Kampala: Barclays Bank Uganda today announced the beginning of its transition to Absa Uganda a process that will be completed over the next few months. This is in line with its parent company Absa Group’s 2018 decision to rebrand all operations across the continent to Absa.
The company will still be known as Barclays Bank Uganda until the process is officially concluded, with several legal and regulatory milestones to achieve before a final official name change date can be announced. The bank will announce this date in due course.
Recognising the significant size of the task ahead, we have decided to begin rebranding physical assets, such as bank branches and ATMs, across the country, to ensure we are fully ready by the time our legal name changes.
Ugandans will start to see the Absa logo and fresh, vibrant red colour palette introduced across Barclays Uganda branches, ATMs and some other assets over the next few months, in a carefully managed programme that involves ongoing engagement with the relevant regulatory authorities. Some people may have already seen marketing and advertising for the Absa Group.
The name change in Uganda is part of a broader, multi-country rebrand programme, scheduled to be completed by mid-2020. The bank is well on track to complete the process ahead of this deadline.
All customer services will continue as before throughout the brand change process, and customers will not be required to do anything during this period. Barclays Uganda will not ask any customer for additional information during this period, and all bank records will remain the same before and after the transition.
“We have a long history of serving Uganda and our legacy will serve us well for the future. This is a new and exciting chapter in the bank’s history, and one in which our African and Ugandan roots will flourish,” said Nazim Mahmood Interim Managing Director of Barclays Bank Uganda.
“As we enter a new era in the bank’s history, you can expect to see the energy and the vibrancy of the new Absa brand taking us to new levels. As an organisation, Absa believes in bringing your possibility to life. We are here to fulfil the ambitions of our customers and communities, and we look forward to continuing to build strong partnerships to make this a reality,” said Managing Director name.
Absa Group Reports 3% Increase in Earnings, Bolstered by Improved SA Retail and Business Banking Unit Performance
*Key financial highlights for the first half of 2019:
Headline earnings increased 3% to R8.3 billion
Revenue increased 6% to R39.1 billion
Operating expenses increased 6% to R22.1 billion
Return on equity declined to 16.4% from 17.1%
Dividend increased 3% to R5.05 per share
Absa Group Limited, one of Africa’s largest financial services providers and parent company of BarclaysUganda reported a 3% increase in earnings for the first half of 2019 as its retail unit in South Africa gained market share, mitigating the negative effects of a difficult economy.
Absa Group, which has a presence in 12 countries in Africa and an office in London, said normalised headline earnings increased to R8.3 billion during the first six months of the year from R8.04 billion during the same period in 2018. Income and costs both grew at 6%. Normalised earnings are considered the best measure of underlying group performance as it strips out the distorting effect of items related to the separation from Barclays PLC.
“Despite the tough operating environment, we have been able to maintain revenue momentum in our key target areas, with total revenue growth improving to 6%,” said Jason Quinn, Absa Group Financial Director.
Absa Group’s largest business unit, Retail and Business Banking South Africa (RBB SA), is showing faster than market growth in key product areas, in line with the group’s commitment to regain its leading position. RBB SA increased its share of home loans new business, with home loan registrations growing 16% – more than double the growth in total home loan registrations in South Africa during the first half. Retail deposits grew 12% while the market increased 9%. New personal loans increased 20%. RBB SA reported a 4% increase in earnings.
Corporate and Investment Banking (CIB) earnings decreased 5% on a pan-African basis, following a difficult trading period in South Africa. However, the client franchise continued to perform well with notable client acquisitions across the countries in which Absa has a presence. The corporate franchise extended its track record of double-digit revenue growth.
Absa’s subsidiaries outside of South Africa, collectively known as Absa Regional Operations (ARO), continued to increase their contribution to group earnings. ARO’s earnings rose 8% during the period, to account for more than a fifth of total Absa Group earnings.