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Absa Bank Limited Absa Bank Limited Annual Report for the Year Ended 31 December 2010

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Absa Bank Limited Absa Bank Limited Annual Report for the Year Ended 31 December 2010 Absa Bank Limited Absa Bank Limited Annual report for the year ended 31 December 2010 Annual report for the year ended 31 December 2010 www.absa.co.za Introduction Introduction JSE-listed South African companies are required to produce an annual report, including annual financial statements, to shareholders. At the Absa Group annual general meeting (AGM) held on 21 April 2011, shareholders approved the special resolutions to change the Group’s articles of association with regard to the distribution to shareholders of summarised financial statements in printed format, while publishing the full set of financials on the Absa Group website. We believe this change will enable us to distribute more relevant information to all our stakeholders. Scope and boundary of the 2010 annual report Absa Bank is a wholly owned subsidiary of Absa Group and, as such, the majority of the disclosures in the Absa Group Annual Report 2010 are applicable to Absa Bank. The focus of this report is on the annual financial statements and corporate governance disclosures specific to Absa Bank. Readers are referred the Absa Group Annual Report 2010 website http://absair.co.za for additional information including the Group strategy, the sustainability review, the Chairman’s statement, Chief Executive’s review, the Group Executive Committee, business operations and the remuneration and compliance reports. This report covers Absa’s South African operations and our African entities in the majority of the disclosures. As Absa’s South African operations constitute the majority of the Bank’s earnings, certain sections have a bias towards these. The report covers the period from 1 January to 31 December 2010. However, where it is informative to add information past 31 December 2010, this has been included and noted. Since the release of Absa Bank’s annual report for the year ended 31 December 2009, there has been no material change to the structure, ownership or products and services of the Bank. Therefore, the scope of the 2010 report has remained largely unchanged. Changes to the structure of the Bank during the year have been noted in the directors’ report. The report covers the entire Bank, comprising retail, commercial, corporate and investment banking. Absa’s reporting ethos Absa aims to achieve the highest standards in all the disclosures included in this report in order to provide accurate and complete information to shareholders. The board and board committees were actively involved in finalising the disclosures made. Garth Griffin Maria Ramos Chairman Chief Executive Navigation and content aids: Web provides the relevant links to the website. People Planet Further reading boxes refer the reader to other parts of the report that contain relevant information. Profit Contents Introduction Inside front cover Who we are and what we do Pages 03 – 16 03 Our company An overview of Absa Bank in terms of 04 Our performance what the Bank does, its key business 06 Our business model operations and its directorate. 08 Our legal structure 09 Our directorate Governance, risk and controls Pages 19 – 112 19 Governance and accountability Governance, compliance and risk 37 Controls and compliance management remain a cornerstone of 44 Risk management the Bank’s operations. Financial performance Pages 115 – 290 115 Financial statements Full disclosure of the Bank’s financial performance. Shareholder information Pages 293 – 294 293 Shareholder information Important shareholder information. Reference tools Pages 297 – 299 297 Glossary Reference tools to assist the reader. Administration and contact details Inside back cover 3 Who we are and what we do Contents Who we are and what we do Pages 03 – 16 03 Our company An overview of Absa Bank in terms of what the Bank does, its key business 04 Our performance operations, and its directorate. 06 Our business model 08 Our legal structure 09 Our directorate Who we are and what we do Our company Absa Bank Limited (Absa, Absa Bank or the Bank), listed on the JSE Limited, is one of South Africa’s largest banking groups offering a complete range of banking and wealth management products and services. Absa’s business is conducted primarily in South Africa. Absa Bank is a wholly owned subsidiary of Absa Group Limited which in turn is a subsidiary of Barclays Bank PLC, which has an equity interest of 55,5% in the Group. Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking, and wealth management with an extensive international presence. Customer base Our values » Value our people and treat them with fairness. 11,8 million (2009: 11,7 million) » Demonstrate integrity in all our actions. » Strive to exceed the needs of our customers. Staffed outlets » Take responsibility for the quality of our work. » Display leadership in all that we do. 1 007 (2009: 1 062) Our stakeholders Total assets Absa has five stakeholder groups being: » customers; R680 923 million (2009: R673 774 million) » employees; » shareholders; » communities; and » governments and regulators. Absa Bank Limited Annual report for the year ended 31 December 2010 03 Who we are and what we do Our performance Profit Statement of comprehensive income 2010 20091 Change % Total income (Rm) Total income (Rm) 36 031 35 486 2 36 627 35 486 36 031 Impairment losses on loans and advances (Rm) (5 578) (8 392) 34 Operating expenses (Rm) (20 440) (17 635) (16) Operating profit before income tax (Rm) 9 265 7 209 29 Profit attributable to ordinary equity holder of the Bank (Rm) 6 432 5 315 21 Headline earnings2 (Rm) 6 412 5 986 7 2008 2009 2010 » Retail Banking 3 034 1 555 95 » Absa Business Bank 2 898 3 210 (10) Attributable earnings mix (%) » Absa Capital 1 354 1 177 15 » Head office, inter-segment 17,7 eliminations and other (874) 44 >(100) Notes 42,8 1Comparatives have been reclassified. 2 After allowing for R320 million (2009: R421 million) profit attributable to preference 39,5 equity holders of the Bank. 3Calculated after the allocation of corporate, capital and funding centres. 20103 ● Retail Banking ● Absa Business Bank ● Absa Capital Statement of financial position 2010 20091 Change % Net asset value (Rm) 52 565 Loans and advances to customers (Rm) 485 588 490 205 (1) 44 971 47 318 Deposits due to customers (Rm) 372 644 349 371 7 Net asset value (Rm) 52 565 47 318 11 Total assets (Rm) 680 923 673 774 1 Risk-weighted assets (Rm) 391 735 359 074 9 Capital adequacy ratio (%) » Core Tier 1 10,7 10,3 » Tier 1 11,9 11,6 2008 2009 2010 » Total 14,8 14,7 Loans-to-deposits ratio (%) 90,7 94,4 Loans-to-deposits ratio (%) 96,3 Note 94,4 90,7 1Comparatives have been reclassified. 2008 2009 2010 04 Absa Bank Limited Annual report for the year ended 31 December 2010 Profit Financial returns 2010 2009 % % Return on average equity (%) 21,8 Return on average equity 14,2 14,4 Return on regulatory capital 17,5 17,3 14,4 14,2 Return on average assets 0,94 0,84 Return on risk-weighted assets 1,71 1,68 2008 2009 2010 Operational performance 2010 2009 % % Cost-to-income ratio (%) 56,7 Net interest margin on average interest-bearing 50,5 49,7 assets 3,69 3,52 Impairment losses on loans and advances as a percentage of average loans and advances to customers (impairment losses ratio) 1,15 1,69 Non-performing advances as a percentage of loans and advances to customers 7,6 7,0 Non-interest income as a percentage of total operating income 41,0 44,0 2008 2009 2010 Cost-to-income ratio 56,7 49,7 Cost-to-assets ratio 3,1 2,5 Effective tax rate, excluding indirect taxation 27,1 20,4 Share statistics 2010 2009 Change % Headline earnings per share (cents) Headline earnings per share (cents) 1 733,4 1 653,1 5 2 191,2 Diluted headline earnings per share (cents) 1 733,4 1 653,1 5 1 653,1 1 733,4 Basic earnings per share (cents) 1 738,8 1 467,8 18 Diluted earnings per share (cents) 1 738,8 1 467,8 18 Dividends per ordinary share relating to income for the year (cents) 959,2 676,5 42 Dividend cover (times) 1,8 2,4 Net asset value per share (cents) 12 955 11 606 12 2008 2009 2010 Tangible net asset value per share (cents) 12 781 11 464 11 Dividends per ordinary share Number of ordinary shares in issue (millions) 374,1 367,7 (cents) Weighted average number of ordinary 2 073,6 shares in issue (millions) 369,9 362,1 Weighted average diluted number of ordinary shares in issue (millions) 369,9 362,1 959,2 676,5 2008 2009 2010 Absa Bank Limited Annual report for the year ended 31 December 2010 05 Who we are and what we do Our business model Segment Business scope Retail Banking Retail Banking offers individuals a comprehensive suite of » Home Loans retail banking products and services. It provides these through » Vehicle and Asset Finance an extensive branch and self-service terminal network and » Card (including Woolworths via relationship managers, internet and cellphone banking Financial Services (Proprietary) facilities. Limited) » Personal Loans » Retail Bank Commercial Banking Absa Business Bank (ABB) offers a comprehensive range » Absa Business Bank of commercial banking products and specialised services › Corporate to corporate institutions and large, medium and small › Large Business businesses. ABB aims to meet the full spectrum of corporate › Medium Business and commercial customers’ needs. Its services include › Small Business assisting start-up entrepreneurs and providing non-traditional › Africa developmental credit. Offerings range from off-the-shelf › Real estate investment transactional products to complex financial solutions.
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