Absa Group Limited has reported an increase in it’s revenue and earnings for 2018.
The company is releasing these details almost a year after parting ways with Barclays PLC.
The Bank’s full-year adjusted earnings per share excluding items related to the Barclays separation rose by 4 percent to $1.32.
It however missed the average estimated target of 13 percent.
Absa Group financial director, Jason Quinn says “Despite a challenging backdrop, we are particularly pleased with our improved momentum as we embark on our new growth strategy.”
He says “in our largest business, retail in South Africa, lending momentum outpaced the market showing good new business growth across home loans, vehicle and asset finance and personal loans.”
Absa Group announced a new strategy in March 2018, re-positioning itself as an independent African banking group focused on growth.
The bank’s regional operations Chief Executive, Peter Matlare said “we are pleased with the contribution of our African operations to Absa Group’s overall performance and we remain focused on contributing to the group’s ambition of growing revenue market share on the continent over the coming years.”
He adds that “as Absa Group, we are optimistic about the outlook for the continent and we stand ready to partner with stakeholders across the continent to develop strong, digitally led financial systems while supporting the growth of economies for the long term.”
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups.
Absa Group has presence in 12 countries in Africa, with approximately 42, 000 employees.