Johannesburg - Banking group Absa [JSE:ASA] achieved a 114% rise in profit before tax to £167m for the quarter ended March 2101, according to information contained in Barclays plc's interim management statement.
The interim management statement contained specific reference to the financial performance of the Absa Group excluding Absa Card and Absa Capital.
This included a one-off credit relating to the group's recognition of a pension fund surplus and the appreciation in the average value of the rand against sterling. "Excluding these items, profit before tax increased 15%, driven by lower retail impairment," Barclays said.
Barclays owns a 55.5% stake in Absa Group. It reported a profit after tax from continuing operations of £1.31bn - up 35% on the same period a year ago.
- I-Net Bridge