South African lender Absa Group on Monday posted a marginal rise in interim profit as it benefited from higher interest rates, which was partly offset by higher impairments.
Absa Group logo is seen on a smartphone in front of displayed stock graph in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustrationon Monday posted a marginal rise in interim profit as it benefited from higher interest rates, which was partly offset by higher impairments.
The lender posted a headline earnings per share of 13.21 rand for the half year ended June 30, against 12.67 rand the corresponding period a year ago. The top five private South African banks - among the continent's biggest - are generally known to have well-capitalised balance sheets and strictly conservative lending practices.
But as Africa's most advanced economy came under strain due to high interest rates and higher inflation, it took a toll on banks' loan books, already struggling to manage the spillover effects of long hours of daily blackouts. Absa's return on equity - a metric which measures how much profit a company is generating for each rand of shareholder investment - slipped to 15.7% from 16.4% a year ago.
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