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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 Africa, which accounts for more than 80% of the group’s earnings. Group headline earnings fell 82% in the first half of 2020 compared with the first half of 2019. Headline earnings in the second half of last year were 19% lower…
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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…
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Absa Group Limited (AGL) today, 6th January 2020, announced the appointment of Aaron Daniel Mminele as Group Chief Executive of Absa Group, effective from 15 January 2020. Mminele will be taking over from René van Wyk, who has been leading the bank on an interim basis since Maria Ramos’ retirement in February 2019. “We are delighted to welcome Daniel to the Absa family. He brings with him a deep understanding of the financial services industry both in South Africa and abroad,” said Wendy Lucas-Bull, Chairman of the Absa Group Board. “His unique skills set and global perspective make him a…
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