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Reading: S.African lender Absa reports 13% rise in full-year profit
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Jaraa'id > Africa > S.African lender Absa reports 13% rise in full-year profit
Africa

S.African lender Absa reports 13% rise in full-year profit

News Room
Last updated: 2023/03/13 at 6:34 AM
News Room Published March 13, 2023
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JOHANNESBURG, March 13 (Reuters) – South African lender Absa Group (ABGJ.J) reported a 13% rise in full-year profit on Monday, driven by a rebound in economic activity as the effects of COVID-19 waned.

For the year ended Dec. 31, Absa reported headline earnings per share, a profit measure, of 2,486 South African cents, up from 2,147 cents posted a year earlier.

Current power supply crisis, inefficient rail and port infrastructure, and high unemployment have stoked concerns about future growth for South African banks after a good run last year.

Electricity supply is expected to remain a significant economic risk for the foreseeable future, Absa Group said in a statement.

The lender posted a return on equity (RoE) – a metric of profitability used to compare banks – of 16.6%, up from 15.8% a year ago. It estimated a marginal increase in its 2023 RoE to around 17%.

The bank declared a dividend of 1,300 cents per share.

Reporting by Promit Mukherjee; Editing by Christopher Cushing and Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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News Room March 13, 2023
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