Absa Group (ABG) AGM 2025 summary

Opening remarks and agenda

• Warm welcome extended to stakeholders at the 39th AGM, with instructions for both in-person and virtual participation, and confirmation of meeting notice and quorum at 64.9% representation.

• The agenda included review of annual reports, financial statements, committee reports, and voting on 13 resolutions.

Financial performance review

• Headline earnings per share grew 10% in 2024, and return on equity improved to 14.8%, matching cost of equity.

• Total shareholder return reached 23% after a strong December, reversing a 9% decline in 2023.

• The board targets ROE above 15% for 2025 and 16% for 2026, with a clear plan to maintain momentum.

Board and executive committee updates

• Kenny Fihla appointed as permanent CEO, starting mid-June 2025, bringing Pan-African banking experience.

• Sindi Zilwa and Zarina Bassa joined the board in April 2025, enhancing governance and diversity.

• Chairman Sello Moloko announced his resignation effective 15 July 2025, with René van Wyk to succeed him, pending regulatory approval.