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Absa posts profit even as more customers struggle to repay debt

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Credit impairments surged as high inflation and interest-rate hikes took their toll

Banking group Absa reported meagre growth in interim profit, but increased its dividend despite greater impairments as customers struggled to repay their debts in a tough economic environment.

The company, valued at about R155.9bn on the JSE, said in its results for the six months to end-June that headline earnings per share , a common profit measure in SA that excludes certain items, improved 3% to 1,321.3c as revenue rose 13% to R52.3bn, while operating costs increased a tenth to R26.1bn....

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Source: Loan Digest (loandigest.net)

 

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