Absa’s bad debts rise sharply and retail profits drop
Bad debts rocket and profits drop in its retail businesses after a stretch in which it was determined to regain the ground lost in the Barclays years
Absa increased headline earnings just 1% in the year to end-December, with bad debts rising sharply and profits dropping in its retail businesses after a stretch in which it was determined to regain the market share it lost in the Barclays years.
The group’s minimal headline earnings growth, which it said was below its own expectations, comes after Nedbank last week reported an 11% increase in headline earnings for the year to December while Standard Bank said in a trading update that it expects to report an increase of 25%-30% when it reports on Thursday. First Rand, which has a June year-end, reported earnings up 6% at the halfway stage. ..
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