Company Data
| Last traded |
R150.00 |
| Change |
R0.00 |
| % Change |
0.00% |
| Cumulative volume |
1.30m |
| Market cap |
R107.73bn |
Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - Absa Group [JSE:ASA] said on Tuesday that profit in the July-September quarter was flat, as an improvement in bad debt charges was countered by a rise in operating costs.
Banks in South Africa have struggled to post growth as weak credit demand has kept revenue under pressure.
While bad debt costs are receding across the sector, analysts expect income to remain squeezed by the weak economy.
Absa's rivals are also struggling with higher costs.
Standard Bank, Africa's largest lender by assets, said in October it would shed more than 2 000 jobs to cut expenses.
Absa said in a statement that its third-quarter income was "broadly flat" in rand terms, not counting its card unit and investment banking business.
Barclays, which is a majority owner of Absa, on Tuesday released a third-quarter management statement.
Its results included a pre-tax profit contribution of £448m from Absa, up 20% from a year earlier.
Absa, South Africa's largest retail lender, does not give a detailed breakdown of its third-quarter results.
The bank reported flat first-half profit in August and said its outlook remained tough.
Group performance for the nine months to end-September was similar to first-half results, Absa said on Tuesday.
Shares of the bank were flat at R137.44 on Tuesday morning in line with the JSE's Top 40 index, which was also little changed.