Absa admits 'missteps', pledges improvement
Damning HSBC report says negative publicity and departure of group CEO Arrie Rautenbach showed Absa had a ‘culture and ethos problem’
08 September 2024 - 07:45
Banking group Absa has admitted that strategic “missteps” over the past 18 months resulted in a loss of market share relative to its peers, hurting the share price and its market capitalisation.
Financial director Deon Raju told Business Times this week that Absa was confident it would eventually achieve a 17% return on equity (ROE) target. It achieved a 13.9% ROE in the first half of 2024, the lowest among its peers, blaming this on tough trading conditions and high credit impairments. ..
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