JOHANNESBURG - Banking group Absa reported a three percent increase to R8.3 billion in interim headline earnings on Tuesday, while revenue was up six percent to R39.1 billion.
Absa, one of Africa’s largest financial services providers with a presence in 12 countries on the continent and an office in London, said its retail unit in South Africa gained market share, mitigating the negative effects of a difficult economy.
The bank's operating expenses for the six months to June 30 rose six percent to R22.1 billion and return on equity declined to 16.4 percent from 17.1 percent.
The dividend increased three percent to R5.05 per preference share.
“Despite the tough operating environment, we have been able to maintain revenue momentum in our key target areas, with total revenue growth improving to 6 percent," group financial director Jason Quinn said.