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Lockdown hits FirstRand and Absa earnings hard

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Absa's interim earnings will almost be extinguished by rising bad debts while Firstrand's full year numbers could fall as much as 45%.

Two of the country’s largest banking groups says earnings will fall more than a third on a like-for-like basis for the year to end-June due to rising bad debt expenses linked to Covid-19.

FirstRand and Absa provided trading updates on Wednesday warning investors of falls in earnings attributable largely to the economic fallout associated with the hard lockdown that began in late March.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

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