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VENTURES AFRICA – JSE-listed lender, Barclays Africa Group, plans to be among the top three banks in South Africa, Ghana, Botswana, Zambia and Kenya in the next three years, it said on Tuesday.
Barclays Africa also wants to increase its revenue share to 20-25 percent in these markets in the process. The bank was formed after Absa, South Africa’s biggest retail bank, acquired the African assets of Barclays, its parent company in a multi-billion deal.
The lender said it is set to embark on a R3 billion ($269m) investment programme with a third of this money to be invested into large projects such as branch network transformation in its markets of operation.
“We have a clear set of deliverables to create a truly pan-African franchise. The financial performance we report this morning is an early indicator that we are on track,” CEO Maria Ramos said as the firm reported its first financial results as a combine unit.
Ramos said the firm posted a 14 percent surge to R11, 8 billion ($1bn) in headline earnings for the year to December 2013, thanks to less “credit impairments,” in commercial property and retail mortgages.
Regardless of large investments devoted to the company’s programmes, the company experienced improved revenue growth in the second half, with a 5 percent surge in “pre-provision” profit to R26,0 billion ($2,3bn), the lender said.