This archive report was first published on 13 August 2019.
Published on August 13, 2019, Absa Group, the parent company to Barclays Kenya, has posted a notable 5.4 percent increase in net earnings in the first half of 2019.
The results were bolstered by improved performance in its South African retail and business banking unit, which saw a 4% increase in adjusted earnings to 4.85 billion rands.
Despite a 10% dip in profits for its South African corporate and investment bank due to high costs and low revenues, the bank's overall net income climbed to 7.64 billion rands (KSh51.4 billion).
Notably, the bank's retail and business banking unit showed faster growth than the market, with a 16% increase in its loan book, more than double the growth in total loan registrations in South Africa.
According to interim Chief Executive Officer Rene van Wyk, the bank has made significant progress with its reorganization following the implementation of its new strategy in March 2018.
This is the second year since the exit of London-based Barclays from the bank's ownership, allowing Absa to shift its operations and strategy by increasing lending and focusing on growing African business.
