Absa expects credit losses to worsen as economy deteriorates
The group says credit impairments rose by almost a quarter in its year to end-December, and expects this to worsen in the year ahead
11 March 2020 - 08:52
SA’s fourth-biggest bank by market capitalisation Absa said on Wednesday credit-impairment charges rose by a quarter in its year to end-December, expecting further deterioration in its credit loss ratio as SA battles load-shedding and weak economic growth.
The group reported that credit impairments grew 24% to R7.8bn in its year to end-December, and says loan growth could outpace deposit growth in 2020 as global and local uncertainty persists...
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