Financial reporting

African Bank Holdings Limited and African Bank Limited annual financial results for the year ended 30 September 2023, as published on 21 November 2023

MILESTONES FOR THE ANNUAL FINANCIAL YEAR ENDED 30 SEPTEMBER 2023

  • Successful acquisition and integration of Grindrod Bank and Ubank’s assets, liabilities and operations.
  • The African Bank Group is now a diversified entity, with a larger and stronger balance sheet consisting of:
  • Net advances book growing by 41% to R32.0 billion (FY22: R22.6 billion), with secured business banking loans making up more than a third of our loans to customers and providing the planned diversification,
  • A funding base that has further diversified with business and retail deposits, now making up 87% (FY22: 76%) of total funding of R34.6 billion (FY22: R16.6 billion),
  • Sufficient liquidity with cash reserves totalling R9.9 billion (FY22: R2.8 billion), and
  • A strong capital position that funded the two acquisitions, whilst maintaining an optimal capital adequacy post the acquisitions of 30.0% (FY22: 43.4%), exceeding regulatory and internal minimums.
  • This enlarged balance sheet has resulted in the following positive operational performances:
  • Interest income earned on the advances book growing by 30% to R7.3 billion (FY22: R5.7 billion), with a net interest margin of 11.0% (FY22: 14.0%),
  • Diversification benefits have resulted in the cost of funding reducing from 7.9% in FY22 to 7.3%, notwithstanding the 200 bpt increase in the repo rate over the same period,
  • Non-interest income has grown by 144% to R1.6 billion (FY22: R0.7 billion) as more customers transact on their MyWORLD and Credit Card account, and acquire value added services from the Group,
  • Insurance profits from cell captive arrangements have increased by 92% to R670 million (FY22: R349 million) mainly on the back of claims normalise,
  • Business Banking contributing R682 million in total net revenue for the 11 months from the effective date of acquisition (1st November 2022),
  • Total net revenue before impairments grew by 40% to R8.1 billion (FY22: R5.8 billion), and
  • Operating expenditure increases with a cost to income ratio of 58.7% (FY22: 56.3%) as the Group is in an investment phase whilst integrating the new businesses.
  • Negative economic environment affected Consumer Banking’s customers resulting in rising credit impairment charge and a Group credit loss ratio of 8.0% (FY 22: 4.9%)
  • Resulted in the Group reporting a net profit after tax of R505 million for the year to 30 September 2023 (FY 22: R736 million profit)

 

CUSTOMERS

  • The building of a more fully-fledged bank with both consumer and business banking divisions
  • Servicing 4.0 million active customers on all group platforms, up 158% (FY 22: 1.5 million)

MyWORLD TRANSACTIONAL BANKING

  • MyWORLD transactional accounts steadily increasing with 0.9 million funded accounts, up 72% y-o-y.
  • Transactional volumes rising to 26.1 million (H1 22: 14.5 million), representing R29.7 billion (H1 22: R19.6 billion) in value over the six-month period.

Latest financial reports and archives

Our most recent and archived financial reporting can be found below.


  • 07 Jun 2023
    African Bank Group Interim Financial Results March 2023 – Presentation
  • 07 Jun 2023
    African Bank Group Interim Financial Results March 2023 – Results Booklet (web friendly version)
  • 07 Jun 2023
    African Bank Group Interim Financial Results March 2023 - Results Booklet (print friendly version)
  • 07 Jun 2023
    Interim Results Infographic
  • 07 Jun 2023
    African Bank Holdings Limited Unaudited Consolidated Interim Financial Statements - 31 March 2023
  • 07 Jun 2023
    African Bank Limited Unaudited Consolidated Interim Financial Statements - 31 March 2023
  • 07 Jun 2023
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report March 2023
  • 07 Jun 2023
    Capital Instruments March 2023
  • 29 Nov 2022
    African Bank Group Annual Financial Results September 2022 – Presentation
  • 29 Nov 2022
    African Bank Group Annual Financial Results September 2022 – Integrated report (web friendly version)
  • 29 Nov 2022
    African Bank Group Annual Financial Results September 2022 – Integrated report (print friendly version)
  • 29 Nov 2022
    African Bank Group Annual Financial Results September 2022 – Environmental, Social and Governance report – ESG (web friendly version)
  • 29 Nov 2022
    African Bank Group Annual Financial Results September 2022 – Environmental, Social and Governance report – ESG (print friendly version)
  • 29 Nov 2022
    African Bank Holdings Limited Group Consolidated Annual Financial Statements September 2022
  • 29 Nov 2022
    African Bank Limited Annual Financial Statements September 2022
  • 29 Nov 2022
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report September 2022
  • 29 Nov 2022
    Capital Instruments September 2022
  • 24 May 2022
    African Bank Group Interim Financial Results March 2022 - Presentation
  • 24 May 2022
    African Bank Group Interim Financial Results March 2022 - Results Booklet (Web Friendly)
  • 24 May 2022
    African Bank Group Interim Financial Results March 2022 - Results Booklet
  • 24 May 2022
    Interim Results Infographic
  • 24 May 2022
    African Bank Holdings Limited Group Consolidated lnterim Financial Statements March 2022
  • 24 May 2022
    African Bank Limited lnterim Financial Statements March 2022
  • 24 May 2022
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report March 2022
  • 24 May 2022
    Capital Instruments March 2022
  • 30 Nov 2021
    African Bank Group Annual Financial Results September 2021 - Presentation
  • 30 Nov 2021
    African Bank Group Annual Financial Results September 2021 - Integrated Report (Web friendly version)
  • 30 Nov 2021
    African Bank Group Annual Financial Results September 2021 - Integrated Report (Print friendly version)
  • 30 Nov 2021
    African Bank Group Annual Financial Results September 2021 - Environmental, Social and Governance report – ESG - (web friendly version)
  • 30 Nov 2021
    African Bank Group Annual Financial Results September 2021 - Environmental, Social and Governance report – ESG - (print friendly version)
  • 30 Nov 2021
    African Bank Holdings Limited Group Consolidated Annual Financial Statements September 2021
  • 30 Nov 2021
    African Bank Limited Annual Financial Statements September 2021
  • 30 Nov 2021
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report September 2021
  • 30 Nov 2021
    Capital Instruments September 2021
  • 27 May 2021
    African Bank Holdings Limited Consolidated Interim Financial Results March 2021 - Presentation
  • 27 May 2021
    African Bank Holdings Limited Consolidated Interim Financial Results March 2021 – Commentary booklet (Web friendly version)
  • 27 May 2021
    African Bank Holdings Limited Consolidated Interim Financial Results March 2021 – Commentary booklet (Print friendly only)
  • 27 May 2021
    Interim results March 2021 - Infographic
  • 27 May 2021
    African Bank Holdings Limited Group Consolidated Interim Financial Statements March 2021
  • 27 May 2021
    African Bank Limited Interim Financial Statements March 2021
  • 27 May 2021
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report March 2021
  • 27 May 2021
    Capital Instruments March 2021
  • 26 Jan 2021
    African Bank Holdings Limited Consolidated Annual Financial Results September 2020 - Integrated Report - Web Friendly
  • 26 Jan 2021
    African Bank Holdings Limited Consolidated Annual Financial Results September 2020 - Integrated Report - Print Friendly
  • 26 Jan 2021
    African Bank Holdings Limited Consolidated Annual Financial Results September 2020 – Governance Report (including Remuneration Report and King Code) - Web Friendly
  • 26 Jan 2021
    African Bank Holdings Limited Consolidated Annual Financial Results September 2020 – Governance Report (including Remuneration Report and King Code) - Print Friendly
  • 26 Jan 2021
    African Bank Holdings Limited Consolidated Annual Financial Results September 2020 - Presentation
  • 26 Jan 2021
    Final Results infographic
  • 26 Jan 2021
    African Bank Holdings Limited Group Consolidated Annual Financial Statements September 2020
  • 26 Jan 2021
    Technology fit for the future
  • 26 Jan 2021
    Capital Instruments September 2020
  • 26 Jan 2021
    African Bank Limited Annual Financial Statements September 2020
  • 24 Jun 2020
    African Bank Holdings Limited Consolidated Financial Results March 2020 - Booklet
  • 24 Jun 2020
    African Bank Holdings Limited Consolidated Financial Results March 2020 - Presentation
  • 24 Jun 2020
    Interim Results infographic
  • 24 Jun 2020
    African Bank Holdings Limited Group Consolidated Interim Financial Statements March 2020
  • 24 Jun 2020
    African Bank Limited Interim Financial Statements March 2020
  • 24 Jun 2020
    African Bank Holdings and African Bank Limited Basel III Pillar 3 Report March 2020
  • 24 Jun 2020
    Capital Instruments March 2020
  • 26 Nov 2019
    African Bank Holdings Limited Annual Integrated Report 2019
  • 26 Nov 2019
    Annual Governance Report 2019
  • 26 Nov 2019
    Annual Financial Results Presentation
  • 26 Nov 2019
    Financial Results Sep 2019
  • 26 Nov 2019
    Results in 60 seconds
  • 26 Nov 2019
    Video - Basani reflecting on the results
  • 26 Nov 2019
    Video - Technology fit for the future
  • 26 Nov 2019
    Video - Harnessing the power of data
  • 26 Nov 2019
    African Bank Annual Financial Results Presentation Voice Recording
  • 26 Nov 2019
    African Bank Annual Financial Results Presentation Transcript
  • 26 Nov 2019
    African Bank Holdings Limited Consolidated Annual Financial Statements 2019
  • 26 Nov 2019
    African Bank Limited Annual Financial Statements 2019
  • 26 Nov 2019
    IFRS9 Transition Report
  • 26 Nov 2019
    Annual Basel Pillar 3 disclosure
  • 26 Nov 2019
    African Bank Holdings Group King IV Disclosure 2019
  • 26 Nov 2019
    Capital Instruments
  • 28 May 2019
    African Bank Holdings Limited Results Presentation March 2019
  • 28 May 2019
    African Bank Holdings Limited Results Booklet March 2019
  • 28 May 2019
    African Bank Holdings Limited Consolidated Interim Financial Results March 2019
  • 28 May 2019
    African Bank Limited Interim Financial Statements March 2019
  • 28 May 2019
    African Bank Holdings And African Bank Limited Basel lll Pillar 3 Report March 2019
  • 28 May 2019
    African Bank Holdings Limited IFRS9 Transition Report March 2019
  • 28 May 2019
    African Bank Holdings Limited Live Recording Of Results Presentation March 2019
  • 28 May 2019
    Results Infographic March 2019
  • 28 May 2019
    MyWORLD MADE-TO-SHARE
  • 27 Nov 2018
    African Bank Holdings Limited Results summary video Sept 2018
  • 27 Nov 2018
    African Bank Holdings Limited Results Presentation Sept 2018
  • 27 Nov 2018
    African Bank Holdings Limited Annual Integrated Report Sept 2018
  • 27 Nov 2018
    African Bank Holdings Limited Consolidated Annual Financial Statement Sept 2018
  • 27 Nov 2018
    African Bank Limited Annual Financial Statements Sept 2018
  • 27 Nov 2018
    African Bank Holdings And African Bank Limited Basel lll Pillar 3 Report Sept 2018
  • 29 May 2018
    African Bank Holdings Limited Results summary video March 2018
  • 29 May 2018
    African Bank Holdings Limited Results presentation booklet March 2018
  • 29 May 2018
    African Bank Holdings Limited Unaudited consolidated condensed interim financial statements March 2018
  • 29 May 2018
    African Bank Holdings Limited Unaudited condensed interim financial statements March 2018
  • 29 May 2018
    African Bank Holdings Limited Interim financial results presentation transcript March 2018
  • 01 Dec 2017
    African Bank Holding Limited Integrated Report - December 2017
  • 01 Dec 2017
    African Bank Holdings and African Bank Limited Basel III Pillar 3 - December 2017
  • 01 Dec 2017
    African Bank Limited Audited Financial Statements - December 2017
  • 01 Dec 2017
    African Bank Holdings Limited Audited Consolidated Financial Statements - December 2017
  • 01 Dec 2017
    African Bank Limited Results Presentation - December 2017
  • 23 May 2017
    Results presentation podcast – 31 March 2017
  • 23 May 2017
    The real cost of credit
  • 23 May 2017
    African Bank Holdings Limited and African Bank Limited – Basel Pillar 3 Disclosures – 31 March 2017
  • 23 May 2017
    African Bank Limited - Interim Financial Statements – 31 March 2017
  • 23 May 2017
    African Bank Holdings Limited Consolidated Interim Financial Statements – 31 March 2017
  • 23 May 2017
    Investor presentation and results booklet - 31 March 2017
  • 29 Nov 2016
    African Bank Holdings Group - Integrated Report
  • 29 Nov 2016
    African Bank Holdings Limited - Consolidated AFS 2016
  • 29 Nov 2016
    African Bank Limited - AFS 2016
  • 29 Nov 2016
    African Bank Holdings Group - Results presentation
  • 29 Nov 2016
    Results presentation podcast - 2016
  • 28 Jun 2016
    New African Bank: Interim Financial Statements as at 31 March 2016
  • 04 Feb 2016
    African Bank (under curatorship) - Offer Information Memorandum