Absa Group Reports Strong 2023 Results; Declares Dividend

Absa Group Limited, a leading Pan-African financial services provider, has announced its consolidated results for the year ended December 31, 2023, alongside the declaration of an ordinary share dividend. As a testament to its commitment to fostering growth and prosperity across Africa, Absa has underscored its significant role in the continent’s economic landscape through its extensive operations in 16 countries and a robust presence across various financial sectors.

With its primary listing on the Johannesburg Stock Exchange and a secondary listing on the A2X, Absa boasts a formidable Pan-African footprint, operating banks in key African markets, including Botswana, Ghana, Kenya, and South Africa, among others. The group’s expansive network comprises 1,010 outlets, 6,410 ATMs, and a dedicated workforce of 37,107 employees, serving over 12.2 million active customers and 3.8 million digitally active users.

Reflecting on the year’s performance, Absa has provided a normalised view of its 2023 results to account for the separation from Barclays PLC, aiming to present a clearer picture of the group’s underlying performance. Highlighting its financial robustness, Absa declared a final ordinary dividend of 685 cents per share, set to be paid to shareholders recorded by April 19, 2024. The announcement comes with a confirmation of the group’s strong solvency and liquidity position, ensuring its ability to meet the dividend distribution while maintaining financial stability over the next twelve months.

The declared dividend is subject to a 20% local withholding tax, with the gross dividend amount set at 685 cents per share for those exempt from the tax, and a net amount of 548 cents per share for those liable. Currently, Absa Group Limited has 894,376,907 ordinary shares in issue.

This dividend declaration follows a series of strategic initiatives aimed at enhancing Absa’s service offerings and operational efficiency across its markets, further solidifying its position as a cornerstone of Africa’s financial services sector. With a focus on sustainable growth and digital innovation, Absa continues to play an integral role in driving the economic development of the continent and delivering value to its shareholders and customers alike.