Absa warns about pace of SA’s recovery as it reinstates dividends
Economy may only return to prepandemic levels in 2022 amid lingering conditions, says banking group
16 August 2021 - 08:17
UPDATED 16 August 2021 - 09:40
Absa, SA’s fourth-biggest bank by market value, has reported a profit rebound and reinstated dividends, but has also warned SA’s economy may only recover to prepandemic levels in 2022 as the country continues to grapple with preexisting conditions.
Absa expects GDP to grow 4% in 2021, below the Reserve Bank’s expectation of 4.2%, as fragile business and consumer confidence, stretched electricity supply and the effects of recent civil unrest contend with a global economic recovery and robust commodity prices...
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