Absa’s rest of Africa operations shot the lights out for the banking group, doubling their profit and helping to counter a sharp drop in profit in its SA operations — and the group says it is looking to expand on the continent.
Absa’s SA operations reported a 17% drop in earnings, driven largely by a 68% hike in bad debt provisions as consumers took the pain of a steep interest rate hiking cycle and weak economy. But with the fast-growth African regions coming to its rescue, delivering a third of its profit, the group managed to post a 2% increase in its headline earnings for the six months to end-June. ...
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