| Mon 28 Jul 2008, 15:06 | | ASA/ABSP -ABSA Group and ABSA Bank - Trading statement in respect of the six |
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JSE ASA ABSP
ABSP AMAGB
ASA/ABSP -ABSA Group and ABSA Bank - Trading statement in respect of the six
months ended 30 June 2008
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN Code: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
(Absa Group, Absa or the Group)
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN Code: ZAE000079810
JSE share code: ABSP
(Absa Bank)
ABSA GROUP AND ABSA BANK TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 30
JUNE 2008
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited
(the JSE Listings Requirements), an issuer is required to publish a trading
statement as soon as it is satisfied that a reasonable degree of certainty
exists that headline earnings per share and/or earnings per share for the next
period to be reported on are expected to differ by at least twenty per cent
(20%) from those of the previous corresponding period.
Shareholders are accordingly advised that:
Absa Group`s earnings per share and fully diluted earnings per share for the six
months ended 30 June 2008 are expected to be between twenty one per cent (21%)
and twenty four per cent (24%) higher than for the six months ended 30 June
2007.
Absa Bank`s earnings per share and fully diluted earnings per share for the six
months ended 30 June 2008 are expected to be between twenty three per cent (23%)
and twenty seven per cent (27%) higher than the six months ended 30 June 2007.
Shareholders are advised that earnings included a one-off profit from the Visa
Inc (Visa) public offering. On 19 March 2008, Visa, previously an association of
banks, listed on the New York Stock Exchange. As part of this initial listing,
all associated banks, including Absa, were allotted shares based on their
proportional membership of Visa. As a result, the following cash and shares
accrued to the Group:
- Cash (following the mandatory, partial redemption of allotted shares) of
$52 million (before tax).
- Shares (at an initial offering price of $44 per share) amounting to $42
million (before tax).
The above profit boosted the Group`s earnings by R636 million (after tax) and
accounts for approximately 65% of the growth in earnings relative to the
corresponding period in 2007.
The one-off profit from the Visa public offering is excluded from headline
earnings. Consequently, headline earnings per share and fully diluted headline
earnings per share are expected to be between six per cent (6%) and ten per cent
(10%) higher for the six months ended 30 June 2008.
The forecast financial results, on which this trading statement is based, have
not been reviewed or reported on by Absa Bank or Absa Group`s auditors in
accordance with paragraphs 3.4(b)(vi)(1)(aa) or 3.4(b)(vi)(1)(bb) of the JSE
Listings Requirements.
Absa Group`s and Absa Bank`s results for the six months ended 30 June 2008 will
be released on Sens on 7 August 2008.
Sarita Martin
Group Secretary
Johannesburg
28 July 2008
Enquiries
Grant Lewis
Group Financial Controller
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-5386, Fax: (+2711) 350-6487
e-mail: grantle@absa.co.za
Sponsor:
Merrill Lynch South Africa (Proprietary) Limited
Date: 28/07/2008 15:06:02 Produced by the JSE SENS Department.
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