FY Results – Absa reported a 14% increase in headline earnings to R20.3bn, with revenue rising 15% to R98.9bn. Net interest income rose 13% to R60.5bn and non-interest income increased 18% to R38.4bn. The cost-to-income ratio improved to 52.6% from 56.6%, and pre-provision profit grew 26% to R46.9bn. Credit impairments increased 61% to R13.7bn. Gross loans and advances grew 11% to R1.3tn, while deposits rose 6% to R1.2tn. Absa declared an annual ordinary dividend of 1,300 cents per ordinary share, with a pay-out ratio of 53%. Headline earnings in South Africa increased 17% to R17.6bn, while Africa regions declined 4% to R2.7bn. The bank aims to achieve a return on equity of 17%.
Click here to read the SENS