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African Bank, the “good bank” that was salvaged from the collapsed Abil group, reported after-tax profit of R786m for the year to end-September. That is from a loss of R1.6bn in the previous period.
African Bank has attributed the performance to an increase in earnings from its investment in insurance operations.
It has also cited the lack of a goodwill impairment, which was in place when operations commenced in April last year.
The bank’s outgoing CEO, Brian Riley, tells Business Day TV that despite the numbers coming off a low base, the results should satisfy all stakeholders.
African Bank’s outgoing CEO Brian Riley talks to Business Day TV about the company’s full-year results
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
African Bank’s triumphant swing into profit
African Bank, the “good bank” that was salvaged from the collapsed Abil group, reported after-tax profit of R786m for the year to end-September. That is from a loss of R1.6bn in the previous period.
African Bank has attributed the performance to an increase in earnings from its investment in insurance operations.
It has also cited the lack of a goodwill impairment, which was in place when operations commenced in April last year.
The bank’s outgoing CEO, Brian Riley, tells Business Day TV that despite the numbers coming off a low base, the results should satisfy all stakeholders.
African Bank’s outgoing CEO Brian Riley talks to Business Day TV about the company’s full-year results
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.