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Absa expects annual profit to more than double

Citing cost controls and lower bad debts.
Image: Waldo Swiegers/Bloomberg

Absa expects annual profit to more than double in the year to December 31, it said on Friday, citing cost controls and lower bad debts.

In 2020 the bank reported headline earnings per share, the main profit measure in South Africa, of 730.9 cents. It said it will give the expected range for 2021 soon.

One of South Africa’s top four banks, Absa is bouncing back from hefty provisions taken last year due to the pandemic.

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