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Absa predicts robust interim earnings growth

The logo of South Africa’s Absa Bank is seen outside an Absa branch in Cape Town.

The logo of South Africa’s Absa Bank is seen outside an Absa branch in Cape Town.

Published Aug 4, 2022

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Absa Group expected to increase headline earnings per share (heps) by 27 percent to 32 percent for the six months to June 30, the bank said in a trading statement yesterday.

Headline earnings were expected to be between 1 252 and 1 302 cents, compared with 986.2c at the same time last year.

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IFRS (International Financial Reporting Standard) earnings per share for the first half were expected to rise by 25 percent to 30 percent, to between 1229 and 1278c from 983.3c in the first half of 2021.

Normalised Heps was expected to increase by 25 percent to 30 percent, to between 1275 and 1326c, from 1019.7c in 2021. The interim results are expected to be released on August 15.

Absa’s share price rose 1.74 percent to R170.82 by yesterday afternoon, a price that had risen by just over 19 percent over a year.

BUSINESS REPORT

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