Banking group ABSA has reported a drop in interim profits impacted by its 297 per cent increase in credit impairments which resulted in an 82 per cent plunge in headline earnings and no interim or full year dividend is forecasted for 2020. ABSA CEO, Daniel Mminele joins CNBC Africa for more.
S&P Global Ratings has affirmed Uganda’s foreign and local currency long- and short-term sovereign ratings with stable outlook. And the week ahead if filled with inflation data from Nigeria, Botswana and GDP numbers from Ghana. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.
A multi-billion rand loan guarantee scheme announced by South African President Cyril Ramaphosa last month is now officially in operation, with the assistance of the country’s major banks, including FNB, Investec, Standard Bank and Absa.
South African lender Capitec said on Tuesday it would not pay a dividend for its full year, although profits rose by 19%, in line with guidance from the country’s central bank to scrap payouts amid the coronavirus outbreak.
Yesterday Absa revealed measures to lessen the burden on its customers as South Africa weathers the storm of COVID-19, #21daylockdwon and a downgrade to junk by Moody’s. Bongiwe Gangeni, Deputy Chief Executive Officer for Retail & Business Bank at Absa joins CNBC Africa for more.
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