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2024 Results
Absa Group 2024 Annual Results
Navigating challenges in the first half of the year, Absa rallied in the second half and demonstrated a material improvement in performance. We achieved pleasing earnings growth in the 2024 financial year, which is testament to our resilience.
2024 Results
Absa Group 2024 Annual Results
Navigating challenges in the first half of the year, Absa rallied in the second half and demonstrated a material improvement in performance. We achieved pleasing earnings growth in the 2024 financial year, which is testament to our resilience.
Interim Group CEO Remarks
Group Key Figures
Revenue
R 109.9 bn
+5%
Impairments
R 14.3 bn
CLR decreased from 118 bps to 103 bps
-8%Operating costs
R 58.5 bn
+5%Headline earnings
R 22.1 bn
+10%Cost-to-income ratio
53.2%
-Return on equity
14.8 %
0.4%Pre-provision profit
R 51.4 bn
+5%
Group CET 1 Ratio
12.6 %
0.1%Segment Performance
Headline earnings
Product Solutions Cluster
R 3.3 bn
+38%
Absa Regional Operations Retail & Business Banking
R 1.8 bn
+12%Everyday Banking
R 4.0 bn
+18%Corporate & Investment Banking
R 11.7 bn
+6%Relationship Banking
R 4.3 bn
+4%Head Office
- R 3.0 bn
+24%Strategic Update
Message from FD
“We had a strong second-half rebound after a disappointing first half. Growth of 10% for the year overall is pleasing. The steps we are taking will improve returns.”
Deon Raju
Absa Group Financial Director
Media Release
Absa Group Reports 10% Increase in 2024 Earnings after Material Second-Half Recovery
Absa Group earnings increased 10% in 2024, underpinned by a material improvement in the second half, demonstrating meaningful progress after a disappointing first half. Earnings were driven by both a more supportive operating environment as well as deliberate steps taken to support performance.
“Our organisation rallied in the second half, refining our focus areas to ensure that our actions are targeted and precise in generating value and earnings uplift,” said Charles Russon, Interim Chief Executive Officer at Absa Group. “We are confident in our strategic direction and our ability to continue delivering value to our stakeholders while expanding access to innovative financial solutions across our markets.”
Our highlights in 2024
Our highlights in 2024
Stories of progress do not just happen. They are built. 2024 saw one success story built on another and so we played our part in building bridges and gateways that led to new possibilities in our beautiful continent. We laid the foundations on which we continue to build, story by story, in 2025.