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Absa keeps its powder dry, deferring dividends, as earnings slump

15 March 2021 6:35 PM

Its competitors are paying dividends. The Money Show’s Bruce Whitfield interviews Absa Group CEO Daniel Mminele.

Click here for all our "Personal Finance" articles in one place.


Absa will declare no annual dividend, the bank announced on Monday, despite its competitors reinstating pay-outs.

Absa is shutting down its wildly popular money market unit trust because many investors have the wrong idea about it. © wirestock/123rf

Its headline earnings per share dropped 58% (to 730.9 cents) in the year to 31 December 2020.

The lender’s credit impairments ballooned 163% (to R20.6 billion).

The Money Show’s Bruce Whitfield interviewed Absa Group CEO Daniel Mminele.

We will see some recovery in 2021… somewhat stronger than we thought…

Daniel Mminele, CEO - Absa Group

We are the largest funder or those projects [renewable energy] …

Daniel Mminele, CEO - Absa Group

We’re adapting to the situation as it unfolds… We pencilled in a recovery of just over 3.1%...

Daniel Mminele, CEO - Absa Group

We won’t be able to replace Peter…

Daniel Mminele, CEO - Absa Group

Listen to the interview in the audio below.




15 March 2021 6:35 PM

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