African Bank posts loss after R614m Covid-19 profit hit
The group has made provisions for higher credit impairments as well as for higher future insurance claims
24 June 2020 - 10:30
African Bank Holdings, the entity that arose from one of SA’s biggest banking collapses, slipped into a loss in its half year to end-March, after making adjustments for Covid-19 that hit group after-tax profit by R614m.
The group's subsidiary, African Bank, reported a net loss after tax of R311m, from profit of R69m previously, as it braces for the deteriorating creditworthiness of its customer base as a result of Covid-19..
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