African Bank reports R27m full-year loss

An African Bank branch. AFP/Wikus de Wet

JOHANNESBURG - African Bank has reported a full-year loss of R27-million after an improved performance in the second half of the year.

The bank said it suffered an increase in credit impairments and earned less money from insurance during the period.

African Bank's results come a day after its chief executive officer, Basani Maluleke, announced her resignation.

READ: African Bank to retrench staff

The bank recorded a R1,2-billion profit in the previous year.

The pandemic impacted insurance returns, with COVID-19 related claims up by 27-percent.

The bank also assisted customers with various debt-relief measures.

Source
eNCA

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