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Absa Group Limited Absa Group Limited Financial results for the reporting period ended 31 December 2020 Normalised Group Segment performance Group IFRS performance Risk management Appendices performance Report overview This financial results booklet for the reporting period ended 31 December 2020 is one of the publications released at the time of the Absa Group Limited’s (Absa Group or the Group) financial results announcement on 15 March 2021. It is supplemented with additional disclosures, including the Group’s JSE Limited SENS announcement and the Annual financial results presentation. The full set of documents is available on www.absa.africa. Reportable segment changes • The Board of Directors oversees the Group’s activities The Corporate Debt and Structure Trade and Commodity and holds management accountable for adhering to Finance portfolios, which were previously reported in Corporate the risk governance framework. To do so, directors view South Africa, have been moved to Investment Bank South Africa reports prepared by the businesses, risk and others. They to align the segment report to management reporting structure. exercise sound independent judgement, and probe and The business portfolio changes have resulted in the challenge recommendations, as well as decisions made by restatement of financial results within Corporate and management. Investment Bank (CIB), but have not impacted the overall • Finance is responsible for establishing a strong control position or net earnings of the Group. environment over the Group’s financial reporting processes and serves as an independent control function advising business management, escalating identified risks Absa Group Limited (1986/003934/06) and establishing policies or processes to manage risk. The term Absa Group or the Group refers to Absa Group Limited • Finance is led by the Financial Director who reports and its subsidiaries. directly to the Chief Executive Officer. The Financial Director has regular and unrestricted access to the Board Financial results for the reporting period ended 31 December 2020. of Directors as well as to the Group Audit and Compliance Committee (GACC). Date of publication: 15 March 2021. • The Board has reviewed and approved the reporting changes contained in the financial results announcement These annual financial results were prepared by Absa Group released on 15 March 2021. Financial Control under the direction and supervision of the Absa Group Limited Financial Director, J P Quinn CA(SA). Dividend per share Final: 0 cents Icons used with this report Interim: 0 cents Positive Key dates Dividend payment: n/a Negative Financial year-end: 31 December 2020 Remains the same Annual general meeting: 4 June 2021 Increase/decrease Shareholder communications Shareholder information page 176 Marginal Contact details page 186 Absa reporting suite 2020 Absa Group annual consolidated and separate financial statements 2020 Investor presentation The full set of documents is available on www.absa.africa Absa Group Limited Financial results for the reporting period ended 31 December 2020 Normalised Group Segment performance Group IFRS performance Risk management Appendices performance Contents IFC Report overview 2 The Absa Group today 3 Normalised Group performance 4 Normalised Group performance overview 8 Normalised salient features 9 Normalised salient features by segment 10 Profit commentary 14 Basis of preparation 15 Dividend announcement 16 Impact of Covid-19 26 Consolidated normalised statement of comprehensive income 28 Consolidated normalised statement of financial position 30 Consolidated normalised statements of changes in equity 34 Condensed consolidated normalised statement of cash flows 35 Performance indicators and condensed normalised notes to the consolidated financial statements 65 Segment performance 66 Segment performance overview 68 Segment report per market segment 70 Segment report per geographical segment 72 RBB South Africa 98 CIB 114 Absa Regional Operations 134 Head Office, Treasury and other operations in South Africa 135 Group IFRS performance 136 Consolidated IFRS salient features 137 Consolidated IFRS statement of comprehensive income 139 Consolidated IFRS statement of financial position 140 Consolidated IFRS statement of changes in equity 144 Condensed consolidated IFRS statement of cash flows 145 Condensed IFRS notes to the consolidated financial statements 150 Reconciliation of IFRS to normalised results 152 Barclays separation effects 154 Risk management 155 Risk management overview 170 Capital management and RWA 174 Appendices 175 Share performance 176 Shareholder information and diary 177 Glossary 184 Abbreviations and acronyms 186 Contact information Absa Group Limited Financial results for the reporting period ended 31 December 2020 1 Normalised Group Segment performance Group IFRS performance Risk management Appendices performance The Absa Group today “The Group has delivered respectable progress over the last two-and-a-half years against the strategy journey that was adopted in 2018, and we have seen good traction in some parts of the business. We have become more precise in expressing how we want to be more customer-centric, how we will evolve our digital maturity, what it means to be purpose-led and how we will play a meaningful role in society.“ Daniel Mminele, Group Chief Executive As a financial services provider, we play Bring your possibility to life an important role in the economic life of We believe in possibility, in the actions of individuals, businesses and nations. We help people who always find a way to get things to create, grow and protect wealth through done. We believe in creating opportunities for partnerships in economic development, while our customers to make their possibilities real playing a shaping role in Africa’s growth and and supporting them every step of the way. sustainability. Our 2018 growth strategy laid the foundation to reimagine our business. 2020, however, brought with it a materially different operating context than the one in which our original growth strategy was set. The pandemic has fundamentally altered behavioural patterns, the way we work, collaborate, our perspectives on health and the fragility of life. Moreover, it significantly impacted banking performance while rapidly accelerating the evolution of the industry. Against this backdrop, we proactively engaged in a strategy review process – while ensuring the immediate stabilisation of our business – determined to still deliver on our aspiration to be a leader on the continent. Sustainable growth will continue to shape our thinking and drive our planning as a critical measure of our success. While our aspirations are unwavering and our strategic choices remain, the world in which we seek to achieve them has changed. A crisis is one of the most fundamental drivers for innovation, and as ‘old’ value and opportunities diminish, we need to shift our focus and employ our creativity, tenacity and ingenuity in building new value to drive growth – a reality that we have embraced and one that has propelled us to address the implications of our evolving operating environment. As such, we have adapted our strategy which required that we refine our go to market approach and execute with agility and speed. The refreshed strategy entails a refinement of our purpose-led ethos and customer centric business model whereby our focus is on ensuring that our propositions, distribution channels, market footprint, capabilities, mindsets and behaviours deliver on the needs of our customers and clients. We therefore have four strategic imperatives and four strategic enablers that are integrated and work together to enable us to restore leadership in the market. ossib your p ility t ng o li Bri fe 2018 – 2020: 3 priorities 2020 – 2021: 2021 and beyond: re leade Resto rship in core businesses g n B i l n u iv ia e i r r w ld h u n t e o p p i r i n t o o a e r a p n 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 e o n Pre-Covid-19 s Covid-19 Post-Covid-19 r o , l e P e s a l v 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 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 fi b w l l il ca a it th s it y ig d P ursue growth Delivering our Group opportunities Immediate A purpose-led ethos and a 3 en ies abling capabilit growth strategy, stabilisation of customer centric business model premised on the overarching the business where our focus is on ensuring that our propositions, distribution guiding purpose – to bring as a result of the Covid-19 channels, market footprint, capabilities, mindsets and possibilities to life. pandemic arising from March 2020. behaviours deliver on the needs of our customers. Three strategic priorities Ensuring business resilience Four imperatives • Create a thriving, entrepreneurial through: • Lead with purpose and deliver shared value to a broad range organisation. • Capital and liquidity of stakeholders. • Restore leadership in our preservation; and • Solve for customers' intrinsic needs through hyper- core businesses. • Operational stability. personalised propositions delivered in the right key moments. • Build pioneering new Delivering our corporate • Deliver propositions through effective, digital-first distribution channels that complement our customers' propositions. purpose through: behavioural patterns. • The safety and wellbeing of our Three enablers • Establish a diverse market footprint that best meets our • Build a scalable, digital-first, employees; customers' expectations. business. • The safety and financial Four enablers wellbeing of our customers; and • Pursue growth opportunities. • Invest in strategic capabilities that drive market leadership. • Safeguarding lives in the • Play a shaping role in • Build a modern technology architecture that powers digital Africa’s growth and communities we serve. transformation. sustainability. • Create an execution model that delivers fast-lane innovation.
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