Absa upbeat on economy despite holding dividend
The group says it is being prudent despite economic recovery being stronger than initially thought
Even as Absa became the first lender to hold back dividends so far this reporting season, the boss of the country’s third largest bank by assets struck an upbeat tone about the economy.
“We, and I don’t think it was only us, have a sense that the underlying economy might have been a little bit stronger than most people thought,” said Daniel Mminele, a former Reserve Bank deputy governor who took the job mere weeks before the economy experienced its biggest shock since the 1930’s. ..