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Unaudited consolidated interim results and preference share dividend declaration: six months ended 30 June 2024
Absa Bank Limited
Registration number: 1986/004794/06
Incorporated in the Republic of South Africa
JSE share code: ABSP
ISIN: ZAE000079810
Bond Issuer Code: BIABS
ETN Issuer Code: ABSN1 and
Hybrid Issuer Code: ABSH
("Absa Bank" or the "Company" or "Group")
Unaudited consolidated interim results and preference share dividend declaration
for the reporting period ended 30 June 2024
Empowering Africa's tomorrow, together
...one story at a time
We are an African financial services provider, inspired by our shared purpose. It is this purpose that guides us
every day, helps us create value, manage and grow our business, partner with our clients, and make an impact on
the communities and environments in which we operate.
We are listed on the Johannesburg Stock Exchange and have representative offices in Namibia and Nigeria, along
with technology support in the Czech Republic.
- 5 countries
- 616 outlets*
- 5 175 ATMs
- 27 042 employees
- 3.2 million digitally active customers
- 9.9 million active customers
* Outlets include branches and sales centres.
Normalised financial results as a consequence of Barclays PLC Separation
Starting from 2024, the Bank will disclose financial results solely based on IFRS Accounting Standards and will no
longer report normalised results due to the separation from Barclays PLC.
Performance overview for the period ended 30 June 2024
Total income Cost-to-income ratio
2024 Change % 2023 2024 Change 2023
R32 914m Increased 1% R32 550m 62.2% Increased 59.0%
Net asset value per ordinary share Net interest margin
2024 Change % 2023 2024 Change 2023
20 828 cents Increased 3% 20 281 cents 3.56% Decreased 3.60%
Return on equity Dividend per preference share
2024 Change 2023 2024 Change % 2023
6.9% Decreased 8.7% 4 146.30137 cents Increased 3% 4 035.06849 cents
Loans and deposits growth
- Gross loans and advances (Decreased 5%) R1 039.8bn (2023: R1 091.2bn)
- Deposits (Increased 6%) R1 135.4bn (2023: 1 071.4bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 6.04% (2023: 5.45%)
Liquidity coverage ratio
- 131.2% (2023: 147.1%)
Sound capital
- Common Equity Tier 1 ratio 11.8% (2023: 13.0%)
Short-form statement
This short-form announcement is the responsibility of the directors of Absa Bank Limited. It is a summary of the
information in the full announcement. Shareholders should base any investment decisions on the full announcement which
is available on https://www.absa.africa/absaafrica/investor-relations/financial-results/ and on the JSE cloud link:
https://senspdf.jse.co.za/documents/2024/jse/issp/ABSP/Bank-HY24.pdf
The full interim announcement is available on the Company's website. Copies of the full announcement can also be
requested at the Company's registered office, free of charge, during office hours on normal business days, or
alternatively by sending an email to groupsec@absa.africa.
Registered office
7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001
Board of Directors
Independent non-executive directors
S Moloko (Chairman), T Abdool-Samad, R Keanly, N Mjoli-Mncube (Lead Independent Director), R van Wyk
Executive Directors
A Rautenbach (Chief Executive Officer)
D Raju (Financial Director)
Declaration of an interim preference share dividend number 37
The Absa Bank preference shares have an effective coupon rate of 70% of Absa Bank's prevailing prime overdraft
lending rate (prime rate). Absa Bank's current prime rate is 11.75%.
Notice is hereby given that preference dividend number 37, equal to 70% of the average prime rate for 1 March 2024
to 31 August 2024, per Absa Bank preference share has been declared on 19 August 2024.
The dividend is payable on Monday, 16 September 2024, to shareholders of the Absa Bank preference shares recorded in
the register of members of the Company at the close of business on Friday, 13 September 2024.
The directors of Absa Bank Limited confirm that the Company will satisfy the solvency and liquidity test immediately
after completion of the dividend distribution and for the next 12 months.
Based on the average prime rate, the preference dividend payable for the period 1 March 2024 to 31 August 2024 would
indicatively be 4 146.30137 cents per Absa Bank preference share, on assumption that there will be no further changes
in the prime rate between the declaration date and 31 August 2024.
The dividend will be subject to dividends withholding tax at a rate of 20%.
In accordance with paragraphs 11.17(a)(i) to (ix) and 11.17(c) of the JSE Listings Requirements, the following
additional information is disclosed:
- The dividend has been declared out of income reserves.
- The local dividend tax rate is twenty per cent (20%).
- The gross local dividend amount is 4 146.30137 cents per preference share for shareholders exempt from the
dividend tax.
- The net local dividend for shareholders subject to withholding tax at a rate of 20% amounts to 3 317.04110 cents
per preference share.
- Absa Bank currently has 4 944 839 preference shares in issue.
- Absa Bank's income tax reference number is 9575117719.
In compliance with the requirements of Strate, the electronic settlement and custody system used by the JSE Limited,
the following salient dates for the payment of the dividend are applicable:
Last day to trade cum dividend Tuesday, 10 September 2024
Shares commence trading ex-dividend Wednesday, 11 September 2024
Record date Friday, 13 September 2024
Payment date Monday, 16 September 2024
Share certificates may not be dematerialised or rematerialised between Wednesday, 11 September 2024 and
Friday, 13 September 2024, both dates inclusive.
On Monday, 16 September 2024, the dividend will be electronically transferred to the bank accounts of certificated
shareholders. The accounts of those shareholders who have dematerialised their shares (which are held at their
participant or broker) will also be credited on Monday, 16 September 2024.
On behalf of the Board
N R Drutman
Company Secretary
Johannesburg
19 August 2024
Absa Bank is a company domiciled in South Africa. Its registered office is 7th Floor, Absa Towers West,
15 Troye Street, Johannesburg, 2001.
Sponsors
Lead independent sponsor
J. P. Morgan Equities South Africa Proprietary Limited
Joint sponsor
Absa Bank (Corporate and Investment Bank)
www.absa.africa/absaafrica/investor-relations/financial-results/
Date: 19-08-2024 04:52:00
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