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Summary consolidated results for the reporting period ended 31 December 2023
Absa Group Limited
Registration number: 1986/003934/06
Incorporated in the Republic of South Africa
JSE share code: ABG
ISIN: ZAE000255915
Bond Issuer Code: ABGI
("Absa Group", "Group" or "Company")
Summary consolidated results
for the reporting period ended 31 December 2023 and ordinary share dividend declaration
Empowering Africa's tomorrow, together
...one story at a time
We are a Pan-African financial services provider, united in a clear purpose. We live our purpose through our
global operations and our presence across 16 countries. We believe in Africa's potential and are invested in
creating, nurturing and protecting wealth and growth on our continent. We play an integral role in the economic
lives of individuals, businesses and nations, while leading the way to a sustainable future.
We are listed on the Johannesburg Stock Exchange, with a secondary listing on the A2X and have a Pan-African
footprint with banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania
(Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia, representative offices in Namibia
and Nigeria, as well as securities entities in the United Kingdom and the United States, along with
technology support in the Czech Republic and general advisory support in China.
1 Banks are wholly owned, apart from the following where we hold majority stakes: Botswana 67.8%, Kenya 68.5%,
Mozambique 98.7%, National Bank of Commerce Tanzania 55% and Seychelles 99.8%.
- 16 countries
- 1 010 outlets*
- 6 410 ATMs
- 37 107 employees
- 3.8 million digitally active customers
- 12.2 million active customers
- R146.4bn market cap
* Includes branches and sales centres.
Normalised financial results as a consequence of Barclays PLC Separation
A normalised view of the 2023 annual results is provided, which adjusts for the consequences of the separation
from Barclays PLC. This view better reflects the Group's underlying performance. IFRS Accounting Standards
(referred to as IFRS throughout this document) compliant financial results are presented as
required by the Companies Act and the JSE Listings Requirements and include a reconciliation between the
normalised and IFRS views. The Group will stop presenting normalised financial results from 2024 as the impact
is expected to be immaterial.
The normalised results and constant currency are considered to be pro forma financial information in terms of the
JSE Listings Requirements. The normalised results have been prepared for illustrative purposes only and, because
of their nature, may not fairly present Absa Group's financial position and results of operations.
Performance overview for the period ended 31 December 2023
Total income
2023 Increased 8.1% 2022 2023 Increased 8.0% 2022
R104 642m IFRS R96 836m R104 530m Normalised R96 792m
Normalised total income has been adjusted by R112m (2022: R44m), mainly consisting of a net interest
income decrease of R128m (2022: R58m) and a non-interest income increase of R16m (2022: R14m)
Headline earnings per ordinary share
2023 Increased 0.6% 2022 2023 Increased 1.1% 2022
2 422.3 cents IFRS 2 408.2 cents 2 477.3 cents Normalised 2 451.5 cents
Basic earnings per ordinary share
2023 Decreased 1.8% 2022 2023 Decreased 0.8% 2022
2 400.3 cents IFRS 2 443.3 cents 2 464.9 cents Normalised 2 486.0 cents
Net asset value per ordinary share
2023 Increased 7.3% 2022 2023 Increased 8.1% 2022
17 109 cents IFRS 15 950 cents 16 828 cents Normalised 15 560 cents
Return on equity
2023 2022 2023 2022
14.4% IFRS 15.3% 15.3% Normalised 16.4%
Performance overview for the period ended 31 December
Cost-to-income ratio
2023 2022 2023 2022
53.2% IFRS 52.1% 52.1% Normalised 51.0%
Net interest margin
2023 2022 2023 2022
4.67% IFRS 4.56% 4.66% Normalised 4.56%
Dividend per ordinary share
2023 Decreased 12.7% 2022
685 cents IFRS 785 cents
Loans and deposits growth
- Gross loans and advances (Increased 5%) R1 321.0bn (2022: R1 258.3bn)
- Deposits (Increased 8%) R1 340.0bn (2022: R1 241.9bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 6.1% (2022: 5.3%)
Liquidity coverage ratio
- 124% (2022: 124.6%)
Sound capital
- Common Equity Tier 1 ratio 12.5% (2022: 12.8%)
Short-form statement
This short-form announcement is the responsibility of the directors of Absa Group Limited. It is only
a summary of the information contained in the annual consolidated financial statements. Any investment
decisions by shareholders should be based on consideration of the financial results booklet published
on https://www.absa.africa/absaafrica/investor-relations/financial-results/ as well as the annual consolidated
financial statements available on the following JSE cloud link:
https://senspdf.jse.co.za/documents/2024/jse/isse/ABGE/FY23Result.pdf
While this announcement is not audited, the annual consolidated financial statements from which the results
are derived, were audited by PwC and KPMG, who expressed an unmodified opinion thereon. The full audit opinion
is available at the following link https://www.absa.africa/absaafrica/investor-relations/annual-reports/ as
part of the Group's full annual financial statements. Copies of the annual financial statements may also be
requested at the Company's registered office and the offices of the lead independent sponsor, at no charge,
during office hours on normal business days.
Registered office
7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001
Board of directors
Independent non-executive directors
S Moloko (Group Chairman), T Abdool-Samad, A Beck(1), J Cummins(1), L Diogo(3), R Keanly, P Mageza, A Mangale,
N Mjoli-Mncube (Lead Independent Director), S Munyantwali(1) (2), D Naidoo, I Rensburg, F Tonelli, R van Wyk
Executive directors
A Rautenbach (Group Chief Executive Officer)
C Snyman (Interim Group Financial Director)
(1) British (2) Ugandan (3) Mozambican
Declaration of ordinary dividend number 73
Shareholders are advised that a final ordinary dividend of 685 cents per ordinary share was declared on
11 March 2024, for the period ended 31 December 2023. The ordinary dividend is payable to shareholders
recorded in the register of members of the Company at the close of business on Friday, 19 April 2024.
The directors of Absa Group confirm that the Group will satisfy the solvency and liquidity test
immediately after completion of the dividend distribution and for the next 12 months.
The dividend will be subject to local 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 685 cents per ordinary share for shareholders exempt from the dividend tax.
- The net local dividend amount is 548 cents per ordinary share for shareholders liable to pay the dividend tax.
- Absa Group Limited currently has 894 376 907 ordinary shares in issue (includes 65 322 253 treasury shares).
- Absa Group's income tax reference number is 9150116714.
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, 16 April 2024
Shares commence trading ex-dividend Wednesday, 17 April 2024
Record date Friday, 19 April 2024
Payment date Monday, 22 April 2024
Share certificates may not be dematerialised or rematerialised between Wednesday, 17 April 2024 and
Friday, 19 April 2024, both dates inclusive. On Monday, 22 April 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, 22 April 2024.
On behalf of the Board
N R Drutman
Group Company Secretary
Johannesburg
11 March 2024
Absa Group 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 Limited (Corporate and Investment Bank)
www.absa.africa/absaafrica/investor-relations/financial-results/
Date: 11-03-2024 07:30:00
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