Despite Absa Group crossing the R100 billion revenue threshold for the first time for its full-year results to the end of December 2023, it reported just a 1% increase in normalised headline earnings per share on Monday.
A ‘weaker than expected’ performance in its core SA business was blamed for the marginal 1% increase in normalised Heps. The banking group said it achieved “strong full-year revenue growth of 8% to R104.5 billion” but this was “offset by higher credit impairments, particularly in South Africa, Absa’s largest market by revenue”.Absa, which has a presence in 16 countries largely in Africa, noted that its “Africa regions reported very strong growth, well ahead of South Africa”.
It noted that normalised values reflected in the results “strip out the effect of the separation from Barclays Plc”. ADVERTISEMENT CONTINUE READING BELOW Other salient financial metrics: However, according to its Sens, just around a third of its customer base are “digitally active customers”.