South Africa's biggest retail bank Absa Group reported a 19 percent drop in first-half earnings after bad loans jumped as customers defaulted on everything from house bonds to cars. Headline earnings per share came in 564.4 cents, in line with its forecast of a 15 to 25 percent decline. Earnings were also hurt by writedowns on assets the lender was forced to buy after clients failed to pay for about a billion rand in futures contracts. ABN Digital spoke to ABSA CEO, Maria Ramos at the Sandton Convention Centre in Johannesburg.
Link to this comment:
All Comments (0)