Absa warns that load shedding continues to be a drag on the economy.
Financial services group Absa on Monday published its financial results for the full year ending December 2022, showing strong growth despite the challenging environment.
The group declared a full year dividend of ,300 cents per ordinary share, up 65.6% from 785 cents the year before. “Energy and food markets were particularly disrupted, adding to broader supply chain pressures globally and pushing inflation to multi-decade highs in many countries. Global financial conditions tightened significantly through the year, placing pressure on many categories of financial assets including emerging markets,” it said.
However, in anticipates a slow improvement toward GDP growth of 2.0% by 2026, “with an expectation that load shedding will gradually dissipate”. Global financial markets are expected to remain volatile and financial flows into emerging markets are expected to remain vulnerable.
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