Company Data
| Last traded |
R150.40 |
| Change |
R1.40 |
| % Change |
0.94% |
| Cumulative volume |
87,802 |
| Market cap |
R108.02bn |
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Johannesburg - A diversified business model and less emphasis on private equity deals has seen investment banking group Absa Capital bounce back as a meaningful contributor to the overall results of
Absa Group [JSE:ASA].
Reporting interim results to end-June on Wednesday, Absa Capital contributed R614m to the group's total earnings of R3bn - compared to R10m in the previous corresponding period.
"Overall our revenue was up about 10%, while investment banking activities were down between 8% and 9%, which shows the strength of our diversified business model," said Absa Capital CEO Stephen van Coller.
"At the end of last year we were a little heavy on the private equity front. New regulations are now forcing banks to have less focus on this so we are growing the other parts of the business."
Van Coller said the firm had also been growing its skills base with high quality appointments.
Asked about the group's prospects in the context of the country's economic outlook, Van Coller said some parts of the economy are performing better than others.
"We don't have the same downside risks which places like the US and Europe are facing at the moment and we still have a government which is focusing on spending on infrastructure," he said.
Absa traded 0.5% lower late afternoon on Wednesday, with the broader financial index down 0.2%
- Fin24.com