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Monday,October 22,2018 20:10 PM

Absa Group reports growth in Earnings

By Samuel Sanya

Added 7th August 2018 06:21 PM

Absa Group said headline earnings rose 3% to R8 billion (about sh 430b) in the first half of the year.

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Absa Group said headline earnings rose 3% to R8 billion (about sh 430b) in the first half of the year.

PIC: Absa Group Chief Executive Officer, Maria Ramos. Ramos reiterated the group’s ambition to double its share of banking revenues in Africa to 12%. (Credit: businesslive)

BUSINESS


KAMPALA - Absa Group Limited, Barclays Bank of Uganda Limited’s parent company has reported an increase in earnings and income for the first half of 2018 and underscored its commitment to growth in Africa.

Absa Group, previously known as Barclays Africa Group, said headline earnings rose 3% to R8 billion (about sh 430b) in the first half of the year compared to the same period in 2017.

Income increased by 3% to R37 billion (about sh2 trillion), according to a statement from Barclays Uganda.

Absa Group Chief Executive Officer, Maria Ramos, reiterated the group’s ambition to double its share of banking revenues in Africa to 12% and said Absa is making progress on its innovation journey and in becoming a digitally-led bank.

In Kenya, Absa’s local subsidiary (Barclays Bank Kenya) launched Timiza - an app-based personal loans platform – in March this year. Timiza’s customer base has grown to more than two million by 25th July.

Absa launched ChatBanking on WhatsApp banking and Samsung Pay as new propositions for its South Africa retail business this year.

Uptake particularly in WhatsApp banking has exceeded expectation with more than 10 000 customers registering for ChatBanking on WhatsApp within the first 20 days of launching in July.

“We have indeed started to bring possibility to life as one Absa across Africa and are excited about the opportunities that lie ahead. 

In Uganda, we continue to make investments and strategic partnerships to improve our customers’ experience,” Rakesh Jha, Managing Director for Barclays Bank of Uganda Limited said.

He noted that the success of initiatives like the Shell Easy Go prepaid card powered by Barclays and the URA E-Pay platform propel us towards becoming a truly transformative bank as they drive financial inclusion and provide a convenient way of paying taxes, respectively.

Barclays Separation

Reporting on its separation from the international Barclays PLC group, Absa said the programme is on track and within budget.

As part of the separation, the group will rename its Barclays subsidiaries before mid-2020, as agreed with the international Barclays PLC group, subject to regulatory approvals.

Barclays continues to be an important stakeholder as it continues to own 14.9% of Absa Group.

 

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