Absa profit slumps as credit impairments almost quadruple
Banking group expects more pressure on consumers and slowing growth in loans and deposits in second half of 2020
24 August 2020 - 07:58
Banking group Absa has reported a profit collapse in its six months to end-June, when the Covid-19 pandemic resulted in credit impairments almost quadrupling.
Credit impairments rose 297% to R14.6bn in the group’s six months to end-June, with the group expecting customer loan and deposit growth to slow in the second half, with deposits expected to grow faster than loans...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.