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UPDATE 2-S.African lender Absa posts 30% rise in interim profit [Reuters]

ABSA GROUP LTD S/ADR (AGRPY) 
Company Research Source: Reuters
* Strong balance sheet to tackle uncertainty, CEO says (Adds comments from press conference, interview) JOHANNESBURG, Aug 15 (Reuters) - South African lender Absa Group said on Monday its profit for the half year that ended June 30 rose 29.8%, announcing a more than doubling of dividend to 650 cents per share. Its headline earnings per share, its profit measure, came at 1280.2 cents ($0.7888), from 986.2 cents posted a year ago. South African lenders have rebounded from COVID-19 lows but are seen treading a fine line between high local unemployment worsened by surging inflation and a higher interest rate regime that is a positive for banks but increases risks of loans going sour. “We need to navigate that carefully with our customers ... we are able to make sure that they're focused on paying us back,” said Absa Group Financial Director Jason Quinn, adding that its collection centres are proactively managing that risk. Overall the bank sees a net benefit of higher interest Show less Read more
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