Surge in bad loans forces African Bank to cut lending
Lender will be more prudent under the weight of Covid-19, says CEO Basani Maluleke
24 June 2020 - 20:32
Lender African Bank will be managing credit more prudently after a surge in Covid-related bad loans weighed on the bank’s profit, the company said on Wednesday.
CEO Basani Maluleke, who was speaking to Business Day after releasing the company’s interim results to the end of March, said the bank was prioritising managing credit and liquidity, adding that it had already started to curtail lending in 2019 in anticipation of the economic downturn...
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