R1.4 billion divorce from Barclays sees Absa profits fall

Absa CEO Maria Ramos in front of the new logo for Absa South Africa. Picture: Kayleen Morgan/EWN

We’re probably doing the same [number of loans to farmers]… We continue to see opportunities in that space… We have to wait and see what the outcome of the Parliamentary process is… this is a very big issue in our country and we need to find a resolution… our understanding of Section 25 is that it already provides for expropriation without compensation… We do need to go through this process… It’s the uncertainty that creates the difficulty for everybody.

Maria Ramos, Absa Group

Costs totalling R1.4 billion related to Absa’s separation from Barclays saw the African banking behemoth’s half-year profits fall by 4%.

Absa Group on Monday reported headline earnings per share (EPS) of 877.8 cents in the six months to 30 June, compared to 917.3 cents a year earlier.

Absa’s retail unit grew headline earnings by 4% to R4.2 billion.

The Money Show’s Bruce Whitfield interviewed Absa Group CEO, Maria Ramos.

Listen to the interview in the audio below (and scroll down for more quotes from it).

GDP growth has been revised downwards… but we’ve delivered results within expectations…

Maria Ramos, Absa Group

We’re well underway with a significant separation… Barclays is just another shareholder now…

Maria Ramos, Absa Group

If we were not going through this change… our headline earnings are actually up 3%...

Maria Ramos, Absa Group

We’ve been very focused on digital… WhatsApp banking, Samsung Pay…

Maria Ramos, Absa Group

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This article first appeared on 702 : R1.4 billion divorce from Barclays sees Absa profits fall


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