Absa flags ‘double-digit’ revenue growth
The group said it expects to increase its dividend payout ratio to at least 50% for the year
Absa, SA’s fourth largest lender by market value, said it expects double-digit growth in full-year revenue, though it warned that credit impairments were expected to increase as higher interest rates began to negatively affect consumer finances.
The group said in a trading update on Wednesday for the 10 months to end-October that revenue growth had been “broad-based” over the period, with the total increase in the “low teens”. Gross customer loans also grew by “low double digits”, reflecting solid growth across all of the bank’s divisions, while deposits rose by “high single digits” and the increase in noninterest income was also in the “low teens”...
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