Absa publishes transcript of 1H26 pre-close call

• Absa held a 1H26 pre-close call attended by CEO Kenny Fihla, finance director Deon Raju, analysts, and investors.
• Management guided to low- to mid-single-digit revenue growth, muted net interest income growth, mid-single-digit loan and deposit growth, and mid- to high-single-digit headline earnings growth.
• Full-year RoE outlook cut to around 15% on Africa Regions margin compression, while the 16%-19% medium-term RoE target stayed unchanged.
• Ghana drove the net interest income miss; a 12% year-on-year rate drop versus a 6% assumption hit a ZAR 40 billion liability base, about half unhedged.
• CET1 expected slightly above the 11%-12.5% target range; dividend payout ratio planned around 55%; cost-to-income improvement expected from 2027.

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