Absa 2018 earnings rise 3 pct to R16.1 billion

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JOHANNESBURG, March 11 – Banking group Absa on Monday reported a three percent increase to R16.1 billion in 2018 normalised headline earnings and said its return on equity improved to 16.8 percent from 16.5 percent.

Revenue was up four percent to R75.7 billion and Absa declared a four percent higher dividend of R11.10 per share.

It said 2018 was a year of almost unprecedented corporate activity as the group, formerly owned by the UK’s Barclays, re-positioned itself for delivery against a new growth strategy as an independent African bank.

“Despite a challenging backdrop, we are particularly pleased with our improved momentum as we embark on our new growth strategy,” group financial director Jason Quinn said.

“This was evident in our gross loans to customers which increased by 13 percent.” (ANA)