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S.African Absa expects annual profit to more than double

South African bank Absa expects annual profit to more than double in the year to Dec. 31, it said on Friday, citing cost controls and lower bad debts.

In 2020 the bank reported headline earnings per share, the main profit measure in South Africa, of 730.9 cents. It said it will give the expected range for 2021 soon.

One of South Africa’s top four banks, Absa is bouncing back from hefty provisions taken last year due to the pandemic.
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