Construction price distortion forces some to suspend building over high prices.

 Some people have been forced to suspend their projects until the prices stabilise.

The growth represents a 619 percentage increase on profitable gains of shs.43bln posted in the same peroid of 2020. During the period under review, Absa registered a decline in bad debts, especially in construction, real- estate and energy.

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Mr. Gay kimbpwa Lutaaya , the Absa credit director, yesterday said loan losses have been dropped this reducing provisions for loan impairment from shs.1.5bln in 2020 to shs.14.bln.

During the period, customer deposits grew up to 7.2 percent to shs.2.4tln while total equity rose to 21.6 percent. customer assets grew by 0.1 percent to shs.1.357 tln due to weak credit demand, resulting from the negative impact of COVID 19. Mr Mwesigwa also noted that we're as there could be issues of environment instability, Absa continued to support all sectors of the economy including manufacturing, trade and agriculture.

By Ssingo Media Journalist.

editorial.ssingodigital.@gmail.com