COMPANIES: Absa expects load shedding diesel costs of between R200m and R350m in the next year

📆 14/03/2023 12:59 ص
📰 dailymaverick

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Absa Group reported a rise of 13% in normalised headline earnings of R21-billion for the 2022 financial year, driven by significantly higher pre-provision profit which, in turn, was driven by very strong revenue growth of 15% to just under R100-billion.

Rautenbach says credit cards grew 13%, reflecting strong new account sales together with increased limits and utilisations.

Absa was among the first to go to market with Google Wallet and the rollout of the Abby chatbot; Absa ID was also effective, with over 2 million enrollments in the first year. In the product solutions cluster , headline earnings grew 26% to R3.5-billion, driven by the recovery in the insurance business, while the lending businesses maintained balance sheet growth momentum, notwithstanding the impact of the weaker macro environment and supply chain challenges.

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