Absa said on Monday it regained some market share in SA’s retail banking segment, helping the group to lift both revenues and profits in the year ended December.“Despite a challenging backdrop, we are particularly pleased with our improved momentum as we embark on our new growth strategy,” said Jason Quinn, Absa’s finance chief. In its retail business in SA, “lending momentum outpaced the market”, Absa said.
The group said it “also gained market share in deposits”, which grew 11% thanks to growth in fixed and notice deposits.Absa previously lost ground in the domestic lending market, which it blamed on the constraints imposed by its erstwhile parent, Barclays. Now that Barclays has sold down its majority stake, Absa has said it plans to regain market share.
René van Wyk, a nonexecutive director at Absa since February 2017 and a former registrar of banks at the SA Reserve Bank, has taken over in the interim. “With major changes bedded down in 2018, the framework for the business has been reset,” said van Wyk.
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