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JSE ABSP
ABSP
ABSP - Absa Bank Limited - Profit And Dividend Announcement Audited Financial
Results For Year Ended 31 December 2008
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN: ZAE000079810
JSE share code: ABSP
(Absa Bank or the Bank)
ABSA BANK LIMITED: PROFIT AND DIVIDEND ANNOUNCEMENT
AUDITED FINANCIAL RESULTS FOR YEAR ENDED 31 DECEMBER 2008
BANK SALIENT FEATURES
Year ended
31 December
2008 20071 Change
(Audited) (Audited) %
Income statement (Rm)
Headline earnings2 7 713 7 476 3,2
Profit attributable to ordinary 8 390 7 620 10,1
equity holder of the Bank
Balance sheet (Rm)
Total assets 734 979 592 959 24,0
Loans and advances to customers 512 684 443 120 15,7
Deposits due to customers 373 176 304 877 22,4
Financial performance (%)
Return on average equity 21.8 26.4
Return on average assets 1.17 1.47
Operating performance (%)
Net interest margin on average 3.08 3.52
assets
Net interest margin on average 3.58 3.82
interest-bearing assets
Impairment losses on loans and
advances as % of average loans
and
advances to customers
Group 1.19 0.54
Retail banking 1.67 0.69
Non-interest income as % of 44.7 41.5
total
operating income
Cost-to-income ratio 50.7 54.1
Effective tax rate, excluding 25.4 29.2
indirect taxation
Share statistics (million)
(including "A" ordinary shares)
Number of shares in issue 359.1 337.3
Weighted average number of 354.6 337.3
shares
Weighted average diluted number 354.6 337.3
of
shares
Share statistics (cents)
Earnings per share 2 366.1 2 259.4 4,7
Diluted earnings per share 2 366.1 2 259.4 4,7
Headline earnings per share 2 175.2 2 216.4 (1,9)
Diluted headline earnings per 2 175.2 2 216.4 (1,9)
share
Dividends per ordinary share 2 073.6 789.8 >100,0
relating
to income for the year
Dividend cover (times) 1.0 2.8
Net asset value per share 11 139 9 149 21,8
Tangible net asset value per 11 058 9 081 21,8
share
(Unaudited) (Unaudited)
Capital adequacy (%)3
Absa Bank 14.0 12.5
Notes
1 Refer to the "reclassifications" section for the restatement of prior year
figures.
2 After allowing for R457 million (December 2007: R313 million) profit
attributable to preference equity holders of the Bank.
3 December 2007 reflect Basel I numbers as previously published.
BANK INCOME STATEMENT
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Net interest income 20 239 17 915 13,0
Interest and similar income 73 164 52 213 40,1
Interest expense and similar (52 925) (34 298) (54,3)
charges
Impairment losses on loans and (5 627) (2 207) >(100,0)
advances
Net interest income after 14 612 15 708 (7,0)
impairment losses on loans and
advances
Net fee and commission income 11 720 10 155 15,4
Fee and commission income 1.1 12 367 10 729 15,3
Fee and commission expense (647) (574) (12,7)
Gains and losses from banking 3 407 1 564 >100,0
and trading activities 1.2
Gains and losses from 91 108 (15,7)
investment activities 1.3
Other operating income 1 153 897 28,5
Operating income before 30 983 28 432 9,0
operating expenses
Operating expenditure (19 196) (17 286) (11,0)
Operating expenses 2.1 (18 577) (16 584) (12,0)
Other impairments 2.2 11 (58) >100,0
Indirect taxation (630) (644) 2,2
Share of retained earnings from 65 67 (3,0)
associates and joint ventures
Operating profit before income 11 852 11 213 5,7
tax
Taxation expense (3 005) (3 277) 8,3
Profit for the year 8 847 7 936 11,5
Attributable to:
Ordinary equity holder of the 8 390 7 620 10,1
Bank
Minority interest - ordinary (0) 3 >(100,0)
shares
Preference equity holders of 457 313 46,0
the Bank
8 847 7 936 11,5
Headline earnings 3 7 713 7 476 3,2
NOTES TO THE FINANCIAL RESULTS
1. NON-INTEREST INCOME
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
1.1 Fee and commission income
Credit-related fees and 10 846 9 473 14,5
commissions
Cheque accounts 2 990 2 536 17,9
Credit card accounts 1 570 1 543 1,7
Early redemption penalty income 169 187 (9,6)
Electronic banking 3 013 2 657 13,4
Foreign exchange fees and
commissions 311 277 12,3
Saving accounts 2 105 1 795 17,3
Sundry commissions 688 478 43,9
External administration fees 255 192 32,8
Insurance commission received 384 346 11,0
Portfolio and other management 17 16 6,3
fees1
Project finance fees 687 515 33,4
Unit and property trust income1 8 12 (33,3)
Other 170 175 (2,9)
12 367 10 729 15,3
Note
1 Disclosed as part of trust
and fiduciary activities.
1.2 Gains and losses from
banking and trading activities
Net gains on investments 1 241 872 42,3
Designated at fair value
through profit or loss 1 241 870 42,6
Profit on disposal of and
dividend income from associates
and joint ventures - 2 (100,0)
Net trading income 1 921 1 004 91,3
Economic hedges 304 (388) >100,0
Other (including ineffective (59) 76 >(100,0)
portions)
3 407 1 564 >100,0
1.3 Gains and losses from
investment activities
Net gains on investments
Designated at fair value
through profit or loss 37 69 (46,4)
Profit on disposal of and
dividend income from associates
and joint ventures - 3 (100,0)
Profit on disposal of and
dividend income from 54 36 50,0
subsidiaries
91 108 (15,7)
2. OPERATING EXPENDITURE
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
2.1 Operating expenses
Amortisation 103 63 (63,5)
Auditors` remuneration 67 54 (24,1)
Cash Transportation costs 320 268 (19,4)
Depreciation 790 743 (6,3)
Equipment rental and 207 258 19,8
maintenance
Information technology costs 1 394 1 079 (29,2)
Investment property charges 13 - (100,0)
Marketing and advertising costs 896 889 (0,8)
Operating lease expenses on 816 762 (7,1)
property
Other professional fees 1,106 1,206 8,3
Printing and stationery 225 236 4,7
Staff costs 10,347 9,096 (13,8)
Telephone and postage 744 652 (14,1)
Other operating expenses 1,549 1,278 (21,2)
18,577 16,584 (12,0)
2.2 Other impairments
Financial instruments
Available-for-sale investments 1 - (100,0)
Non-financial instruments
Computer software development 1 21 95,2
costs
Repossessed Properties (13) 37 >100,0
(11) 58 >100,0
3. DETERMINATION OF HEADLINE EARNINGS
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Headline earnings1 is
determined as follows:
Profit attributable to ordinary 7 620
equity holder of the Bank 8 390 10,1
Adjustments for:
IAS 16 net profit on disposal (57)
of property and equipment (35) 38,6
IAS 21 recycled foreign (38)
currency translation reserve,
disposal of investment in - 100,0
foreign operations
IAS 27 net profit on disposal (26)
of subsidiaries (45) (73,1)
IAS 28 and 31 net loss on 6
disposal of associates and - (100,0)
joint ventures
IAS 28 headline earnings (45)
component of associates` and
joint ventures` earnings (54) (20,0)
IAS 38 net profit on disposal (43)
of and impairment of intangible (636) >(100,0)
assets
IAS 39 release of available-for- 59
sale reserves 92 55,9
IAS 39 impairment of available- -
for- sale assets 1 100,0
Headline earnings 7 713 7 476 3,2
Note
1 The net amount is reflected after taxation and minority interest.
BANK BALANCE SHEET
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Assets
Cash, cash balances and balances 16 568 15 069 9,9
with central banks
Statutory liquid asset portfolio 33 019 22 957 43,8
Loans and advances to banks 43 559 52 691 (17,3)
Trading portfolio assets 72 929 25 876 >100,0
Hedging portfolio assets 3 139 725 >100,0
Other assets 8 066 5 002 61,3
Current tax assets - 168 (100,0)
Loans and advances to customers 512 684 443 120 15,7
Loans to Absa Group companies 17 649 14 208 24,2
Loans to holding company 1 341 1 130 18,7
Investments 15 191 6 574 >100,0
Investments in associates and
joint ventures 2 071 905 >100,0
Intangible assets 291 228 27,6
Investment property 385 - 100,0
Property and equipment 5 512 4 258 29,5
Deferred tax assets 80 48 66,7
Non-current assets held-for-sale 2 495 - 100,0
Total assets 734 979 592 959 24,0
Liabilities
Deposits from banks 60 043 65 167 (7,9)
Trading portfolio liabilities 68 120 22 947 >100,0
Hedging portfolio liabilities 1 080 2 226 (51,5)
Other liabilities and sundry 9 427 10 113 (6,8)
provisions
Current tax liabilities 322 56 >100,0
Deposits due to customers 373 176 304 877 22,4
Debt securities in issue 159 042 134 02 18,7
Loans from Absa Group companies 3 946 5 900 (33,1)
Policyholder liabilities under
insurance contracts - 67 (100,0)
Borrowed funds 1 12 143 9 796 24,0
Deferred tax liabilities 2 609 2 259 15,5
Non-current liabilities held-for- 408 - 100,0
sale
Total liabilities 690 316 557 431 23,8
Equity
Capital and reserves
Attributable to equity holders of
the Bank:
Ordinary share capital 303 303 0,0
Ordinary share premium 9 415 5 415 73,9
Preference share capital 1 1 -
Preference share premium 4 643 4 643 -
Other reserves 3 939 1 583 >100,0
Retained earnings 26 339 23 557 11,8
44 640 35 502 25,7
Minority interest 23 26 (11,5)
Total equity 44 663 35 528 25,7
Total equity and liabilities 734 979 592 959 24,0
Contingent liabilities - banking 59 017 53 464 10,4
related
NOTES TO THE FINANCIAL RESULTS
BORROWED FUNDS
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Subordinated callable notes
14,25% (AB02) 3 100 3 100 -
10,75% (AB03) 1 100 1 100 -
3-month JIBAR + 0,75% (AB04) 400 400 -
8,75% (AB05) 1 500 1 500 -
8,10%(AB06) 2 000 2 000 -
8,80% (AB07) 1 725 1 725 -
3-month JIBAR + 0,97% (3.97% 86 - 100,0
Nacs)
3-month JIBAR + 0,97% (6.25% 994 - 100,0
Nacs)
3-month JIBAR + 1,00% (6.25% 179 - 100,0
Nacs)
3-month JIBAR + 1,09% (6.25% 361 - 100,0
Nacs)
3-month JIBAR + 1,20% (6.25% 266 - 100,0
Nacs)
Accrued interest 378 297 27,3
Fair value adjustment1 54 (326) >100,0
12 143 9 796 24,0
Note
1 The fair value adjustment relates to subordinated callable loans
designated as hedged items in a hedge relationship.
BANK STATEMENT OF CHANGES IN EQUITY
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Share capital 303 303 0,0
Opening balance 303 303 -
Shares issued 0 - 100,0
Transfer from share-based -
payment (0) (100,0)
reserve
Share premium 9 415 5 415 73,9
Opening balance 5 415 5 415 -
Shares issued 4 000 - 100,0
Transfer from share-based
payment (0) - (100,0)
reserve
Preference share capital 1 1 -
Opening balance 1 1 -
Shares issued - 0 (100.0)
Preference share premium 4 643 4 643 -
Opening balance 4 643 2 991 55,2
Shares issued - 1 658 (100,0)
Costs incurred - (6) 100,0
Other reserves 3 939 1 583 >100,0
Opening balance 1 583 1 682 (5,9)
Reclassification of
investments in associates and
joint ventures to investments - (22) 100,0
Movement in foreign currency
translation reserve (4) (53) 92,5
Movement in regulatory general
credit risk reserve (431) 381 >(100,0)
Movement in available-for-sale
reserve (92) 61 >(100,0)
Movement in cash flow hedges 2 668 (540) >100,0
reserve
Movement in associates and
joint ventures` retained 65 85 (23,5)
earnings reserve
Disposal of associates and
joint ventures - release of 11 - 100,0
reserves
Share-based payments for the 181 75 >100,0
year
Transfer from share-based
payment reserve (42) (86) 51,2
Retained earnings 26 339 23 557 11,8
Opening balance 23 557 18 334 28,5
Reclassification of
investments in associates and
joint ventures to investments - 22 (100,0)
Movement in regulatory
general credit risk reserve 431 (381) >100,0
Transfer to associates and
joint ventures` retained (65) (85) 23,5
earnings reserve
Transfer from share-based
payment 42 86 (51,2)
reserve
Share buy-back in respect of
Absa Group Limited Share (61) - (100,0)
Incentive Trust
Profit attributable to
ordinary equity holder 8 390 7 620 10,1
Profit attributable to
preference equity holders 457 313 46,0
Ordinary dividends paid
during the year (5 955) (2 039) >(100,0)
Preference dividends paid
during the year (457) (313) (46,0)
44 640 35 502 25,7
Minority interest 23 26 (11,5)
Opening balance 26 - 100,0
Acquisition of subsidiary 10 25 (60,0)
Other reserve movements (13) (2) >(100,0)
Minority share of profit (0) 3 >(100,0)
Total equity 44 663 35 528 25,7
BANK CASH FLOW STATEMENT
Year ended
31 December
2008 2007
(Audited) (Audited) Change
Rm Rm %
Net cash generated from 720 4 732 (84,8)
operating activities
Net cash utilised from (1 222) (4 234) 71,1
investing activities
Net cash (utilised)/generated (539) 1 025 >(100,0)
from financing activities
Net (decrease)/increase in (1 041) 1 523 >(100,0)
cash and cash equivalents
Cash and cash equivalents at 5 023 3 498 43,6
the beginning of the year 1
Effect of exchange rate (1) 2 >(100,0)
movements on cash on cash
equivalents
Cash and cash equivalents at 3 981 5 023 (20,7)
the end of the year 2
NOTES TO THE CASH FLOW
STATEMENT
1 Cash and cash equivalents
at the beginning of the year
Cash, cash balances and
balances with central banks 4 673 3 619 29,1
Loans and advances to banks 350 (121) >100,0
5 023 3 498 43,6
2 Cash and cash equivalents
at the end of the year
Cash, cash balances and
balances with central banks 3 942 4 673 (15,6)
Loans and advances to banks 39 350 (88,9)
3 981 5 023 (20,7)
PROFIT CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2008 20074
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 1 3 412 4 784 (28,7)
Absa Wealth 27 46 (41,3)
Retail Bank 2 418 2 324 4,0
Absa Home Loans 143 1 287 (88,9)
Absa Card 537 706 (23,9)
Absa Vehicle and Asset 287 421 (31,8)
Finance
Absa Corporate and Business 2 774 2 127 30,4
Bank 1
Absa Capital 1 1 967 1 516 29,7
Corporate centre 2 691 (109) >100,0
Capital and funding centre 3 94 (96,8)
Total earnings from business 8 847 8 412 5,2
areas
Synergy costs (after tax) 3 - (479) 100,0
Preference equity holders of
the Bank (457) (313) (46,0)
Profit attributable to
ordinary equity holder 8 390 7 620 10,1
Headline earnings adjustments (677) (144) >(100,0)
Total headline earnings 7 713 7 476 3,2
REVENUE CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2008 20074
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 1 23 217 20 508 13.2
Absa Wealth 309 246 25,6
Retail Bank 13 603 11 781 15,5
Absa Home Loans 4 101 3 878 5,8
Absa Card 2 752 2 476 11,1
Absa Vehicle and Asset 2 452 2 127 15,3
Finance
Absa Corporate and Business 8 292 6 934 19,6
Bank
1
Absa Capital 1 4 904 3 574 37,2
Corporate centre 299 (480) >100,0
2
Capital and funding centre (102) 103 >(100,0)
Total revenue 36 610 30 639 19,5
Notes
1. African operations have been split between Retail banking, Absa Corporate
and Business Bank and Absa Capital during the year under review.
2. In the current year Corporate centre includes the profit on VISA IPO
shares and movement in provisions.
3. Synergies relate to the integration of Absa and Barclays following the
acquisition by Barclays of a majority share in Absa. Synergy costs are
once-off costs incurred in achieving synergy benefits.
4 The comparative period has been restated for:
- Commercial Asset Finance was moved from Retail banking to Absa
Corporate and Business Bank during the year under review.
- Repossessed Properties was moved from Retail banking to Corporate
centre during the year under review.
- The African operations split is in line with the current business
model.
RECLASSIFICATIONS
BANK BALANCE SHEET - 31 DECEMBER 2007
Reclassification of investments in associates and joint ventures to
investments.
Audited Audited
(As Reclassi-
previously
Rm reported) fications (Restated)
Assets
Cash, cash balances and 15 069 15 069
balances -
with central banks
Statutory liquid asset 22 957 - 22 957
portfolio
Loans and advances to banks 52 691 - 52 691
Trading portfolio assets 25 876 - 25 876
Hedging portfolio assets 725 - 725
Other assets 5 002 - 5 002
Current tax assets 168 - 168
Loans and advances to 443 120 - 443 120
customers
Loans to Absa Group companies 8 308 5 900 14 208
Loan to holding company 1 130 - 1 130
Investments 6 109 465 6 574
Investments in associates
and joint ventures 1 370 (465) 905
Intangible assets 228 - 228
Investment property - - -
Property and equipment 4 258 - 4 258
Deferred tax assets 48 - 48
Total assets 587 059 5 900 592 959
Liabilities
Deposits from banks 65 167 - 65 167
Trading portfolio liabilities 22 947 - 22 947
Hedging portfolio liabilities 2 226 - 2 226
Other liabilities and sundry 10 113 - 10 113
Provisions
Current tax liabilities 56 - 56
Deposits due to customers 304 877 - 304 877
Debt securities in issue 134 023 - 134 023
Loans from Absa Group - 5 900 5 900
Companies
Policyholder liabilities
under 67 67
insurance contracts
Borrowed funds 9 796 - 9 796
Deferred tax liabilities 2 259 - 2 259
Total liabilities 551 531 - 557 431
Equity
Capital and reserves
Attributable to equity holders
of the Bank:
Ordinary share capital 303 - 303
Ordinary share premium 5 415 - 5 415
Preference share capital 1 - 1
Preference share premium 4 643 - 4 643
Other reserves 1 605 (22) 1 583
Retained earnings 23 535 22 23 557
35 502 - 35 502
Minority interest 26 - 26
Total equity 35 528 - 35 528
Total equity and liabilities 587 059 5 900 592 959
BANK INCOME STATEMENT - YEAR ENDED 31 DECEMBER 2007
Reclassification of investments in associates and joint ventures to
investments.
(Audited) (Audited)
(As Reclassi-
previously
Rm reported) fications (Restated)
Net interest income 17 915 - 17 915
Interest and similar income 52 213 - 52 213
Interest expense and similar (34 298)
charges (34 298) -
Impairment losses on loans (2 207)
and advances (2 207) -
Net interest income after 15 708
impairment losses on loans
and advances 15 708 -
Net fee and commission income 10 046 109 10 155
Fee and commission income 10 620 109 10 729
Fee and commission expense (574) - (574)
Gains and losses from banking 1 564
and trading activities 1 536 28
Gains and losses from 108
investment activities 108 -
Other operating income 1 006 (109) 897
Operating income before 28 432
operating expenses 28 404 28
Operating expenditure (17 286) - (17 286)
Operating expenses (16 584) - (16 584)
Other impairments (58) - (58)
Indirect taxation (644) - (644)
Share of retained earnings 67
from associates and joint 85 (18)
ventures
Operating profit before 11 213
income tax 11 203 10
Taxation expense (3 267) (10) (3 277)
Profit for the year 7 936 - 7 936
Attributable to:
Ordinary equity holder of the 7 620 - 7 620
Bank
Minority interest - ordinary 3 3
shares -
Preference equity holders of 313 313
the Bank -
7 936 - 7 936
COMMENTARY ON THE RECLASSIFICATION
1. Commercial Property Fund investment in associates and joint ventures
During the 2007 financial year Absa Corporate and Business Bank launched the
Commercial Property Finance division. The CPF division`s aim is to identify
and invest in property developments by obtaining and equity investment in the
identified company and/or provide financing. The investment portfolio was
previously classified as investment in associates as the equity investment
generally ranges between 30% and 50% of the company`s issued equity.
During 2008 these investments were reclassified from investments in associates
to unlisted investments being measured at fair value through profit and loss
according to the scope exclusion for venture capital organisations in IAS 28,
Investments in Associates.
The value of the investments reclassified from the investment in associates
category to the unlisted investments category was R465 million.
2. Intergroup loans
Intergroup loans receivable were previously reported net of intergroup loans
payable. During the year these two balances were reported separately and the
comparatives have been restated accordingly.
Intergroup service fees
Intergroup services fees were previously reported as part of other operating
income. These service fees have been reclassified to net fee and commission
income in the current year. Prior year figures have been restated
accordingly.
3. PROFIT AND DIVIDEND ANNOUNCEMENT
Introduction
Absa Bank is a wholly owned subsidiary of Absa Group Limited (Absa Group or
the Group), which is listed on the JSE Limited (the JSE).
Absa Bank and its subsidiaries` financial results for the year ended 31
December 2008 and its preference dividend declaration for the period 1
September 2008 to 28 February 2009 are contained in this announcement.
Commentary pertaining to the operating environment and the results of Absa
Bank`s core subsidiaries are set out in the Absa Group`s financial results
announcement. The Absa Group announcement was released on the JSE Securities
Exchange News Services (Sens) and Absa Group`s website (www.absa.co.za) on 9
February 2009 and will be published in the press on 10 February 2009.
Basis of presentation and changes in accounting policy
Absa Bank`s annual financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS).
The Bank has elected to early adopt IFRS 8 - Operating Segments, for the year
ended 31 December 2008. The statement requires that an entity disclose
information to enable users of its financial statements to evaluate the nature
and financial effects of the types of business activities in which it engages
and the economic environment within which it operates. This information should
be disclosed in the same manner as presented to the entity`s chief operating
decision-maker(s). The adoption of the standard had no impact on the reported
profits or financial position of the Bank.
During the 2007 financial year Absa Corporate and Business Bank commenced with
investments in unlisted Commercial Property Finance (CPF)-related entities.
The investment portfolio was classified as investment in associates as the
equity investments generally ranged between 20% and 50% of the company`s
issued equity.
During 2008 these investments were reclassified from investments in associates
to unlisted investments being measured at fair value through profit and loss
according to the scope exclusion for venture capital organisations in IAS 28 -
Investments in Associates.
The carrying value of the investments reclassified from the investment in
associates category to the unlisted investments category was R465 million.
The Bank`s results for the year ended 31 December 2008 have been audited by
the Bank`s auditors, PricewaterhouseCoopers Inc. and Ernst & Young Inc. Their
audit report is available for inspection at the Bank`s registered address, 3rd
floor, Absa Towers East, 170 Main Street, Johannesburg, 2001.
Declaration of dividend number 6: Absa Bank non-cumulative, non-redeemable
preference shares (Absa Bank preference shares)
The Absa Bank preference shares have an effective coupon rate of 63% of Absa
Bank`s prevailing prime overdraft lending rate (prime rate) over the six-month
period ending 28 February 2009. Absa Bank`s current prime rate is 14,0%.
Notice is hereby given that preference dividend number 6, equal to 63% of the
prime rate as at 28 February 2009, per Absa Bank preference share has been
declared for the period 1 September 2008 to 28 February 2009. The dividend is
payable on Monday, 9 March 2009, to shareholders of the Absa Bank preference
shares recorded in the register of members of the Company at the close of
business on Friday, 6 March 2009.
Based on the current prime rate, the preference dividend payable for the
period 1 September 2008 to 28 February 2009 would indicatively be 4 734,49
cents per Absa Bank preference share. Should the prime rate change prior to 28
February 2009, the actual amount of the dividend will be adjusted accordingly
and an announcement will be made.
In accordance with the provisions of STRATE, the electronic settlement and
custody system used by the JSE Limited (the JSE), and the JSE Listings
Requirements, the following salient dates for the payment of the preference
dividend are applicable:
Last day to trade cum dividend Friday, 27 February 2009
Shares commence trading ex dividend Monday, 2 March 2009
Record date Friday, 6 March 2009
Payment date Monday, 9 March 2009
Share certificates may not be dematerialised or rematerialised between Monday,
2 March 2009, and Friday, 6 March 2009, both dates inclusive.
On Monday, 9 March 2009, the dividend will be electronically transferred to
the bank accounts of certificated shareholders who use this facility. In
respect of those who do not, cheques dated 9 March 2009 will be posted on or
about that date. The accounts of those shareholders that have dematerialised
their shares (which are held at their participant or broker) will be credited
on Monday, 9 March 2009.
On behalf of the board
S Martin
Group Secretary
Johannesburg
9 February 2009
Please note that the preference dividend calculation dates are 28 (29)
February and 31 August of each year and that the payment date may not be later
than 45 days after the preference dividend calculation date.
Enquiries
Jacques Schindehutte
Group Executive Director
Absa Group Limited
5th Floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: +2711 350-4850, Fax: +2711 350-8433
E-mail: jacquessc@absa.co.za
Jason Quinn
Group Financial Controller
Absa Group Limited
4th Floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: +2711 350-7565, Fax: +2711 350-6487
E-mail: jason.quinn@absa.co.za
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 09/02/2009 08:07:36 Produced by the JSE SENS Department.
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