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ABSA bank Vs Savannah Cement 5bln Ksh bad loan issue
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young
#1 Posted : Thursday, April 18, 2024 9:50:44 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
Hi Guys,

https://www.businessdail...avannah-cement--4594170


What will be the impact of the above on ABSA performance in fy 2024?
OR
Does it mean the above is factored in on ABSA fy 2023 report ?

This is a bit worrisome in view of 2024.
Please what is your take ?
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VituVingiSana
#2 Posted : Thursday, April 18, 2024 10:39:28 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
1) Is the entire loan due ASBA from ABSA KE?
2) Savannah was put into receivership in 2022 but possibly had issues earlier so ABSA may have taken provisions in or before 2022.
3) It is likely ABSA took additional provisions in 2023 as the hole became known.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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