Absa Group headline earnings rose +27% to Rands 11 billion in the first half of the year, bolstered by revenue growth.
The African financial services company’s revenue for the first half climbed +14%, on the back of growth across business segments, a rebound in the insurance business in South Africa, and rising interest rates across key markets.
Absa’s net interest income rose +12%, and non-interest income grew +18%.
“All of our key measures are significantly above the pre-Covid levels of the first half of 2019,” said Jason Quinn, Absa Group Financial Director. “The strategic decisions we made in the last few years have ensured that we remain capital generative and we are appropriately provisioned as we face a tougher environment,” he mentioned.