African Bank, back from the brink, releases not-too-shabby financial results

African Bank CEO Basani Maluleke. Picture: Radio 702.

For a bank that was on the brink of disaster less than four years ago, African Bank is starting to achieve decent results.

(Also read: Meet the brave Basani Maluleke, CEO at 'new and improved' African Bank)

The bank on Tuesday reported an operating profit before tax of R123 million for the six months to 31 March 2018.

This is up from R83 million for the corresponding period in 2017.

Profit increased to R77 million from R53 million in 2017.

The Money Show’s Bruce Whitfield interviewed African Bank CEO Basani Maluleke.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

There’s been an increase in the net income of our customers…

Basani Maluleke, African Bank

88% of loans are dispersed to ‘low risk’ customers… We’re starting to appeal to a different market.

Basani Maluleke, African Bank

33% of customers coming into the bank are new.

Basani Maluleke, African Bank

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This article first appeared on 702 : African Bank, back from the brink, releases not-too-shabby financial results


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