Absa Group Ltd

Absa Group Ltd, parent group of Uganda’s 3rd largest bank by assets and customer deposits, has reported an 82% decline in normalized interim earnings after impairments increased four-fold to R14.7 billion (UGX3.2 trillion). According to Absa Group, the Impairment charges rose as customers and clients struggled to repay dsebt and as the Group took decisive action to increase impairment provisions against future potential credit losses. Despite significantly higher credit impairments and the material impact of the lockdowns on transactional volumes, the Group, including all business units, remained profitable. The Group expects a continued difficult environment for the consumer and heightened…