Absa taking strain, just like South African consumers
Even the Rolls-Royce clients in the relationship banking unit have been under pressure
25 July 2024 - 08:00
Absa often appears in fund manager presentations as an example of a “cheap” South Africa Inc stock. And, as CEO Arrie Rautenbach is the first to admit, it has been a tough environment for the share.
The increase in normalised headline earnings of just 1% was below even Absa’s expectations, though by no means disastrous, and certainly reflected in the share price...
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