Apart from the all-round improvement in results, two things stand out from the Absa preliminary report for the year to December, the first full year since the Barclays takeover: synergies from the takeover are coming through faster than expected, and the bank is a major beneficiary of the battle for increased share of the competitive credit card market.
Absa had hoped to reap synergistic gains of R300m by December 2006: it achieved R753m, already ahead of the target for December 2007, with associated costs of R640m - R30m less than expected by now - in spite of the slower than hoped merger with Barclays' interests in the rest of Africa.
Read more at FIN24.co.za
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment