Banking group Absa says it expects to post double-digit growth in income earned from interest, driven by a mix of factors including higher lending rates and increased loans disbursed to its customers. Moneyweb NtandoThukwana
Banking group Absa says it expects to post double-digit growth in income earned from interest, driven by a mix of factors including higher lending rates and increased loans disbursed to its customers. The bank issued its operational update for the 10-month period to end October 2022 on Wednesday, stating that its net interest income grew by “low teens” for the period, which increased at a similar rate to its revenue.
Sarb, like other central banks across major economies, has put up an aggressive fight against runaway inflation. This year alone, the Reserve Bank hiked the interest rate by a cumulative 325 basis points, to fight inflation that peaked at 7.8% in July. However, the bank has left room for credit impairments because of the aggressive policy tightening, especially in its vehicle financing segment.
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