Absa’s headline earnings fell 1% in the year ending on 31 December 2018, when including the R3.2 billion cost of separating from Barclays.
It announced a final dividend of R11.10 a share, which is 4% more than in 2017.
Headline earning per share (also when taking the cost of separating from Barclays into account) fell to 1,703.7 cents from 1,724.5 cents the year before.
Costs rose 8% and return on equity fell 13.4%.
Absa’s retail offering - which has lost market share over the past few years - contributes more than 50% of its revenue.
The bank’s business outside of South Africa grew its earnings by 9%.
Absa has its eye on Ethiopia, a market of 100 million people where the reformist Prime Minister Abiy Ahmed may soon open the banking sector up to foreign ownership.
Listen to the interview in the audio below (and scroll down for quotes from it).
…We’re very focussed…— Jason Quinn, Financial Director - Absa
…green shoots, momentum building in our lending book…— Jason Quinn, Financial Director - Absa
…The separation was an inflexion point for our company… The separation is progressing well… They are shareholders, at 15%... They can’t sell down much further…— Jason Quinn, Financial Director - Absa
We did caution with respect to the first half of this year… a little bit cautious about the outlook for the South African economy…— Jason Quinn, Financial Director - Absa
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
It has 7% more customers than a year ago, growing its market share to 13.1%. Bruce Whitfield talks to Nedbank's CEO, Mike Brown.
Wendy Lucas-Bull (Absa Group Chair) and Pippa Green ("Choice Not Fate: The Life and Times of Trevor Manuel") on her retirement.
Branding and advertising expert Andy Rice loves Nando’s burn of Absa in its funny and more than a little mischievous new ad.
Africanacity! That’s what. Or so it wants us to believe. Bruce Whitfield interviews Gibs marketing expert Professor Nicola Kleyn.
Bruce Whitfield interviews Lucas-Bull about her attitude to money (hopes and fears, successes and failures, etc.)
Association of Rural Advancement director Laurel Oettle praises ruling by ConCourt to uphold move to appoint a special master.
Best Care Paramedics spokesperson Xander Loubser recounts the incident where a 70-year-old man was killed by a lion in Pretoria.
The inspiring South African choirU2's Beautiful Day at America's Got Talent quarter-finals.
Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).
The reason for the leakage has been revealed, explains Table Mountain Aerial Cableway MD Wahida Parker.
W Cape Traffic Chief Kenny Africa says private security working with the department is helping curb the stonings on the highway.
Gift of the Givers fears two South African men who went missing in Vietnam may have fallen prey to an organ harvesting syndicate.
Fadiel Adams from the Gatvol Capetonian movement about the planned shutdown on Thursday.