Absa sees R190 mln revenue decline from rate cut

JOHANNESBURG (Reuters) - Absa Group will likely see a 190 million rand decline in revenue as a result of the latest rate cut by South Africa's central bank, its chief financial officer said on Friday.

The South African Reserve Bank cut its benchmark rate by 50 basis points this month, citing concerns about weakness in Africa's top economy.

"If you look at what just happened with the interest rate cut, for example with the 50 basis points, although we hedge, that will still cost us around 190 million rand in revenue," David Hodnett told reporters on a conference call.

Absa, South Africa's third-largest bank, is majority owned by Barclays

Source: http://news.yahoo.com/absa-sees-r190-mln-revenue-decline-rate-cut-061438208--finance.html

ellen degeneres jcpenney yeardley love nba all star reserves rock center christine christine will ferrell