Robust business Barclays Africa reports rise in profits

Barclays has recorded net profit by more than 20 percent, more than twice the growth rate at home

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Barclays Africa, South Africa's third-largest lender by value, reported an 11 percent rise in half-year profit on Wednesday, helped partly by a robust showing from its cross-border business and a drop in bad debt charges.

The pan-African lender, majority owned by eponymous British bank, said diluted headline EPS totalled 797 cents in the six months to the end of June compared with 721 cents a year earlier.

Headline EPS is the main profit measure in South Africa that strips out certain one-off items.

Barclays, which operates in several other African countries such as Ghana, Kenya and Zambia, said those businesses grew net profit by more than 20 percent, more than twice the growth rate at home.

Like other South African companies, banks in the continent's most advanced country are setting up operations in sub-Saharan Africa to tap growth from the robust economies there and hedge against stagnating growth at home.

Source: Reuters

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