Absa hails its 'resilience' as profits edge up in tough operating environment

SA's fourth-biggest bank by market value, Absa, has hailed its "resilience" in 2023 despite its latest annual results showing revenue growth only modestly outpaced inflation, while net profit also only edged up.

The bank said on Monday that net profit rose just 0.7% to R22.56 billion for the year to end-December 2023 while headline earnings increased about 0.5% to just over R20 billion. The group still upped its total dividend by 5% to R13.70.

"Despite a challenging climate, Absa remains resilient, and the underlying franchise is strong and growing," Absa Group CEO Arrie Rautenbach said in a statement. "We are seeing the benefits of the strategic choices we made in 2018, as is evident from our diversified business, growing customer franchise and engaged workforce."