Africa's best bank transformation 2019: Absa
Awards for Excellence 2019
Across the continent, the banking sector feared the consequences of the withdrawal of Barclays.
But Absa, the bank it left behind, is seemingly enjoying its independence.
Absa has become a truly African bank. It is now trading on the Johannesburg Stock Exchange under its new name and ticker – ABG, not BGA, as it once was.
But it is not the bank’s rebranding exercise that makes it Africa’s best bank for transformation this year but the strength of its financials, despite the disruption surrounding Barclays’ withdrawal.
René van Wyk
The group’s headline earnings grew 3% to R16.1 billion ($8.1 billion) from R15.6 billion in 2017 and return on equity was 16.8%, up slightly from 16.5% the year before.