By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Tatweer Misr breaks sales record in H1 2023
    Tatweer Misr breaks sales record in H1 2023
    September 25, 2023
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    September 25, 2023
    SODIC reports 22% sales growth in 2023
    SODIC reports 22% sales growth in 2023
    September 25, 2023
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
    September 25, 2023
    HSBC plans climate tech funding push
    HSBC plans climate tech funding push
    September 25, 2023
  • Politics
    PoliticsShow More
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Barclays says its activities in Africa strengthened
Share
Notification
Latest News
Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Barclays says its activities in Africa strengthened
BankingBusiness

Barclays says its activities in Africa strengthened

Doaa Farid
Last updated: 2015/08/02 at 11:57 AM
By Doaa Farid 3 Min Read
Share
SHARE

Barclays has increased its contribution to the African market and strengthened its business in South Africa, the bank said in a recently published report.

It is working to accelerate its continental business plan and deliver its commitments as per its Africa strategy, the report added.

Barclays had set, in March 2014, a three year growth strategy for its business, based on the strength of the franchise, through an African bank that is fully local, regional and international.

In the first six months of 2015, Barclays Africa Group’s loan growth improved to 7% and their interest margin continued to widen. Together with modest price increases, this improved the core transactional revenue growth from -1% last year to +6%, the bank said.

In June, Barclays Africa’s strategy was reaffirmed by the Barclays PLC Board, and Barclays Africa was confirmed as one of the group’s four core businesses and one of the key franchises it will invest in for growth.

Discussing the progress it has made in the three year journey, the bank said that it has gained half a million new customers in retail banking, adding that production levels grew in selected asset classes. For example, home loan production in June was the highest in many years.

Internet banking users increased by 17% and usage of the Barclays banking app increased by 107% in volume. Teller transactions have declined by 21%, with customers adopting alternative channels. “Overall, in the retail and business bank, customer satisfaction is up and complaints are down,” the bank said.

In their three-year goal, Barclays targets a return on equity (RoE) of 18-20%. For the first half in 2015, RoE was 16.4% compared to 16.1% in the first half 2014. Barclays is currently one of the top three banks in South Africa, Botswana and Ghana, with scope to improve in Kenya and Zambia, where they are the fourth.

With regard to cost-to-income ratio, the bank’s cost-to-income ratio has improved marginally to 55.9%. “We are on track to meet our commitment by 2016,” the bank said.

The bank’s business outside South Africa will contribute between 20% and 25% of overall revenue. The first half saw the increase of revenue share to 20.3%, putting the bank in the target range.

You Might Also Like

Tatweer Misr breaks sales record in H1 2023

Real estate exports boost Egypt’s economy, Cityscape panel reveals

SODIC reports 22% sales growth in 2023

Huawei partners with Egypt to transfer modern technologies for digital transformation: Madkour

HSBC plans climate tech funding push

TAGGED: africa, Banking, barclays, Business, first half 2015, South Africa
Share this Article
Facebook Twitter Email Print
Previous Article Egypt’s economy grows 4.7% in first 9 months of FY 2014/2015
Next Article Notes from America: Watermelon’s summer tales
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Real estate exports boost Egypt’s economy, Cityscape panel reveals
Business
SODIC reports 22% sales growth in 2023
SODIC reports 22% sales growth in 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?