Barclays profits fall 30% on market headwinds
Friday, September 25, 2015
During the period, the bank registered profit before tax of P110 million, which is lower than the P160 million recorded in the same period last year.
However, Barclays managing director, Reinette van der Merwe said the results were satisfactory considering the current unfavourable economic environment that the bank is operating under.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...