Lockdown hits FirstRand and Absa earnings hard

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

Nigeria News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MTN investment Jumia takes lockdown revenue hitAfrican e-commerce heavyweight also pays $5m to settle class action lawsuits alleging IPO misstatements and omissions
Source: BDliveSA - 🏆 12. / 63 Read more »

The property market starts returning to pre-lockdown levels | CitypressOnline property listing portals saw a decline in activity at the start of the lockdown, but it has been increasing steadily, almost back to pre-lockdown levels.
Source: City_Press - 🏆 7. / 72 Read more »