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Barclays Zim reports income rise

Harare - Barclays Bank of Zimbabwe reported increased income and reduced earnings for the half-year ended June 30 2015.

In results released on Friday, Barclays Zimbabwe posted a 4% growth in total income to US$21.7m, up from $20.8m prior year.

Profitability for the period was however weighed down by an increase in operating expenses which rose 6.67% to $19.m from $18.4m prior year.

The cost to income ratio went up to 89% from 86% prior year, with management expecting the ratio to improve going forward.

Earnings per share came down to 0.06 US cents from 0.08c prior year.

Barclays Zimbabwe is targeted for acquisition by the Barclays Africa Group.

READ: Barclays Africa hastens talks to buy banks in Egypt, Zim

“Our ambition is to do the acquisition of both (the Zimbabwean and Egyptian operations), and the management changes have confirmed that that ambition will be realised,” Maria Ramos, chief executive officer of the Johannesburg-based lender, said on a conference call last week.

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