Land Bank posts R2.8bn loss as AG blasts management
Land Bank sneaks through horrible results as the auditor-general warns of insufficient audit evidence for reported credit losses
31 December 2020 - 15:31
UPDATED 10 January 2021 - 15:23
The beleaguered Land Bank snuck through a horrible set of results shortly after the market closed early at 12pm on New Year’s Eve, revealing an annual total comprehensive loss of more than R2.8bn for the year ended March 31 2020, while non-performing loans almost doubled to 18.1% of total gross loans.
The loss widened 211% from the R902m restated loss it posted the previous fiscal year, while cash reserves plummeted almost 94% to R700m, down from R3.2bn the prior year, according to results posted on its website on Thursday...
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