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Absa Group reported a resilient set of results for 2023, delivered in an operating environment that was weaker than expected, particularly in South Africa where continued electricity supply disruptions, supply chain logistic issues, and sticky inflation along with a higher interest rate environment weighed on growth prospects for customers and clients alike. However, the Africa regions reported very strong growth, well ahead of South Africa. Within this context, normalised headline earnings increased by 1% as pre-provision growth of 6% reflected continued momentum in the business, offset by higher credit impairments, particularly in South Africa, Absa’s largest market by revenue. Strong…
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Absa Group today announced its physical expansion into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing. The non-banking subsidiary is now open, with the official launch event in Beijing, scheduled for 8 May 2024. At a ceremony in Johannesburg, South Africa today, attended by Enoch Godongwana, the Minister of Finance of South Africa, and Chen Xiaodong, the Chinese Ambassador to South Africa – Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China. The new office will enable Absa Group to offer…
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Absa Group headline earnings increased 27% to R11 billion (about UGX2,531,000,000,000) in the first half of the year as revenue increased, demonstrating a continued strong recovery from the global economic downturn in 2020. Absa reported solid pre-prevision profit for the first half of the year, supported by revenue which rose by 14%, underpinned by growth across our business units and supported by a rebound in the insurance business in South Africa and increased interest rates across key markets. Net interest income and non-interest income rose 12% and 18%, respectively. “Our strong results reaffirm the strategic choices we made in 2018…
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Absa Group has announced the appointment of Arrie Rautenbach as Chief Executive Officer (CEO), effective immediately. The appointment follows a thorough recruitment and selection process completed by the Board. Arrie, who is currently Chief Executive of the Group’s retail and business banking (RBB) unit, is the first internally appointed CEO since 2006. He has more than 25 years’ banking experience, which includes serving as the Group’s Chief Risk Officer, simultaneously providing executive leadership for the Group Separation Programme and Group Strategy Office. His extensive experience in the banking sector, his in-depth knowledge of Absa through several executive roles over the…
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