Wrap Text
Unaudited interim consolidated results
for the reporting period ended 30 June 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")
Unaudited interim consolidated results
for the reporting period ended 30 June 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
operations in our presence countries. We believe in Africa's potential and are invested in creating, nurturing
and protecting wealth and growth in 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 (JSE), with a secondary listing on the A2X and have banks1
in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and
National Bank of Commerce), Uganda and Zambia, as well as insurance operations in Botswana, Kenya, Mozambique,
South Africa and Zambia. We also have representative offices in Namibia, Nigeria and the United States as well
as securities entities in the United Kingdom and the United States, along with technology support colleagues
in the Czech Republic.
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%.
- 15 countries
- 999 outlets*
- 6 449 ATMs
- 36 706 employees
- 3.5 million digitally active customers
- 11.8 million active customers
- R142.3bn market cap
* Includes branches and sales centres.
Normalised financial results as a consequence of Barclays PLC Separation
A normalised view of the 2023 interim results is provided, which adjusts for the consequences of the separation from
Barclays PLC. This view better reflects the Group's underlying performance. International Financial Reporting Standards
(IFRS) compliant financial results will continue to be presented as required by the Companies Act and the JSE Listings
Requirements and include a reconciliation between the normalised and IFRS views. The Group intends to stop issuing
normalised financial results from 2024 as the impact is expected to be immaterial.
Performance overview for the period ended 30 June
Total income
2023 Increased 12.8% 2022 2023 Increased 12.8% 2022
R52 354m IFRS R46 394m R52 307m Normalised R46 380m
Headline earnings per ordinary share
2023 Increased 1.9% 2022 2023 Increased 2.7% 2022
1 293.1 cents IFRS 1 268.6 cents 1 321.3 cents Normalised 1 287.1 cents
Basic earnings per share
2023 Increased 4.1% 2022 2023 Increased 4.8% 2022
1 302.6 cents IFRS 1 250.9 cents 1 330.5 cents Normalised 1 269.7 cents
Net asset value per ordinary share
2023 Increased 8.3% 2022 2023 Increased 9.2% 2022
17 009 cents IFRS 15 705 cents 16 352 cents Normalised 14 974 cents
Return on equity
2023 Decreased 4.3% 2022 2023 Decreased 4.6% 2022
15.7% IFRS 16.4% 16.7% Normalised 17.5%
Cost-to-income ratio
2023 Decreased 2.5% 2022 2023 Decreased 2.7% 2022
51.0% IFRS 52.3% 49.8% Normalised 51.2%
Net interest margin
2023 Increased 1.5% 2022 2023 Increased 1.5% 2022
4.61% IFRS 4.54% 4.61% Normalised 4.54%
Dividend per ordinary share
2023 Increased 5.4% 2022
685 cents IFRS 650 cents
Loans and deposits growth
- Gross loans and advances (Increased 8.0%) R1 299.6bn, (2022: R1 203.3bn)
- Deposits (Increased 9.1%) R1 323.7bn (2022: R1 213.5bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 5.82% (2022: 5.29%)
Liquidity coverage ratio
- 140.8% (2022: 121.1%)
Sound capital
- Common Equity Tier 1 ratio 13.0% (2022: 13.1%)
Short-form statement
This short-form announcement is the responsibility of the directors of Absa Group. It is only a summary
of the information contained in the full announcement. Any investment decisions by stakeholders should be
based on consideration of the full announcement published on
https://www.absa.africa/absaafrica/investor-relations/financial-results/and on the following JSE link:
https://senspdf.jse.co.za/documents/2023/jse/isse/abge/HY23Result.pdf
The full interim report is available on the Company's website, copies of the full announcement may also be requested
at the Company's registered office, at no charge, during office hours on normal business days. The full interim report
is also available at the sponsor's office.
Registered office
7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001
Board of directors
Group independent non-executive directors
M S Moloko (Group Chairman), N S Mjoli-Mncube (Lead Independent Director), T Abdool-Samad, J J Cummins(4), A B Darko(1), (4),
R A Keanly, N P Mageza, A N Mangale, S J Munyantwali(3), (4), D Naidoo, F Okomo-Okello(2), I L Rensburg, F Tonelli,
R van Wyk
Group executive directors
A Rautenbach (Group Chief Executive Officer)
J P Quinn (Group Financial Director)
(1) Ghanaian (2) Kenyan (3) Ugandan (4) British
Declaration of an interim ordinary dividend number 72
Shareholders are advised that an interim ordinary dividend of 685 cents per ordinary share was declared on
14 August 2023, for the period ended 30 June 2023. The interim ordinary dividend is payable to shareholders recorded
in the register of members of the Company at the close of business on Friday, 15 September 2023. 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 847 750 679 ordinary shares in issue (includes 18 184 809 treasury shares).
In September 2023, the Group will issue an additional 46 626 228 ordinary shares in terms of the broad-based black
economic empowerment (B-BBEE) transaction, which was approved by shareholders on 2 June 2023. This will result
in an increased number of issued ordinary shares of 894 376 907 (includes 64 811 037 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, 12 September 2023
Shares commence trading ex-dividend Wednesday, 13 September 2023
Record date Friday, 15 September 2023
Payment date Monday, 18 September 2023
Share certificates may not be dematerialised or rematerialised between Wednesday, 13 September 2023 and Friday,
15 September 2023, both dates inclusive. On Monday, 18 September 2023, 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, 18 September 2023.
On behalf of the Board
N R Drutman
Group Company Secretary
Johannesburg
14 August 2023
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)
Date: 14-08-2023 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
