S.Africa’s Absa forecasts sharper fall in annual profit

PUBLISHED: Fri, 19 Feb 2021 08:13:19 GMT
Share

Feb 19 (Reuters) – South African lender Absa Group said on Friday its full-year profit is expected decline further, a second profit warning in three months, hit by the COVID-19 pandemic.

Absa said it expects normalised headline earnings per share (HEPS), the main profit measure in South Africa, to decrease by 50% to 55% for the year ended Dec. 31, from the 1,926 cents in 2019.

The company had in November warned of a 40% decline in annual HEPS.

(Reporting by Shanima A in Bengaluru; Editing by Sriraj Kalluvila)

Sign Up for Our Newsletter Daily Update

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html