31 March 2020
We continued to transform our business while delivering the successful execution of the Separation from Barclays PLC.
Over the past year, the Absa Group and the Absa brand emerged stronger as we reached key milestones on our journey to be a leading African financial services group, inspired by the continent and the people we serve. Through our Integrated Report and supporting documents, we provide a balanced view of our performance and we believe it shows that we are creating sustainable value and prosperity for our stakeholders.
“Absa has made good progress against the strategic priorities set out for 2019. We have made headway towards regaining franchise health in our core businesses in South Africa and continue to deliver strong growth from our other markets. That we have been able to achieve this despite a challenging macroeconomic environment in our largest market, speaks to our strength and potential to do better,” says Daniel Mminele, Group Chief Executive.
We have a strong franchise and play a critical role in contributing to the economic prosperity of Africa. As a role player in a socioeconomic ecosystem, we continue to conduct our business in a way that promotes positive outcomes for society, consumers, and our business by using our core assets, capabilities and opportunities to address the challenges, and take advantage of the opportunities. We have a vested interest in creating inclusive growth in Africa and in delivering financial services in a socially and environmentally responsible manner. We provide insights into the value we have created both through the progress report against our strategy and within dedicated sections for our key stakeholders – investors, customers, employees, society, planet and regulators.
The Integrated Report reflects, in the main, our performance in 2019, but we are very aware that 2020 will be a far more challenging year than could have been thought possible. We have, given the knowledge that we have at this stage, indicated at appropriate points in the report that COVID-19 will be a significant consideration in our approach, planning, stress testing, and the like. We have not, however, reflected a revised outlook throughout the report as the effects will be dynamic and hence without certainty at the date of approval.
“We have undergone a significant transformation, which is reflected in the attitudes and successes of our Group and our employees. In 2019, our employees proved that Absa is adaptable, agile and resilient. We continue to operate in very challenging and dynamic global, regional and local environments, but I am confident that we will respond appropriately to the current global crisis,” says Wendy Lucas-Bull, Group Chairman.
The Integrated Report is our primary report to our shareholders but does contain information that is relevant to other stakeholders. It focuses on matters that our Board and management consider to be material, that is, those that have, or could have, the ability to influence our financial performance, reputation or license to operate.
View our 2019 integrated reporting suite: