Absa Group reported a resilient set of results for 2023, delivered in an operating environment that was weaker than expected, particularly in South Africa where continued electricity supply disruptions, supply chain logistic issues, and sticky inflation along with a higher interest rate environment weighed on growth prospects for customers and clients alike. However, the Africa regions reported very strong growth, well ahead of South Africa. Within this context, normalised headline earnings increased by 1% as pre-provision growth of 6% reflected continued momentum in the business, offset by higher credit impairments, particularly in South Africa, Absa’s largest market by revenue. Strong…
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