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Summary consolidated results and preference share dividend declaration for the period ended 31 December 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
Hybrid Issuer Code: ABSH
("Absa Bank" or the "Company" or "Group")
Summary consolidated results and preference share dividend declaration
for the reporting period ended 31 December 2024
Empowering Africa's tomorrow, together
...one story at a time
We are a united pan-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, and the
United States, along with a technology support service office in the Czech Republic.
- 5 countries
- 616 outlets*
- 5 138 ATMs
- 26 542 employees
- 3.4 million digitally active customers
- 10.0 million active customers
* Includes branches and sales centres.
Normalised financial results as a consequence of Barclays PLC Separation
Starting from 2024, the Group 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 31 December 2024
Total income
2024 Change % 2023
R69 623m Increased 6% R65 535m
Net asset value per ordinary share
2024 Change % 2023
22 693 cents Increased 10% 20 612 cents
Headline earnings per ordinary share
2024 Change % 2023
2 348.7 cents Increased 42% 1 652.0 cents
Basic earnings per ordinary share
2024 Change % 2023
2 219.5 cents Increased 40% 1 583.1 cents
Return on equity
2024 Change 2023
11.1% Increased 8.2%
Cost-to-income ratio
2024 Change 2023
60.7% Decreased 61.7%
Net interest margin
2024 Change 2023
3.51% Decreased 3.57%
Dividend per preference share
2024 Change % 2023
8 085.95889 cents Decreased 1% 8 136.30134 cents
Loans and deposits growth
- Gross loans and advances (increased 4.4%) R1 165.6bn (2023: R1 116.6bn)
- Deposits (increased 11.8%) R1 217.9bn (2023: R1 089.5bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 6.02% (2023: 5.83%)
Liquidity coverage ratio
- 131.4% (2023: 127.5%)
Sound capital
- Common Equity Tier 1 ratio 12.6% (2023: 11.9%)
Short-form statement
This short-form announcement is the responsibility of the directors of Absa Bank. 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 annual consolidated financial statements available on the following JSE
Limited ("JSE") cloudlink: https://senspdf.jse.co.za/documents/2025/jse/issh/ABSH/Bank_FYE24.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 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, R van Wyk
Executive directors
C Russon (Interim Chief Executive Officer)
D Raju (Financial Director)
Declaration of preference share dividend number 38
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%.
Notice is hereby given that preference dividend number 38, equal to 70% of the average prime rate for
1 September 2024 to 28 February 2025, per Absa Bank preference share has been declared on 11 March 2025.
The dividend is payable on Tuesday, 29 April 2025, to shareholders of the Absa Bank preference shares recorded
in the register of members of the Company at the close of business on Friday, 25 April 2025.
The directors of Absa Bank 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 September 2024 to
28 February 2025 would indicatively be 3 939.65753 cents per Absa Bank preference share.
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 3 939.65753 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 3 151.72602 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,
the following salient dates for the payment of the dividend are applicable:
Last day to trade cum dividend Tuesday, 22 April 2025
Shares commence trading ex-dividend Wednesday, 23 April 2025
Record date Friday, 25 April 2025
Payment date Tuesday, 29 April 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 23 April 2025 and Friday,
25 April 2025, both dates inclusive.
On Tuesday, 29 April 2025, 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 Tuesday, 29 April 2025.
On behalf of the Board
N R Drutman
Group Company Secretary
Johannesburg
11 March 2025
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 Limited (Corporate and Investment Bank)
www.absa.africa/absaafrica/investor-relations/financial-results/
Date: 11-03-2025 07:15:00
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