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Reference To Barclays Plc Interim Management Statement
Barclays Africa Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000174124
JSE share code: BGA
(Barclays Africa Group or the Group)
Reference To Barclays Plc Interim Management Statement
Barclays Africa Group shareholders are advised that Barclays PLC released its first quarter
2015 results today.
Barclays PLC disclosed results for its Africa Banking segment, which includes Barclays Africa
Group, operations in Egypt and Zimbabwe and various cost, taxation and other overlays. It
provided a constant currency view of Africa Banking’s performance for the three months
ended 31 March 2015, which continues a number of trends Barclays Africa Group showed in
2014.
These include net interest income benefiting from solid Corporate and Investment Banking
(CIB) loan growth and a slightly wider Group net interest margin, given higher South African
interest rates and a greater proportion of lending from the Rest of Africa and core Retail and
Business Banking deposits.
Retail Banking customer numbers in South Africa increased during the quarter to contribute to
non-interest income growth. Following its 2014 repositioning, Wealth, Investment
Management and Insurance had a positive first quarter due to favourable markets, strong
growth in the rest of Africa and stabilizing short-term insurance underwriting margins. CIB’s
trading revenue increased off a relatively low first quarter in 2014, with particularly strong
growth from the rest of Africa.
Operating expenses remained well contained, reducing Barclays Africa Group’s cost to
income ratio, as benefits were realised from business transformation programmes while
continuing to invest in targeted areas.
Credit impairment trends continued to improve largely due to significantly lower mortgage and
Business Banking impairments in South Africa, with certain retail and corporate segments
deteriorating modestly. Group non-performing loans decreased during the period.
The Group’s return on equity continued its positive trajectory towards the 18% to 20% target
in 2016. Barclays Africa Group’s Core Equity Tier 1 ratio remains strong and above the
Board’s target range.
Economic growth expectations for Sub Saharan Africa in 2015 have declined and we expect
South African interest rates to remain low for longer. Against that backdrop, this year we
expect a stable net interest margin, mid-single digit loan growth, and that our credit loss ratio
will remain at similar levels to last year. Focus on revenue growth and continued cost
containment should improve the Group’s cost to income ratio.
Johannesburg
29 April 2015
Enquiries:
Alan Hartdegen (Head: Investor Relations)
Alan.Hartdegen@barclaysafrica.com
Tel: 011 350 2598
Independent lead sponsor to Barclays Africa Group:
J.P. Morgan Equities South Africa Proprietary Limited
Joint sponsor to Barclays Africa Group:
Corporate and Investment Banking, a division of Absa Bank Limited
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