Barclays Plummets On Poor Profits

On Tuesday, Barclays revealed sombre results indicating a 34% drop in after-tax profits to P295.8 million, five percent fall in net interest income to P1.15 billion, and a 58% jump in impairments.

While analysts had earlier said investors had already priced in the expected weaker results ahead of their unveiling on Tuesday, subsequent trade on the Botswana Stock Exchange revealed further disappointment among shareholders. Barclays’ share price dropped 16% last year with investors unimpressed with the weaker interim performance and lack of a substantive CEO. The bank’s counter dropped another 4.4 percent in January.