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Reference to Barclays Plc Quarter 3 2015 results announcement
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 QUARTER 3 2015 RESULTS ANNOUNCEMENT
Barclays Africa Group shareholders are advised that Barclays PLC released its third quarter
2015 results today.
Barclays PLC disclosed results for its Africa Banking segment, which includes Barclays Africa
Group (unaudited), PLC’s operations in Egypt and Zimbabwe, and various cost and taxation
overlays. It provided a constant currency view of Africa Banking’s performance for the nine
months ended 30 September 2015, which continued a number of trends shown by
Barclays Africa Group in the first half of 2015.
These include mid-single digit loan growth, with improving growth from Retail and Business
Banking (RBB) Rest of Africa and solid growth from Corporate and Investment Bank (CIB) in
South Africa. The Group’s net interest margin widened, reflecting higher interest rates in
South Africa and Ghana, a greater proportion of lending from the rest of Africa, and double digit
RBB deposit growth.
Revenue growth remained solid in target areas, including Corporate in South Africa and Wealth,
Investment Management and Insurance. CIB’s trading revenue in the rest of Africa remained
strong, although it was under pressure in South Africa during the quarter. Higher customer
numbers contributed to Retail Banking South Africa’s revenue growth. Revenue and earnings
growth in the rest of Africa continued to exceed South Africa’s.
The Group’s credit loss ratio continued to improve, in line with normal seasonality, as lower
impairments for mortgages and the Edcon portfolio outweighed a higher CIB charge. Group
non-performing loans decreased slightly during the period.
With operating expenses well contained, Barclays Africa Group’s cost to income ratio improved
slightly year on year. Together with a lower effective tax rate, this maintained the positive
trajectory in its return on equity, while the Group’s capital ratios remained strong.
Despite economic growth expectations for Sub-Saharan Africa declining further, we reiterate our
guidance for 2015. We continue to expect mid-single digit loan growth and a slightly wider net
interest margin. Focus on revenue growth and continued cost containment should improve the
Group’s cost-to-income ratio, while its credit loss ratio should be similar to that of 2014. These
factors should increase the Group’s return on equity.
Johannesburg
29 October 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 Bank, a division of Absa Bank Limited
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