JOHANNESBURG – Absa Group has reported a 10% increase in 2024 earnings, driven by a strong recovery in the second half of the year, the South African banking giant said.
The group’s headline earnings rose to 10% in 2024, bolstered by a 5% increase in revenue and a 6% growth in non-interest revenue.
“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 Interim Chief Executive Officer Charles Russon.
The group’s financial performance in 2024 signals a recovery, with a decline in impairment charges and a strong balance sheet.
Absa’s return on equity (RoE) remains below medium-term ambitions, but the group has made year-on-year progress, with a visible pathway towards achieving its 16% RoE target by 2026.
The group’s customer base expanded by 4% to 12.7 million, with digital adoption and customer experience improving across all businesses.
Absa also made significant progress on its sustainability and ESG initiatives, achieving its goal of facilitating R100 billion in sustainable financing a year ahead of schedule.