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South Africa's Barclays Africa lifts FY profit
February 23, 2017 / 6:01 AM / 10 months ago

South Africa's Barclays Africa lifts FY profit

JOHANNESBURG, Feb 23 (Reuters) - South African lender Barclays Africa reported a slower pace of earnings growth with a 5 percent rise in year profit on Thursday, hit by rate hikes at home and sluggish growth in Africa which hit consumption and investment spending.

The unit of Britain’s Barclays PLC said diluted headline EPS totaled 17.69 rand in the year to the end of December compared with 16.86 rand a year earlier.

Headline EPS is the primary measure of profit in South Africa that strips out certain the South Africa.

Barclays Africa, along with rivals, has struggled to increase lending as slowing economic growth in many African markets tempers demand from corporate clients and rising interest rates at home hit consumption by retail customers. (Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard)

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