Absa Group Earnings Decline; 7% Pre-Provision Profit Growth Indicates Positive Underlying Performance
Absa Group Ltd., one of Africa’s largest financial services providers, today reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions eased, particularly in South Africa, which accounts for more than 80% of the group’s earnings. Group headline earnings fell 82% in the first half of 2020 compared with the first half of 2019. Headline earnings in the sec...
Source: peacefmonline.com