The bank expects low single-digit revenue growth for the first half of 2024.
Absa Group’s share price plunged more than 9.5% on Thursday, to close at R153.78 a share following a voluntary trading update for the six months ending 30 June 2024, issued on Sens after the market closed on Wednesday.
“We expect mid-single digit revenue and operating expense growth, producing a broadly similar cost-to-income ratio to 2023’s 53.2%, and a RoE of 14% to 15% for 2024 from 14.4% last year,” Absa said in the trading update.At its 2023 results announcement on 11 March this year, the bank warned that elevated credit impairments, plus slower revenue and pre-provision profit growth, would dampen first-half earnings compared to that of the corresponding period in 2023.
“In South Africa, economic activity has been weak, with first quarter real GDP shrinking slightly and the second quarter data released to date also softness,” the bank said.
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