Aug 14

South African lender Absa posts marginal rise in interim profit

South African lender Absa Group posted a marginal rise in interim profit as it benefited from higher interest rates, which was partly offset by higher impairments. According to Reuters, 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.