Absa keeps its powder dry, deferring dividends, as earnings slump
Absa will declare no annual dividend, the bank announced on Monday, despite its competitors reinstating pay-outs.
Its headline earnings per share dropped 58% (to 730.9 cents) in the year to 31 December 2020.
The lender’s credit impairments ballooned 163% (to R20.6 billion).
The Money Show’s Bruce Whitfield interviewed Absa Group CEO Daniel Mminele.
We will see some recovery in 2021… somewhat stronger than we thought…Daniel Mminele, CEO - Absa Group
We are the largest funder or those projects [renewable energy] …Daniel Mminele, CEO - Absa Group
We’re adapting to the situation as it unfolds… We pencilled in a recovery of just over 3.1%...Daniel Mminele, CEO - Absa Group
We won’t be able to replace Peter…Daniel Mminele, CEO - Absa Group
Listen to the interview in the audio below.
Source : https://www.123rf.com/photo_156497575_prince-albert-south-africa-jun-02-2019-absa-bank-sign-on-the-side-of-a-building-.html?term=absa&vti=mopsd5b4r6lpcb0m2r-1-4
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