Absa expects delay in economic recovery August 7, 2008
Johannesburg - Consumers were expected to remain under pressure as higher debt servicing costs and increases in the general cost of living continued to erode disposable income into 2009, the Absa Group said on Thursday as it released its first half results.
"The group expects growth of the South African economy in the short-term to be constrained by inflationary pressures, tighter credit conditions and declining levels of consumer and business confidence which, together with an uncertain global macroeconomic environment, are likely to delay an early recovery from the current economic downturn."
Headline earnings for the first half of the year rose by 8.4 percent from R4 365 million to R4 731 million. Headline earnings per share were up by 7.5 percent to 700.3 cents per share and fully diluted headline earnings per share grew by 9.2 percent to 666.2 cents per share.
The dilution of headline earnings stemmed from the options exercised by Batho Bonke Capital - Absa's black empowerment partner - and to the group's share incentive schemes, the banking group said. - Sapa
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