Absa expects profit will more than double as impairments ease
Customer deposit growth remains robust and credit impairments have improved
Absa, SA’s fourth-biggest bank by market value, sees profit more than doubling in 2021, thanks to strong growth in customer deposits, improved credit impairments and a robust performance across most of its business units.
The bank advised shareholders in a trading statement on Friday that headline earnings per share (Heps) and earnings per share for the year ending December 31 2021 are expected to be more than double the respective 730.9c and 711.8c a share reported in the corresponding period the previous year. Heps is a frequently used measure of profitability in SA which excludes one-off items...