The increasing appetite for loans and advances helped to boost Absa's half-year earnings. Jason Quinn, Group Financial Director at Absa Group, discussed this with eNCA's Rofhiwa Madzena. Courtesy of #DStv403
JOHANNESBURG - The increasing appetite for loans and advances helped to boost Absa's half-year earnings.
The bank's headline earnings increased by 27 percent to R11-billion in the reporting period.
Absa's revenue growth was also supported by a bounce back in its insurance business and higher interest rates in South Africa.
During the period, the bank was also able to expand its market share in key areas, including home loans and vehicle asset financing.
Absa's customer numbers increased to 9.6 million.
But the bank has noted that the macro backdrop has deteriorated and inflationary pressures remain.
Despite this, the bank anticipates double-digit revenue growth this year.