Absa Group Reports Increased Earnings on Broad-based Recovery; Resumes Dividend Payments

Absa Group Ltd., one of Africa’s largest financial services providers, reported an increase in interim earnings and resumed dividend payments as the economic effects of the pandemic eased in the first half of 2021 compared with the same period a year earlier. Group headline earnings grew five-fold to R8.6 billion (UGX2 trillion), which is higher than pre-pandemic levels, supported by resilient pre-provision profit growth and a significant decline in impairments. While earnings increased strongly, the improvement is off a low base a year earlier. Absa generates most of its income from its operations in South Africa. “These results are testimony…