ASA - ABSA Group Limited - ABSA Group voluntary trading statement for the period
ASA
AMAGB
ASA - ABSA Group Limited - ABSA Group voluntary trading statement for the period
ending 30 June 2012
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 Group)
ABSA GROUP VOLUNTARY TRADING STATEMENT FOR THE PERIOD ENDING 30 JUNE 2012
Shareholders are advised that Absa Group`s headline earnings for the six months
ending 30 June 2012 are likely to be 0% to 10% below the R4 595 million achieved
for the six months ended 30 June 2011.
Credit impairments have increased due to higher cover required on our mortgage
legal book, as property prices and distressed customers remain under pressure.
However, early arrears on most portfolios continue to improve.
Absa Group`s revenue growth was also subdued in the first five months. While our
new lending volume is improving, this is only expected to become evident during
the second half of 2012.
In this environment, sustainable productivity improvements remain a priority and
costs continued to be managed effectively.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s auditors.
Absa Group`s first half results will be released on Friday, 27 July 2012.
Johannesburg
26 June 2012
Enquiries:
Alan Hartdegen - Head: Investor Relations and Strategy, Africa
Telephone: +27 (0)11 350-2598
Lead independent sponsor:
J.P. Morgan Equities Limited
Joint sponsor:
Absa Capital
Date: 26/06/2012 07:30:02 Produced by the JSE SENS Department.
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