South African lender Absa reports lower half-year profit

South Africa’s Absa Group (ABGJ.J), opens new tab posted a 5% decline in half-year profit on Monday as operating expenses rose faster than revenue but flagged a moderation in cost growth in the second half and a slight improvement in credit loss levels.

Inflationary pressure, high interest rates, regular power blackouts and logistical bottlenecks are taking a toll on South African banks’ most sensitive retail and small business customers.

Source: REUTER