South African lender Barclays Africa reported a slower pace of earnings growth with a 5% rise in year profit on Thursday, hit by rate hikes at home and sluggish growth in Africa which hit consumption and investment spending.
The unit of Britain’s Barclays Plc said diluted headline EPS totaled R17.69 in the year to the end of December compared with R16.86 a year earlier.
Related; Barclays Kenya Posts Impressive Top Line Growth in a Challenging Environment
Headline EPS is the primary measure of profit in South Africa that strips out certain the South Africa.
Barclays Africa, along with rivals, has struggled to increase lending as slowing economic growth in many African markets tempers demand from corporate clients and rising interest rates at home hit consumption by retail customers.
Also Read; Europe’s largest bank reports 62% Drop in Profits
Source; Money Web
