Banks stumble as consumers crack
Results from Nedbank and Absa, along with updates from Italtile and Cashbuild, show just how poorly consumers are faring
17 August 2023 - 05:03
Absa and Nedbank’s interim results paint a bleak picture of the financial health of South African consumers. Throw in updates from two more bellwether stocks — Italtile and Cashbuild — and the stress they’re under becomes that much clearer.
“The consumer in South Africa [has] had to deal with very difficult circumstances,” Absa CEO Arrie Rautenbach told analysts on Monday. “Their liquidity balances show strain.” ..
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