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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 footprint with banks in Botswana, Ghana, Kenya, Mauritius,
a clear purpose. We live our purpose through our global Mozambique, Seychelles, South Africa, Tanzania (Absa Bank
operations and our presence across 16 countries. We believe Tanzania and National Bank of Commerce), Uganda and
in Africa’s potential and are invested in creating, nurturing Zambia, representative offices in Namibia and Nigeria, as
and protecting wealth and growth on our continent. We well as securities entities in the United Kingdom and the
play an integral role in the economic lives of individuals, United States, along with technology support in the Czech
businesses and nations, while leading the way to a Republic and general advisory support in China.
sustainable future.
1
Banks
are wholly owned, apart from the following where we hold majority
We are listed on the Johannesburg Stock Exchange, with stakes: Botswana 67.8%, Kenya 68.5%, Mozambique 98.7%, National Bank
of Commerce Tanzania 55% and Seychelles 99.8%.
a secondary listing on the A2X and have a Pan-African
16 1 010 6 410 37 107 3.8 million 12.2 million R146.4bn
countries outlets* ATMs employees digitally active active customers market cap
customers
* 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 Risk profile Liquidity coverage ratio Sound capital
Gross loans and advances
(Increased 5%)
Deposits
(Increased 8%)
Stage 3 loans ratio to gross
loans and advances
124% Common Equity
Tier 1 ratio
(2022: 124.6%)
R1 321.0bn R1 340.0bn 6.1% 12.5%
(2022: R1 258.3bn) (2022: R1 241.9bn) (2022: 5.3%) (2022: 12.8%)
Short-form statement Registered office
This short-form announcement is the responsibility of the directors of Absa 7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001
Group Limited. It is only a summary of the information contained in the annual
consolidated financial statements. Any investment decisions by shareholders Board of directors
should be based on consideration of the financial results booklet published on Independent non-executive directors
https://www.absa.africa/absaafrica/investor-relations/financial-results/ as S Moloko (Group Chairman), T Abdool-Samad, A Beck(1),
well as the annual consolidated financial statements available on the following J Cummins(1), L Diogo(3), R Keanly, P Mageza, A Mangale,
JSE cloud link: N Mjoli-Mncube (Lead Independent Director), S Munyantwali(1) (2),
https://senspdf.jse.co.za/documents/2024/jse/isse/ABGE/FY23Result.pdf D Naidoo, I Rensburg, F Tonelli, R van Wyk
While this announcement is not audited, the annual consolidated financial
statements from which the results are derived, were audited by PwC and Executive directors
KPMG, who expressed an unmodified opinion thereon. The full audit opinion A Rautenbach (Group Chief Executive Officer)
is available at the following link https://www.absa.africa/absaafrica/investor- C Snyman (Interim Group Financial Director)
relations/annual-reports/ as part of the Group’s full annual financial
statements. Copies of the annual financial statements may also be requested (1)
British (2)
Ugandan (3)
Mozambican
at the Company’s registered office and the offices of the lead independent
sponsor, at no charge, during office hours on normal business days.
Declaration of ordinary dividend number 73 Last day to trade cum dividend Tuesday, 16 April 2024
Shareholders are advised that a final ordinary dividend of 685 cents per Shares commence trading ex-dividend Wednesday, 17 April 2024
ordinary share was declared on 11 March 2024, for the period ended Record date Friday, 19 April 2024
31 December 2023. The ordinary dividend is payable to shareholders recorded Payment date Monday, 22 April 2024
in the register of members of the Company at the close of business on Friday, Share certificates may not be dematerialised or rematerialised between
19 April 2024. The directors of Absa Group confirm that the Group will satisfy Wednesday, 17 April 2024 and Friday, 19 April 2024, both dates inclusive.
the solvency and liquidity test immediately after completion of the dividend On Monday, 22 April 2024, the dividend will be electronically transferred to the
distribution and for the next 12 months. bank accounts of certificated shareholders. The accounts of those shareholders
The dividend will be subject to local dividends withholding tax at a rate of who have dematerialised their shares (which are held at their participant or
broker) will also be credited on Monday, 22 April 2024.
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: On behalf of the Board
• The dividend has been declared out of income reserves.
N R Drutman
• The local dividend tax rate is twenty per cent (20%). Group Company Secretary
•
The gross local dividend amount is 685 cents per ordinary share for
Johannesburg
shareholders exempt from the dividend tax.
11 March 2024
•
The net local dividend amount is 548 cents per ordinary share for
shareholders liable to pay the dividend tax. Absa Group is a company domiciled in South Africa. Its registered office is
•
Absa Group Limited currently has 894 376 907 ordinary shares in issue 7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001.
(includes 65 322 253 treasury shares). Sponsors
• Absa Group’s income tax reference number is 9150116714. Lead independent sponsor
J. P. Morgan Equities South Africa Proprietary Limited
In compliance with the requirements of Strate, the electronic settlement and
custody system used by the JSE Limited, the following salient dates for the Joint sponsor
payment of the dividend are applicable: Absa Bank Limited (Corporate and Investment Bank)
www.absa.africa/absaafrica/investor-relations/financial-results/
