Trending
- 6 tips to help scale up your small businessGrant Lapping
- Honor rises to number one in China with excellent Magic6 ProLindsey Schutters
Elections 2024
Absa posts marginal rise in interim profit
The lender posted a headline earnings per share of R13.21 ($0.6945) for the half year ended 30 June, against R12.67 the corresponding period a year ago.
The top five private South African banks - among the continent's biggest - are generally known to have well-capitalised balance sheets and strictly conservative lending practices.
But as Africa's most advanced economy came under strain due to high interest rates and higher inflation, it took a toll on banks' loan books, already struggling to manage the spillover effects of long hours of daily blackouts.
Absa's return on equity - a metric which measures how much profit a company is generating for each rand of shareholder investment - slipped to 15.7% from 16.4% a year ago.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/