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    Absa posts marginal rise in interim profit

    Absa Group on Monday, 14 August, posted a marginal rise in interim profit as it benefited from higher interest rates, which was partly offset by higher impairments.
    Source: Reuters.
    Source: Reuters.

    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/
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