There is clear evidence that the higher interest rate environment is placing significant pressure on sensitive parts of the economy such as consumer-facing sectors, Absa said, adding"degrading rail and port infrastructure" also present a downside risk.
Absa also said the results showed the benefits of its push into a well-diversified franchise as well as its growth strategy. "We have a well-positioned balance sheet to withstand it. We continue to believe in our strategy ... and we are seeing the tangible benefits of a consistent execution."
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