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...

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