Absa reported interim HEPS up 16.5% to 1,432c, in-line with its mid-teen estimate. Revenue rose 5.2% to R56.49bn, also matching forecasts. ROE improved to 14.8% as guided. Cost-to-income ratio rose slightly to 53.2%. The interim dividend was hiked +14.6% to 785c. NAV per share +11% to R200.48. Results were driven by non-interest income, lower credit impairments, & disciplined cost management, while net interest income growth was muted due to margin compression in SA.
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