Subscribe & Follow
Advertise your job vacancies
Trending
Show more
Jobs
- Customer Service Associate Johannesburg
No bonus for Absa's Ramos
Absa's chief executive Maria Ramos is to forego her bonus due to the group's "disappointing" results.
Addressing a presentation of the group's results to end December‚ Ramos said: "We are reporting disappointing results. Our numbers refect a difficult year."
ABSA's results were hit by credit impairments in home loans and commercial property. Absa's home loans division recorded a headline loss of R992m versus a profit of R516m in the previous year.
A large percentage of mortages written between 2006 and 2008 "went bad"‚ chief financial officer David Hodnett said.
In the retail markets‚ business credit impairments rose 53% to R6bn compared with the previous period as mortgage impairments more than doubled to R4.4bn.
Absa on Tuesday (12 February) reported a 9% decline in diluted headline earnings per share to 1‚224.6 cents for the period, down from 1‚350.0 cents a year earlier.
Headline eanrnings were down 9% to R8.8bn.
The group's return on equity decreased from 16,4% in 2011 to 13.6% last year.
"We maintained a total dividend per share of 684 cents‚ after considering regulatory changes‚ our strong capital position‚ strategy‚ growth plans‚ and near-term business objectives‚" Absa said.
It said that higher credit impairments‚ particularly in retail mortgages and commercial property finance‚ were the principal reason for lower earnings.
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
