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JSE ABSP ASA
ABSP AMAGB
ASA/ABSP - Absa Group Limited/Absa Bank Limited - Absa Group and Absa Bank
trading statement in respect of the six months ended 30 June 2010
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
(Absa or Absa Group)
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN: ZAE000079810
JSE share code: ABSP
(Absa Bank)
ABSA GROUP AND ABSA BANK TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 30
JUNE 2010
At the release of the Absa Group`s financial results for the year ended 31
December 2009, the Absa Group board indicated that the economic outlook would
remain challenging both globally and locally. A return to growth in the domestic
economy supported by a modest upturn in consumption and continued investment in
infrastructure spending by government was expected. The market was cautioned
against a number of operating environment risks, namely the weak employment
market, high levels of existing debt and concern about the sustainability of the
global recovery.
The operating environment for the six months ended 30 June 2010 (1H10) was
subdued and revenue levels have not grown during the period. Consumers` appetite
for credit remained low and volumes in all businesses have remained under
pressure. In addition, the results for the first six months of 2009 (1H09)
included one-off gains on the sale of various investments and weak equity
markets at the end of June 2010 impacted negatively on the Group`s listed
investments. The level of Retail impairments declined during the period under
review in line with expectations.
Shareholders are accordingly advised that:
1. Absa Group`s earnings per share (EPS) for 1H10 are expected to be between
10% and 12% higher than 1H09. However, headline earnings per share (HEPS)
for 1H10 are expected to be between 3% and 5% lower than 1H09. The decline
in diluted HEPS will be slightly lower than HEPS as the impact of the
shares issued to Batho Bonke Capital (Proprietary) Limited in 2009 was
already partially discounted in the June 2009 diluted number of shares.
The difference between the change in EPS and HEPS mainly relates to the
impairments against the value of equity positions acquired resulting from
single stock future defaults incurred in 1H09.
2. Due to the greater impact on Absa Bank`s smaller earnings base of the
single stock future impairment recorded in 1H09, Absa Bank`s EPS for 1H10
are expected to be between 28% and 30% higher than 1H09. HEPS for 1H10 are
expected to be between 1% and 3% higher than 1H09.
The above information has not been reviewed or reported on by Absa Bank or Absa
Group`s auditors.
Johannesburg
29 July 2010
Enquiries:
David Hodnett - Group Financial Director
Tel: (+27 11) 350-2623
e-mail: David-Hodnett@absa.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 29/07/2010 17:15:02 Produced by the JSE SENS Department.
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