Absa (AGRPY,$22.99) earnings rose +27% in H1, on revenue growth
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.
Notable companies
The most notable companies in this group are US Bancorp (NYSE:USB), PNC Financial Services Group (NYSE:PNC), Itau Unibanco Banco Holding SA (NYSE:ITUB), Deutsche Bank Aktiengesellschaft (NYSE:DB), Banco Bradesco SA (NYSE:BBD), Huntington Bancshares (NASDAQ:HBAN), Regions Financial Corp (NYSE:RF), KeyCorp (NYSE:KEY), Veritex Holdings (NASDAQ:VBTX).
Industry description
Regional banks have a smaller reach than major banks, and cater mostly to one region of a country, such as a state or within a group of states. They offer services often similar – albeit with some limitations/smaller scale – compared to major banks. Taking deposits, making loans, mortgages, leases, credit cards , fund management, insurance and investment banking. SunTrust Banks, State Street Corp., M&T Bank Corp. are some examples of U.S. regional banks.
Market Cap
The average market capitalization across the Regional Banks Industry is 5.96B. The market cap for tickers in the group ranges from 22.65 to 133.96B. HDB holds the highest valuation in this group at 133.96B. The lowest valued company is VLYPP at 22.65.
High and low price notable news
The average weekly price growth across all stocks in the Regional Banks Industry was 3%. For the same Industry, the average monthly price growth was -1%, and the average quarterly price growth was 5%. SHFS experienced the highest price growth at 81%, while MBBC experienced the biggest fall at -45%.
Volume
The average weekly volume growth across all stocks in the Regional Banks Industry was -23%. For the same stocks of the Industry, the average monthly volume growth was 13% and the average quarterly volume growth was 27%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 50
P/E Growth Rating: 42
Price Growth Rating: 52
SMR Rating: 26
Profit Risk Rating: 51
Seasonality Score: -11 (-100 ... +100)
