African Bank swings into loss as SA’s economy deteriorates
26 January 2021 - 09:12
UPDATED 26 January 2021 - 10:59
African Bank Holdings, which announced the surprise departure of CEO Basani Maluleke on Monday, has reported a loss in its year to end-September 2020 as Covid-19 hit SA’s economy and the creditworthiness of its customers.
SA’s sixth-largest retail bank by customers said on Tuesday it has not given up on growth and is stepping up its focus on digital banking to grow customers in the wake of the pandemic, even though the struggling economy forced it to tighten lending criteria more than once in 2020...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.