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Absa Group Limited Financial Results for the Reporting Period Ended 31 December 2019 Report Overview

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Absa Group Limited Financial Results for the Reporting Period Ended 31 December 2019 Report Overview Absa Group Limited Financial results for the reporting period ended 31 December 2019 Report overview 7KLVĔQDQFLDOUHVXOWVERRNOHWIRUWKHUHSRUWLQJSHULRGHQGHG'HFHPEHULVRQHRIWKHSXEOLFDWLRQV UHOHDVHGDWWKHWLPHRI$EVD*URXS/LPLWHGàV $EVD*URXSRUWKH*URXS ĔQDQFLDOUHVXOWVDQQRXQFHPHQW RQ0DUFK,WLVVXSSOHPHQWHGZLWKDGGLWLRQDOGLVFORVXUHVLQFOXGLQJWKH*URXSàV-6(/LPLWHG6(16 DQQRXQFHPHQWDQGWKHDQQXDOĔQDQFLDOUHVXOWVSUHVHQWDWLRQ7KHIXOOVHWRIGRFXPHQWVLVDYDLODEOHRQ www.absa.africa 1. Reportable segment changes i In October 2019, Absa Bank Limited entered into an agreement to sell the Edcon loan book within RBB SA. i Rest of Africa (RoA) Banking was renamed to Absa Regional )RUWKHĔQDQFLDO\HDUHQGHG'HFHPEHUWKHERRNZDV Operations (ARO) to align with the Absa Group brand. UHFODVVLĔHGIURPORDQVDQGDGYDQFHVWRFXVWRPHUVWRQRQ i Wealth, Investment Management and Insurance (WIMI) has current assets held for sale as required by IFRS 5. The loan been removed from the Group’s segmental disclosures to book continued to be measured in accordance with IFRS 9. align with how the operations are now managed: 7KHFRQGLWLRQVSUHFHGHQWWRWKLVVDOHZHUHIXOĔOOHGLQ-DQXDU\ { Life Insurance and Short-term Insurance (including 2020, with the effective date of the transfer being Insurance Absa Regional Operations) are disclosed as the 1 February 2020. Insurance Cluster in Retail and Business Banking South Africa (RBB SA). 3. Adoption of new International Financial { Wealth, Distribution and Fiduciary services have moved to Reporting Standards (IFRS) the Relationship Banking segment in RBB SA. New IFRSs have been adopted, of which IFRS 16 Leases { WIMI Other is part of Retail and Business Banking Other in ,)56 KDVWKHPRVWVLJQLĔFDQWLPSDFWRQWKH*URXSàVUHVXOWV RBB SA. Refer to note 17 for more information. { Investment Management is reported in Head Office, Treasury and other operations in South Africa. Dividend per share { Terminating lines is reported in Head Office, Treasury and Final: 620 cents other operations in South Africa. Interim: 505 cents The aforementioned segment changes have resulted in the Key dates UHVWDWHPHQWRIĔQDQFLDOUHVXOWVIRUWKHUHVSHFWLYHVHJPHQWV Dividend payment: 20 April 2020 but have not impacted the overall position or net earnings of the Group. )LQDQFLDO\HDUHQG'HFHPEHU $QQXDOJHQHUDOPHHWLQJ-XQH 2. Business portfolio changes Shareholder communications The following business portfolio changes have taken place Shareholder information page 162 during the reporting period: Contact details page 172 i RBB SA operating model: RBB SA has aligned its operating model to enable a more customer-centric approach, which offers more holistic product offerings. The business has now been arranged into the following units: • The Board of Directors oversees the Group’s activities and { Home Loans; holds management accountable for adhering to the risk { Vehicle and Asset Finance; governance framework. To do so, directors view reports prepared by the businesses, risk and others. They exercise { Everyday Banking; sound independent judgement, and probe and challenge { Relationship Banking; recommendations, as well as decisions made { Insurance Cluster; by management. { Retail and Business Banking Other. • Finance is responsible for establishing a strong control i Software projects and other assets, liabilities (together with HQYLURQPHQWRYHUWKH*URXSàVĔQDQFLDOUHSRUWLQJSURFHVVHV the funding provided by Treasury) and associated income and and serves as an independent control function advising expenses, which were previously centrally maintained, have EXVLQHVVPDQDJHPHQWHVFDODWLQJLGHQWLĔHGULVNVDQG EHHQPRYHGIURP+HDG2IĔFHLQ6RXWK$IULFDWRWKHYDULRXV establishing policies or processes to manage risk. responsible segments to ensure end-to-end accountability of • Finance is led by the Financial Director who reports directly business activities. to the Group Chief Executive. The Financial Director has i 7KH$EVD1DPLELDUHSUHVHQWDWLYHRIĔFHZKLFKZDV regular and unrestricted access to the Board of Directors previously reported in ARO, has been moved to Corporate as well as to the Group Audit and Compliance Committee and Investment Banking South Africa (CIB SA) to support its (GACC). regional expansion strategy. • Together with the GACC, the Board has reviewed and approved WKHUHSRUWLQJFKDQJHVFRQWDLQHGLQWKHĔQDQFLDOUHVXOWV The business portfolio changes have resulted in the restatement of announcement released on 11 March 2020. ĔQDQFLDOUHVXOWVIRUWKHUHVSHFWLYHVHJPHQWVEXWKDYHQRWLPSDFWHG the overall position or net earnings of the Group. The full set of documents is available on www.absa.africa Contents ifc Report overview 123 Group IFRS performance 2 The Absa Group today 124 Consolidated IFRS salient features 125 Consolidated IFRS statement of comprehensive income 3 Normalised Group performance 127 &RQVROLGDWHG,)56VWDWHPHQWRIĔQDQFLDOSRVLWLRQ 4 Normalised Group performance overview 128 Consolidated IFRS statement of changes in equity 8 Normalised salient features &RQGHQVHGFRQVROLGDWHG,)56VWDWHPHQWRIFDVKĕRZV 9 Normalised salient features by segment &RQGHQVHG,)56QRWHVWRWKHFRQVROLGDWHGĔQDQFLDO statements 10 3URĔWFRPPHQWDU\ Reconciliation of IFRS to normalised results 14 Basis of presentation 140 Barclays separation effects 15 Dividend announcement 16 Consolidated normalised statement of comprehensive income 18 &RQVROLGDWHGQRUPDOLVHGVWDWHPHQWRIĔQDQFLDOSRVLWLRQ 142 Risk management 20 Consolidated normalised statement of changes in equity Risk management overview 24 &RQGHQVHGFRQVROLGDWHGQRUPDOLVHGVWDWHPHQWRIFDVKĕRZV 155 Capital management and RWA 25 3HUIRUPDQFHLQGLFDWRUVDQGFRQGHQVHGQRUPDOLVHGQRWHVWR WKHFRQVROLGDWHGĔQDQFLDOVWDWHPHQWV 160 Appendices 59 Segment performance 161 Share performance 60 WIMI (as previously disclosed) segment change 162 Shareholder information and diary 61 Segment performance overview Glossary 64 Segment report per market segment 170 Abbreviations and acronyms 66 Segment report per geographical segment 172 Contact information 68 RBB South Africa 90 CIB 106 Absa Regional Operations 122 +HDG2IĔFH7UHDVXU\DQGRWKHURSHUDWLRQVLQ6RXWK$IULFD Icons used with this report 3RVLWLYH Negative Remains the same Increase/decrease Marginal $EVD*URXS/LPLWHG The term Absa Group or the Group refers to Absa Group Limited and its subsidiaries. )LQDQFLDOUHVXOWVIRUWKHUHSRUWLQJSHULRGHQGHG'HFHPEHU Date of publication: 11 March 2020. 7KHVHDQQXDOĔQDQFLDOUHVXOWVZHUHSUHSDUHGE\$EVD*URXS)LQDQFLDO&RQWUROXQGHUWKHGLUHFWLRQDQGVXSHUYLVLRQRIWKH $EVD*URXS/LPLWHG)LQDQFLDO'LUHFWRU-34XLQQ&$ 6$ 7KLVUHSRUWLVSULQWHGRQUHF\FOHGSDSHUWKDWLVSRVWFRQVXPHUZDVWHVRXUFHGIURPHLWKHURIĔFHRUSULQWLQJZDVWHZLWK no harmful chemicals used during the bleaching process. The byproducts of production of the paper are recycled into fertiliser, building materials and heat. Absa Group Limited Financial results for the reporting period ended 31 December 2019 1 The Absa Group today As a financial services provider, we ossib your p ility t play an important role in the economic ng o li Bri fe life of individuals, businesses and 3 priorities nations. We help to create, grow and re leade Resto rship protect wealth through partnerships in core businesses g n B in economic development, while i l n u iv ia e i r r w ld h u n t e o p p i r i a n t o o playing a shaping role in Africa’s e a p n r e s e t p i o e a e n s r i r e a t t i r g i n n o C r g growth and sustainability. e o n s r o , l e P e s Bring your possibility to life l v a i a i s n n G t y e d a A a a n h v i r s f s t d o s r o l u i h w i u n We believe in possibility, in the actions s c a u n b t a p B i a ’s i t i n le s n g g b r a ro a Ĕ of people who always find a way to b w l l il ca a it th s it y ig d get things done. We believe in creating P ursue growth opportunities for our customers to make opportunities their possibilities real and supporting them 3 en ies every step of the way. abling capabilit Our strategy will bring our purpose alive as we pursue our goal of growth. Our strategic objectives Our measures of progress 1. Growing our portfolio while 1. To grow revenue faster, on average, contributing to the growth of the than the South African banking sector, markets we serve. with an improving trend over time and within appropriate risk appetite parameters. 2. Reducing costs by creating a more efficient and effective To consistently reduce our normalised organisation. 2. cost-to-income ratio to reach the low 50s by 2022. 3. Delivering top, sustainable returns that maximise long-term 3. To achieve a normalised Group return value. on equity of 18% to 20% by 2022, which is heavily dependent on the state of SA's economy, while maintaining an unchanged dividend policy. 2 Absa Group Limited Financial results for the reporting period ended 31 December 2019 Normalised Group performance Normalised Group performance overview 4 Normalised salient features 8 Normalised salient features by segment 9 3URĔWFRPPHQWDU\ 10 Basis of presentation 14 Dividend announcement 15 Consolidated normalised statement of comprehensive income 16 &RQVROLGDWHGQRUPDOLVHGVWDWHPHQWRIĔQDQFLDOSRVLWLRQ 18 Consolidated normalised statement of changes in equity 20 &RQGHQVHGFRQVROLGDWHGQRUPDOLVHGVWDWHPHQWRIFDVKĕRZV 24 Performance indicators and condensed normalised notes to the FRQVROLGDWHGĔQDQFLDOVWDWHPHQWV 25 Absa Group Limited Financial results for the reporting period ended 31 December 2019 3 3 Normalised Group performance 4 Overview 60 WIMI segment change 68 RBB South Africa 8 Normalised salient features 61 Overview 90 CIB 59 Segment performance 9 Normalised salient features by segment 64 Per market segment 106 Absa Regional Operations
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