The banking results season kicks off on Thursday with Absa’s JSE-listed holding company, Barclays Group Africa, followed by Nedbank on Friday.Barclays Africa Group has not issued a trading statement, indicating its earnings will be within 20% of the previous year’s.Barclays Africa Group’s share price performed poorly over 2017, causing its former UK parent Barclays to report on February 22 that it recorded a £1.4bn loss from the sale of 33.7% of the JSE-listed company’s shares over the year.Barclays’s remaining stake in Barclays Group Africa was 14.9% at December 31.The UK bank further impaired the value of its holding in its former Johannesburg-based subsidiary by £1.1bn, taking the loss contributed by Barclays Group Africa in Barclays’s 2017 financial year to £2.5bn.Since the start of 2018, however, Barclays Africa Group’s share price has rebounded 9% to Wednesday’s closing price of R198.50, and Thursday’s results will show if this renewed faith in the bank by investors is warrant...
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