Reduction in values plummeted 59% to R8.5bn, reflecting a broader recovery in the economy
The Absa Group headquarters in Johannesburg. Picture: GETTY IMAGES/WALDO SWIEGERS
Headline earnings per share jumped 193% to R21.47 in the year to end-December as credit impairments plummeted 59% to R8.5bn, the banking group said in a statement on Monday. Absa, which still does not have a permanent CEO after the sudden departure of Daniel Mminele a few months ago, said non-interest revenue was flat at R32.58bn year on year. Return on equity improved to 14.6% from 5.2% while gross loans and advances rose 7%.
“Economic recovery progressed somewhat more rapidly than expected, notwithstanding challenges posed by load-shedding and July’s social unrest.”
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