Absa expects bad debts to increase 'substantially', pushing credit losses beyond its target range | Business

📆 14/07/2023 06:30 م
📰 News24

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More Absa customers are struggling because of higher interest rates, with the bank publishing a trading update on Friday showing that its credit impairments for the first half are expected to increase 'substantially'. | News24_Business

"South African consumers [are] under pressure due to significantly higher interest rates," wrote the bank in the trading update.

Nedbank said in late June its ratio was above its through-the-cycle target range of 0.6% to 1%, but it had started improving slightly in May.Nedbank cuts its forecast for SA growth, while it's still benefitting from higher interest rates

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