Absa Group Earnings Decline; 7% Pre-provision Profit Growth Indicates Positive Underlying Performance

Absa Group Ltd., one of Africa’s largest financial services providers, has reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions eased, particularly in South