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.
Financial Results
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