Latest news with #AbsaGroup
Bloomberg
05-08-2025
- Business
- Bloomberg
South African Factory Mood Escapes Contraction Despite US Tariffs
A gauge of South African manufacturers' sentiment improved amid a sharp recovery in demand, advancing into expansionary territory for the first time in nine months despite US President Donald Trump's looming tariffs. Absa Group Ltd.'s Purchasing Managers' Index, compiled by the Bureau for Economic Research, rose to 50.8 in July from 48.5 in the prior month, the lender said on Friday. It was the first time since October that the index has pushed above the 50 level that indicates an expansion.
Bloomberg
01-08-2025
- Business
- Bloomberg
Most South African Small Firms at Risk of Collapse, Survey Finds
More than half South Africa's small businesses don't expect to survive for more than a year, a survey backed by lender Absa Group Ltd. found. Some 53% of the 1,600 entities canvassed for the inaugural Small Business Growth Index said they were contracting, trading with difficulty or at risk of closure, with costs of some of inputs such as transport and raw materials climbing as much as 61%.
Bloomberg
01-07-2025
- Business
- Bloomberg
South African Factory Mood Brightens as Local Demand Improves
Sentiment among South African manufacturers improved in June as a recovery in local demand boosted new sales. Absa Group Ltd.'s Purchasing Managers' Index, compiled by the Bureau for Economic Research, rose to 48.5 in June from 43.1 in May, the Johannesburg-based lender said Tuesday in an emailed statement. That means the PMI remained below the 50 level that indicates an expansion for the eighth straight month.
Bloomberg
01-07-2025
- Business
- Bloomberg
Absa's New Chief Plots Turnaround After Six Years of CEO Tumult
Absa Group Ltd. 's new head is aiming to turn the bank's retail unit into the biggest in South Africa, revamp its regional operations and bring stability to a firm that has seen six top managers in as many years. Chief Executive Officer Kenny Fihla, who was poached from larger rival Standard Bank Group Ltd., also seeks to bolster non-interest revenue and return on equity at South Africa's third-biggest lender by assets. Fihla will unveil his strategy to the board in the next couple of months, he said on Monday.
Bloomberg
30-06-2025
- Business
- Bloomberg
Absa's Mauritius Unit to Nearly Quadruple Green Loans by 2030
Absa Mauritius plans to nearly quadruple funding for green projects by 2030 to support the island nation's emissions reduction goals and efforts to mitigate climate change. The lender, a unit of South Africa's third-largest bank by assets, Absa Group Ltd., intends to increase green loans to 30 billion rupees ($664 million) from 8 billion rupees at the end of last year.
