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Summary consolidated results for the reporting period ended 31 December 2022 and ordinary share dividend declaration
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 2022 and ordinary share dividend declaration
A pan-African group...
We have operated across Africa for over 100 years and we play an integral role in the economic life of individuals,
businesses and nations. We help create, grow, and protect wealth, while playing a positive role in Africa's growth
and sustainability.
We are a diverse business, offering a universal set of products and services across retail, business, wealth
as well as corporate and investment banking, across multiple geographies. This enables us to be resilient
in the face of changing market conditions, while being poised to capture new growth opportunities.
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%.
...with material scale
- 15 countries
- 997 outlets*
- 6 416 ATMs
- 35 451 employees
- 3 million digitally active customers
- 114 895 point-of-sale devices
- R164.4 billion market cap
* Includes branches and sales centres.
Empowering Africa's tomorrow, together
...one story at a time
At Absa, we want our Purpose to be at the heart of everything we do - guiding our strategy, brand,
culture and behaviour. Over the past year, we have been on an immersive and inclusive journey to define
our purpose statement, grounded in what the world needs, what we have to offer, and what will make us proud
as an organisation. In 2023, we will embed it in everything we do.
Normalised financial results as a consequence of Barclays PLC Separation
A normalised view of the 2022 annual 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.
Performance overview for the period ended 31 December 2022
Total income
2022 Increased 15.1% 2021 2022 Increased 15.1% 2021
R98 918m IFRS R85 906m R98 874m Normalised R85 873m
Headline earnings per ordinary share
2022 Increased 13.8% 2021 2022 Increased 13.1% 2021
2 443.2 cents IFRS 2 147.1 cents 2 485.9 cents Normalised 2 197.0 cents
Basic earnings per share
2022 Increased 15.8% 2021 2022 Increased 14.9% 2021
2 478.3 cents IFRS 2 139.6 cents 2 520.3 cents Normalised 2 193.9 cents
Net asset value per ordinary share
2022 Increased 3.9% 2021 2022 Increased 4.6% 2021
16 255 cents IFRS 15 641 cents 15 556 cents Normalised 14 868 cents
Return on equity
2022 Increased 2021 2022 Increased 2021
15.6% IFRS 14.6% 16.6% Normalised 15.8%
Cost-to-income ratio
2022 Decreased 2021 2022 Decreased 2021
52.6% IFRS 56.6% 51.5% Normalised 55.2%
Net interest margin
2022 Increased 2021 2022 Increased 2021
4.56% IFRS 4.46% 4.56% Normalised 4.46%
Dividend per ordinary share
2022 Increased 65.6% 2021
1 300 cents IFRS 785 cents
Loans and deposits growth
- Gross loans and advances (Increased 10.9%) R1 258.3bn (2021: R1 133.7bn)
- Deposits (Increased 5.8%) R1 241.9bn (2021: R1 173.8bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 5.29% (2021: 5.43%)
Liquidity coverage ratio
- 124.6% (2021: 116.8%)
Sound capital
- Common Equity Tier 1 ratio 12.8% (2021: 12.8%)
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/FY22Result.pdf.
While this announcement is not audited, the consolidated annual financial statements from which the results
are derived, were audited by PwC and KPMG, who expressed an unmodified opinion thereon.
The full audit opinion, including any key audit matters, 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, which will be made available on 13 March 2023. The annual financial statements,
and auditors' report thereon are available for inspection at the Company's registered office. Copies
of the full announcement 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
Group independent non-executive directors
S Moloko (Group Chairman) N Mjoli-Mncube (Lead Independent Director), A Darko(1), (4), D Naidoo, F Okomo-Okello(2),
I Rensburg, J Cummins(4) R Keanly, R van Wyk, S Munyantwali(3), (4), T Abdool-Samad
Group non-executive director
F Tonelli
Group executive directors
A Rautenbach (Group Chief Executive Officer)
J Quinn (Group Financial Director)
(1) Ghanaian (2) Kenyan (3) Ugandan (4) British
Declaration of a final ordinary dividend number 71
Shareholders are advised that a final ordinary dividend of 650 cents per ordinary share was declared on 13 March 2023,
for the period ended 31 December 2022. The ordinary dividend is payable to shareholders recorded in the register
of members of the Company at the close of business on Friday, 21 April 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 650 cents per ordinary share for shareholders exempt from the dividend tax.
- The net local dividend amount is 520 cents per ordinary share for shareholders liable to pay the dividend tax.
- Absa Group currently has 847 750 679 ordinary shares in issue (includes 20 324 498 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,
the following salient dates for the payment of the dividend are applicable:
Last day to trade cum dividend Tuesday, 18 April 2023
Shares commence trading ex-dividend Wednesday, 19 April 2023
Record date Friday, 21 April 2023
Payment date Monday, 24 April 2023
Share certificates may not be dematerialised or rematerialised between Wednesday, 19 April 2023
and Friday, 21 April 2023, both dates inclusive. On Monday, 24 April 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, 24 April 2023.
On behalf of the Board
N Drutman
Group Company Secretary
Johannesburg
13 March 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: 13-03-2023 07:05:00
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