Financial reporting

African Bank Holdings Limited and African Bank Limited interim results for 31 March 2020, as published on 24 June 2020

MILESTONES FOR THE HALF YEAR

  • Robust balance sheet with a strong liquidity profile and high available cash resources of R5.4 billion
  • High equity capital levels of R10.5 billion, resulting in a total group capital adequacy ratio of 40.1% (post Covid-19)
  • Retail deposit growth of 158% year-on-year to R3.8 billion deposit book
  • 10% increase in the number of unique customers over the past 6 months
  • Opened over 258 000 MyWORLD accounts to date
  • Rated #1 in customer service in the 2019 independent South African Customer Satisfaction Index (SA-csi) 

CUSTOMER ADVANCES

  • Gross advances R30 billion – up 3% year-on-year
  • Provisioning coverage increased to 36.4% post Covid-19 specific adjustments
  • New loans disbursed down 25% year-on year due to conservative credit granting resulting from weakening macroeconomic environment

EARNINGS

  • Group loss after tax of R111 million post Covid-19 adjustments
  • Pre Covid-19 group profit after tax of R503 million, down 6%
  • Covid-19 specific charges totaling R853 million processed in the group, reducing after tax profits by R614 million

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