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Absa to pay higher dividend despite FY earnings drop

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Absa, which has re-branded and renewed its strategy as a standalone African bank after separating from Barclays in 2017, announced a final dividend of R11.10 per share, up 4% from the previous year.

JOHANNESBURG - Absa said on Monday its full-year headline earnings dipped by 1% in 2018, when taking into account R3.2 billion in costs related to its separation from British lender Barclays.

HEPS - the key profit measure in South Africa - stood at 1,703.7 cents in the year ended 31 December, compared with 1,724.5 cents in 2017. “With major changes bedded down in 2018, the framework for the business has been reset,” he said, adding it can now deepen efforts to deliver against its ambitions.

Once South Africa’s largest consumer lender, Absa’s retail offering, which contributes more than half of overall revenue, has lost market share in recent years.

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