EDITORIAL: Banks brace for bad debts
SA’s bankers are buckling up for a flood of bad debts
27 August 2020 - 05:00
SA’s bankers are buckling up for a flood of bad debts. This week, Absa set aside an immense R7.3bn to cover a tide of expected loan defaults from consumers and companies unable to pay their debts.
This provision, which took Absa’s total bad debt charge to R14.7bn for the six months to June, caused its earnings to slide 82% for the half-year...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.