Unlisted African Bank, the hived-off "good bank" from the troubled microlender, swung back into profit for the six months to end-March. After paying off a goodwill impairment of R1.9bn, the group was able to report that profit for the period amounted to R315m from a loss of R1.7bn announced in 2016. The numbers were effectively for the period April 4 to September 30 2016, the group said in a statement on Tuesday. Earnings from insurance operations were R280m from R33m in 2016. Net customer advances balances was R19.7bn from R20.1bn while available cash balances, including surplus liquid assets, amounted to R11.7bn from R12.8bn. The group reported a core equity tier 1 capital adequacy ratio of 32%. CEO Brian Riley described the results as solid. "Credit risk remains firmly under control in the context of understandably muted new business volumes, due to the bank’s conservative approach to credit in a struggling economy and the impact of regulatory changes," he said. African Bank said...
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