Absa Reports 8% Rise in Half-Year Profit as Revenue Grows

Johannesburg—South African lender Absa Group reported an 8% increase in half-year headline earnings, supported by stronger revenue and a slight decline in credit impairment charges.

Headline earnings rose to 12.8 billion rand ($787.61 million) for the six months ended June 30, compared with the same period a year earlier.

The lender, South Africa’s third-largest bank by assets, also declared an interim dividend of 850 cents per share, representing an 8.3% increase.

The results point to continued resilience in Absa’s earnings despite ongoing pressures across South Africa’s economy and credit environment.

At an exchange rate of $1 = 16.2516 rand, the bank’s headline earnings translate to approximately $788 million.

Source: Reuters

Reporting: Nqobile Dludla

Editing: Christopher Cushing