8 August 2018

Ghana: Absa Group's Income Hits U.S.$2.3 Billion

The group's revenue increased to 37 billion Rand or 2.8 billion dollars between January and June 2018.

A statement on the bank's financial position also said that major earnings for the bank increased by the same margin to 608 million dollars.

"Absa Group Limited, Barclays Bank Ghana's parent company, today reported an increase in earnings and income for the first half of 2018 and underscored its commitment to growth in Africa," the Group said.

Commenting on the performance, the CEO of Absa, Maria Ramos stressed the group's plan to double its share of banking revenue in Africa to 12 percent.

The Board Chairman of Barclays Bank Ghana Limited, Mr. Charles Cofie also said, "Our group's performance reflects our financial strength and commitment to build a forward-looking business group with global scalability that Ghana and the whole of Africa will be proud of."

Barclays bank meets GH¢400m minimum capital

Meanwhile Barclays Bank Ghana Limited has stated that the bank it has met the 400 million cedis minimum capital requirement.

According to the Board Chairman of Barclays Bank Ghana Limited, Mr. Charles Cofie, Barclays was among the first banks to meet the target without external capital injection.

"It continues to demonstrate a strong liquidity position and a high capital adequacy ratio of 23.93%, well above the regulatory threshold of 10%. The bank remains a dependable financial partner with a strong financial base, robust governance structure and clear risk management framework," the statement added.

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