Moneyweb
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3 minute read
28 Jan 2021
7:03 am

African Bank keeping afloat

Moneyweb

Bad news is that new loans are down 37% year-on-year.

That African Bank would swing to a loss for the year ended 30 September, 2020, is not surprising. At the half-year mark, it reported a R111 million net loss after tax after a R550 million Covid-19 impairment in the bank (as well as a R303 million provision in its insurance business). Analysts will surely be scrutinising the unlisted bank’s figures as it continues its recovery for any signs of distress that could be lurking in the books of its larger, listed rivals. READ MORE: Basani Maluleke resigns as African Bank CEO The good news is that the bank was profitable...