Absa braces for more than R8bn full-year hit from Covid
Banking group warns that headline earnings per share are expected to fall as much as 60% in the year to end-December 2020
Absa Bank has warned its full-year profits will more than halve — a decline of more than R8bn — as SA’s banking sector reels from the effects of Covid-19.
In an updated trading statement released on Friday, the banking group said it expects headline earnings per share (HEPS) to fall between 55% and 60% in its year to end-December 2020, having forecast a fall of more than 40% in November. HEPS is a widely used profit measure in SA that strips out one-off items...