Absa flags doubling of profit as impairments ease

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Credit impairments improved materially year-on-year off a high base, while customer deposit growth remains robust

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Absa, SA’s fourth-biggest bank by market value, cautiously expects profits to more than double in 2021, reporting a material improvement in credit impairments, while customer deposit growth remains robust across its operations.

In a trading update for the ten months ending October, Absa reported total revenue grew by mid-single digits year-on-year, referring to about 5%, with its retail business banking unit faring particularly well given high impairments in the prior year...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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