Absa relieved at 25% loss

ABSA Bank - majority-owned by the UK's Barclays - reported its annual results yesterday and was relieved to get away with a 25percent loss in earnings following a R1,3billion loss made on single stocks futures last year.

ABSA Bank - majority-owned by the UK's Barclays - reported its annual results yesterday and was relieved to get away with a 25percent loss in earnings following a R1,3billion loss made on single stocks futures last year.

During the second half of the fiscal year ended December 2009, Absa warned investors that it would make a net loss ranging between 25percent and 35percent due to non-performing loans and a once-off impairment made on single stock futures.

Absa CEO Maria Ramos said the bank would remain under pressure during the year, both globally and locally. "Although the group expects to see a return to growth in the domestic economy, supported by government, a number of risks remain," she said. - Zweli Mokgata

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