Absa Says 1H Revenue Didn't Grow, But EPS Up As Much As 12%

29th Jul 2010 16:43

JOHANNESBURG (Dow Jones)--Absa Group Ltd. (ASA.JO), South Africa's largest retail lender, said Thursday the operating environment in the first half of the year was subdued and its revenue levels didn't grow during the period. However, the Johannesburg-based company said its earnings per share increased by an expected 10%-12% on a year earlier when it took impairments against the value of equity positions acquired because of single stock future defaults. "Consumers' appetite for credit remained low and volumes in all businesses have remained under pressure," Absa said, adding weak equity markets at the end of June hurt its listed investments. The company, which is majority owned by U.K. lender Barclays PLC (BCS), said its half-year results include once-off gains on the sale of various investments. The level of retail impairments declined during the six-month period, in line with expectations, it said. -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] Order free Annual Report for Barclays PLC Visit http://djnweurope.ar.wilink.com/?ticker=GB0031348658 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 29, 2010 11:43 ET (15:43 GMT)