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Summary consolidated results and ordinary share dividend declaration for the reporting period ended 31 December 2024
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 and ordinary 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 have a robust presence across 16 countries, with a primary listing on the Johannesburg Stock Exchange, and
a secondary listing on A2X. Our pan-African footprint extends to banks(1) in Botswana, Ghana, Kenya, Mauritius,
Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia. We have representative offices in Namibia
and Nigeria, securities entities in the United Kingdom and the United States of America, a non-banking advisory
subsidiary in China and a technology support service office 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%.
- 16 countries
- 1 016 outlets*
- 6 347 ATMs
- 36 779 employees
- 4.6 million digitally active customers
- 12.7 million active customers
- R169.7bn market cap
* 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
R109 949m Increased 5% R104 642m
Headline earnings per ordinary share
2024 Change % 2023
2 662.2 cents Increased 10% 2 422.3 cents
Basic earnings per share
2024 Change % 2023
2 599.2 cents Increased 8% 2 400.3 cents
Net asset value per ordinary share
2024 Change % 2023
19 311 cents Increased 11% 17 440 cents
Return on equity
2024 Change 2023
14.8% Increased 14.4%
Cost-to-income ratio
2024 Change 2023
53.2% Unchanged 53.2%
Net interest margin
2024 Change 2023
4.63% Decreased 4.68%
Dividend per ordinary share
2024 Change % 2023
1 460 cents Increased 7% 1 370 cents
Loans and deposits growth
- Gross loans and advances (increased 6.2%) R1 402.6bn (2023: R1 321.0bn)
- Deposits (increased 12.2%) R1 506.9bn (2023: R1 340.0bn)
Risk profile
- Stage 3 loans ratio to gross loans and advances 6.12% (2023: 6.05%)
Liquidity coverage ratio
- 126.7% (2023: 123.9%)
Sound capital
- Common Equity Tier 1 ratio 12.6% (2023: 12.5%)
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 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 Limited ("JSE") cloudlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/ABGE/FY24Result.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 (Group Chairman), T Abdool-Samad, A Beck(1), J Cummins(1), L Diogo(2), R Keanly, P Mageza,
A Mangale, N Mjoli-Mncube (Lead Independent Director), I Rensburg, F Tonelli, R van Wyk
Executive directors
C Russon (Interim Group Chief Executive Officer)
D Raju (Group Financial Director)
(1) British (2) Mozambican
Declaration of ordinary dividend number 75
Shareholders are advised that a final ordinary dividend of 775 cents per ordinary share was declared on
11 March 2025, for the period ended 31 December 2024. The ordinary dividend is payable to shareholders recorded
in the register of members of the Company at the close of business on Friday, 25 April 2025. 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 775 cents per ordinary share for shareholders exempt from the dividend tax.
- The net local dividend amount is 620 cents per ordinary share for shareholders liable to pay the dividend tax.
- Absa Group currently has 894 376 907 ordinary shares in issue (includes 64 918 470 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, 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 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: 11-03-2025 07:05:00
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