JOHANNESBURG Feb 1 (Reuters) – Absa Group,
the South African lender majority owned by Britain’s Barclays
Plc, said on Wednesday its full-year earnings likely
rose by as much as 22 percent.
Absa, which is due to report results on February 10, said in
a statement it expected to report an increase of between 18 and
22 percent in diluted headline earnings per share for the year
to end-December.
That compares to an average forecast of a 19 percent
increase in a poll of 13 analysts by Thomson Reuters.
Headline EPS, which excludes certain items, is the main
measure of profit in South Africa.
The bank did not give a reason for the expected rise in
profit. It reported a 19 percent increase in first-half earnings
in August, as a drop in bad debts helped lift its mainstay
retail unit.
The bank has focused on reining in costs and boosting
revenue from transactions as demand for credit, particularly
from corporate clients, remains slack in Africa’s largest
economy.
Shares of Absa are up about 5 percent so far this year after
a flat 2011, putting the share performance roughly in line with
the benchmark Top-40 index.
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