Absa

HY 2024 results: HEPS +1% to 2422c (vs BB est. of 2524c). Corporate & Invest. Banking +23 y/y & comprising 55% of earnings. NII +12.5%. FY Div -12.7% to 685c. ROE ↓ 900 bps to 14.4%. Cost of equity 14.5%. Cost to income ratio ↑ to 53.2%.
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