance sheet assets of R1.2 trillion and strong capital and liquidity levels – these are measures of the strength of buffers banks have in place to protect customer deposits. Barclays Africa Group’s separation from Barclays PLC is progressing well and the parties continue to work together to ensure a seamless separation.