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SA’s third-largest bank, ABSA, is predicting that its revenue growth will outperform that of cost increases in 2019 after slower economic growth weighed on its capability to generate income.
The banker cited that customer expenses will probably remain constrained in South Africa this year, with the economy expected to grow 1.7%.
The lender is one year into implementing a turnaround strategy after Barclays sold off its controlling stake.
This gave the company an opportunity to take on more risk in its retail banking unit, which accounts for more than half of its profits.
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