South Africa Drives Interim Profit at Absa as New CEO Enters

Absa Group Ltd. posted a 14% increase in first-half profit as cost-cutting and an organizational restructure delivered dividends for South Africa’s third-largest bank.

Net income attributable to shareholders climbed 14% to 11.2 billion rand ($638 million) in the six months through June, the Johannesburg-based lender said in a statement on Monday. Lower credit impairments boosted Absa’s unit in South Africa, it said in a statement.