Financial reporting

African Bank Holdings Limited and African Bank Limited interim financial results for the six -months ended 31 March 2022, as published on 24 May 2022

MILESTONES FOR THE SIX MONTHS ENDING 31 MARCH 2022

  • Group profits up 145% to R372 million (H1 21: R152 million)
  • Retail disbursements outperforming FY19 pre-Covid-19 levels
  • Growing balance sheet with a strong available cash resources of R4.8 billion
  • High equity capital levels of R11.5 billion, resulting in a total group capital adequacy ratio of 45.8%
  • Rated number 1 retail bank for customer satisfaction in March 2022 South African Customer Satisfaction Index (SA-csi)

CUSTOMER ADVANCES

  • Gross advances R30 billion; 11% higher than a year ago
  • Provisioning coverage adequate at 33.7%
  • Robust new retail loans disbursed growing at 89% to R6 351 million in the six months
  • Inaugural corporate loan of R1.5 billion advanced to strategic partner
  • Improved credit loss ratio of 4.6%, from 6.1% a year ago.

EARNINGS

  • Group profit after tax of R372 million (H1 21: R152 million)
  • Resulting in positive 6.6% return on equity for the period (H1 21: 2.9%)

RETAIL SAVINGS AND MyWORLD TRANSACTIONAL BANKING

  • Steady retail savings deposit book growth of 27% to R10 957 million
  • MyWORLD transactional accounts steadily increasing to 967 000 opened accounts (H1 21: 558 000), of which 512 000 (H1 21: 290 000) are funded accounts, a growth of 76% year on year.
  • Transactional volumes rising to 14.5 million, representing R19.6 billion in value in current period.

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