The Bank’s optimism is premised on its performance for last year (2017) where it recorded a profit after tax of 386.17 million cedis.

The Finance Director at Barclays Bank Ghana, Antoinette Kwofie disclosed this plan when she engaged journalists to explain the reasons accounting for the bank’s performance in 2017 on Thursday, March 29, 20180.

A year-on-year comparison of Barclay’s Bank’s financial results shows that between 2016 and 2017, Barclays bank’s profit went up by about 82 million cedis from the 304.53 million cedis recorded in 2016.

In 2017 also, the bank’s income such as interests on loans, as well as fees and commissions charged for use of ATMs for instance, went up 887.29 million cedis in 2017.

Equally, the bank spent a bit more on its expenditure including income taxes as well as personnel expenses in 2017.

Total expenses amounted to 337 million cedis in 2017 against the 291.79 million cedis recorded in the preceding year (2016).

Speaking to Citi Business News on the performance, the Finance Director at Barclays Bank Ghana, Antoinette Kwofie attributed the profitability to improved efficiency.

“This year you will see growth of 12.7 percent; between 2015 and 2016, you see a higher year on year growth compared to this figure. So the operational efficiency that we are putting in place to deliver better value to the customers and also to keep our cost within manageable range, is what is leading to the declining growth,” she stated.

Also, weighing Barclays Bank’s assets against its liability, which is the capital adequacy ratio, stood at 20.45 percent against 19.04 percent in 2016.

Meanwhile the Non-Performing Loan ratio stood at 13.6 percent compared to 19.17 percent.

Antoinette Kwofie also believes Barclays should sustain its strong performance and contribute to the new Africa Group brand, ABSA, later this year.

“Actually Ghana is one of the top three businesses outside of South Africa in the ABSA Group. In actual fact, of all the countries outside of South Africa, we were the most profitable in the group,” she added.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Barclays Bank Ghana posts GH¢386m in profits in 2017 appeared first on Citi 97.3 FM - Relevant Radio. Always.

This follows the successful sale of Barclays PLC’s stake in the bank’s Africa’s operations.

Barclays PLC has since December 2017, reduced its stake in the Africa Operations from 62 to 15 percent.

Addressing a telephone conference on March 1, 2018, CEO of Barclays Africa, Maria Ramos said the rebranding will strictly conform to prevailing regulations guiding its operations.

“The implementation of this decision necessitates that we take into account practical considerations and dynamics in each market so that it is as seamless as possible. The change will be rolled out in time, bearing in mind the mid-2020 rebranding deadline. This transaction will be undertaken with the utmost care,” she said.

Financial results for 2017

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.

According to the bank, its Africa Group’s separation from Barclays PLC is progressing well and the parties continue to work together to ensure a seamless separation.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Barclays Africa to rebrand to Absa Group appeared first on Citi 97.3 FM - Relevant Radio. Always.