JOHANNESBURG - Postbank has said its reported loss is not the full story.
The state-owned bank made a loss of R5.2-million in the year that ended in March.
But it said that it would have made a R42-million profit before tax if it were not for a significant interest charge from SARS.
Postbank has submitted a request for a R2.4-billion bailout from Treasury to help it transition to a fully licensed commercial bank.
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Currently it takes deposits and is tasked with processing social grants for millions of recipients.
But it wants to expand these services.
Government has long said that Postbank is its tool to offer simple, affordable services to customers in underserved communities.