Absa more than doubles its profits and is now R2.3bn ahead of 2019
The bank's profits were already ahead of pre-pandemic levels in the first half of 2021, now, it says it is"well in excess" of 2019 earnings, where it recorded R16.3 billion in headline earnings.
The group's impairment provision fell 59% to R8.5 billion. The bank's impairments rose to a historic high of R20.6 billion at the end of 2020. Thanks to that fall in impairments, Absa's credit loss ratio fell to 0.77% from 1.92% in 2020. "This is a strong set of results which reflect the benefit of, not only the improved operating environment in 2021 but also the deliberate actions that we have taken to ensure that Absa remains resilient and poised to resume our growth plans in a favourable environment," said Absa's interim CEO Jason Quinn.
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