BANKING group, Absa has announced low profit growth for the year ending March 31. Headline earnings grew by 1,0% to R1988-million, from last year’s R1968-million, and headline earnings per share increased by 0,2%. Operating expenditure increased by 7,1%. Low growth in operating income left the group’s cost-to-income ratio almost unchanged at 63,5%, from 63,3% last year. Absa said the results, although not satisfactory, are in line with expectations after September’s interim results. The group blames the 1998 currency crisis, bad debts and low interest rates for its poor performance.