African Bank Report
Financial reporting
African Bank Holdings Limited and African Bank Limited results for the six months ended 31 March 2018, published on 29 May 2018.
BUSINESS UPDATE
- A digital retail bank in the making
- Solid progress on diversification
- Core loans business performing well, Return on Equity 20.0%
- Six month retail deposit growth of 90%
CUSTOMER ADVANCES
- Gross advances R26.9 billion
- Reduced credit risk charge 11.1%
- Conservative provisioning
- Lower risk represents 80% of advances
EARNINGS
- Group profit before tax and foreign exchange R715
- Profit before tax and foreign exchange up 42% year-on-year
- Group Return on Equity 9.6%
BALANCE SHEET
- Cash resources R8.6 billion
- Bought back R1.9 billion
- Core Equity Tier 1 ratio 32.6%