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

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


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


Recommended

by NEWSROOM AI
Read More
Best way to invest the jackpot if you win the lotto

Best way to invest the jackpot if you win the lotto

More than 70% of lotto winners go broke, warns Warren Ingram, a personal financial advisor at Galileo Capital.

Do-it-yourself stock picking for 1st-time small investors

Do-it-yourself stock picking for 1st-time small investors

There are dangers, but you can save money and take control. Ray White interviews Francois Strydom (Momentum Securities).

South Africa can have cheap electricity, forever! – former Eskom engineer

South Africa can have cheap electricity, forever! – former Eskom engineer

The Money Show’s Bruce Whitfield interviews Dr Tobias Bischof-Niemz, CEO at ENERTRAG South Africa.

'Drop shipping' - the shady side of connecting buyers with sellers on the web

'Drop shipping' - the shady side of connecting buyers with sellers on the web

The web was supposed to connect buyers to sellers, but not like this.

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

Meet Sandile Shabalala, CEO of black-owned and controlled TymeBank

TymeBank has no branches and no monthly fees. Most transactions are free. Bruce Whitfield interviews its CEO.

Buying a used car? New app sends mechanic to inspect it before you decide

Buying a used car? New app sends mechanic to inspect it before you decide

Hanru Reyneke is on a mission to disrupt the used-car industry in South Africa by providing peace of mind to punchdrunk consumers.

Popular articles
NG Kerk minister condemned for showing solidarity with Christchurch victims

NG Kerk minister condemned for showing solidarity with Christchurch victims

NG Kerk dominee Riaan de Villiers says he was told he is not allowed to call Muslims our brother and sisters, and children of God.

'South African society even more unequal than under apartheid'

'South African society even more unequal than under apartheid'

Independent consultant at the Thabo Mbeki Foundation Professor Barney Pityana blames political leadership for the moral decay.

Rescue mission continues in Mozambique as disaster relief organisations step in

Rescue mission continues in Mozambique as disaster relief organisations step in

Gift of the Givers continues to rescue desperate people of Mozambique who were clinging to trees after cyclone Idai hit the country.

[WATCH] Chaos as suicidal SA pilot crashes plane into clubhouse

[WATCH] Chaos as suicidal SA pilot crashes plane into clubhouse

Khabazela shares tweets and Facebook posts that have gone viral.

Paramedics fear for their lives as attacks on EMS crews continue

Paramedics fear for their lives as attacks on EMS crews continue

An ambulance crew was held at gunpoint, assaulted and robbed of their belongings while on a call out in Khayelitsha.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.