New-look Absa still losing primary customers

The group lost 100 000 primary customers during the course of last year. Moneyweb banking Absa

Despite Absa’s overall retail customer base in South Africa growing to 9.6 million in the six months to June, it continues to struggle to grow the number of primary customers, predominantly in the entry-level customer segment. Its overall base grew by about 100 000 customers, but the number of customers who receive regular income in their accounts is down by another 100 000 customers to 2.7 million. It lost 100 000 primary customers during the course of last year.

More products also translates into a greater likelihood that the customer will be more profitable for the bank over their lifecycle. Financials Absa’s RBB segment reported headline earnings of R5.07 billion in the first six months of the year. Its vehicle and asset finance business saw earnings fall by 90% to just R26 million, due to higher credit impairment charges.

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