African Bank’s triumphant swing into profit

African Bank, the “good bank” that was salvaged from the collapsed Abil group, reported after-tax profit of R786m for the year to end-September. That is from a loss of R1.6bn in the previous period.

African Bank has attributed the performance to an increase in earnings from its investment in insurance operations.

It has also cited the lack of a goodwill impairment, which was in place when operations commenced in April last year.

The bank’s outgoing CEO, Brian Riley, tells Business Day TV that despite the numbers coming off a low base, the results should satisfy all stakeholders.