Banking group expects more pressure on consumers in the second half of 2020 and slowing growth in loans and deposits
The Absa Group headquarters in Johannesburg. Picture: GETTY IMAGES/WALDO SWIEGERS
Credit impairments rose 297% to R14.6bn in the group’s six months to end-June, with the group expecting customer loan and deposit growth to slow in the second half, with deposits expected to grow faster than loans. The group expects further economic pressure in the last six months of 2020, and does not expect to declare dividends in 2020.
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