• SA cities need foreigners

    We need to protect our cities' cosmopolitan nature, says Mzwandile Jacks.

  • Am I a racist?

    Does hating government's arrogance, nepotism and greed make me a bigot, asks Anton Ressel.

  • Recipe for disaster

    Malema's flames of frustration are fuelling white extremism, says Leopold Scholtz.

Loading...
See More

Absa surprises with 19% earnings rise

Aug 02 2011 09:08 Reuters

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 252
Change -1
% Change -1
Cumulative volume 819748
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 185
Change 0
% Change 0
Cumulative volume 1255019
Market cap 0

Last Updated: 17-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Absa retrenching staff - union

Absa hit by lower profit

Absa, Barclays join forces in Africa

Absa walks economic tightrope

Absa posts flat earnings

Absa sees more liquidity pain

 

Johannesburg - Absa Group [JSE:ASA], the South African bank majority owned by Barclays, reported a better-than-expected 19% rise in first-half profit on Tuesday, helped by a decline in bad loan charges and rising income from transactions.

South Africa's largest retail lender said diluted headline earnings per share totalled 638.5 cents in the six months to end-June, from 535.9c a year earlier.

The results compare with an expected 619c, according to the average of two analyst estimates taken by Thomson Reuters.

SA banks were hit hard by a 2009 recession that sparked a million job losses, eroded corporate demand for loans and left houses with ballooning debt.

Like its rivals in Africa's top economy, Absa's recovery has been slow as costs continue to rise and bad debts remain a concern. It has been on a push to rein in costs and take a cautious lending stance.

It is also looking to more business in Africa with parent Barclays. The two last month combined their African operations through a joint regional office.

Net interest income, a measure of earnings from lending, totalled R11.62bn compared with R11.29bn a year earlier.

Absa rival Nedbank Group [JSE:NED] posted a 26% rise in first-half earnings on Monday.

Absa shares are down 5% so far this year, making it the second-biggest decliner among Johannesburg's index of bank stocks.

 
absa group  |  banks

NEXT ON FIN24X

RMB appoints new CEO

2015-04-17 17:26

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
6 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Must see! The most luxurious dog house!

This dog house comes with a treadmill and hot tub, you have to see it!

 
 

Luxury living

WIN!
Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht
Habits of the world’s richest people

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote

Loading...