Absa profits down by 50%

Absa Bank (Mauritius) Limited has recorded pre-tax profits of Rs1.1Bn at the end of the financial year ending December 31, 2020, representing a drop of 50% compared to the previous year, Defi Media reported.

The results were attributed to the economic crisis related to the pandemic and its recent rebranding.

“Without these costs, the profits before taxes of Absa Mauritius would have been Rs1.3Bn,” Absa defended.

Operational income amounted to Rs4.6Bn, representing a drop of 8% compared to the previous year.