Financial reporting

African Bank Holdings Limited and African Bank Limited annual financial results for 30 September 2021, as published on 30 November 2021

MILESTONES FOR THE FINANCIAL YEAR ENDING 30 SEPTEMBER 2021

  • Group returns to profitability for the year of R534 million (FY20: R27 million loss)
  • Robust balance sheet with a strong liquidity profile and high available cash resources of R9.0 billion to support new growth strategy
  • High equity capital levels of R11.2 billion, resulting in a total group capital adequacy ratio of 43.3%
  • Retail deposit growth of 73% year-on-year, resulting in R10.3 billion deposit book
  • Rated best Contact Centre and Branch Network in the 2020 independent South African Customer Satisfaction Index (SA-csi) released in 2021

CUSTOMER ADVANCES

  • Gross advances R26.725 billion; 6% lower year-on-year
  • Provisioning coverage maintained at 37.5%
  • New loans disbursed show slight 2% increase in FY21 to 6 931 million. Strong collections and improved scorecards allow for measured relaxation of conservative credit granting criteria.
  • Improved credit loss ratio of 4.9%, from 11.7% a year ago.

EARNINGS

  • Group profit after tax of R534 million (FY 20: R27 million loss)
  • Resulting in positive 4.9% return on equity for the year (FY 20: negative 0.3%)

RETAIL SAVINGS AND MyWORLD TRANSACTIONAL BANKING

  • Significant retail savings deposit book growth of 73% to R10 315 million
  • MyWORLD transactional accounts steadily increasing to 741 000 opened accounts (FY20: 388 million), of which 398 000 (FY20: 200 000) are funded accounts, a growth of 99% year on year.
  • Transactional volumes rising to 17.3 million (FY20: 7.3 million), representing R24.5 billion (FY20: R8.7 billion) in value in current year.

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