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

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our mailing list

* indicates required

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


Recommended

by NEWSROOM AI
Read More
How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

The businesses that boomed and went bust on Business Unusual

The businesses that boomed and went bust on Business Unusual

Predictions, products and personalities featured in "Business Unusual" in the last three years.

Hits from the bong (it’s legal!)… then off to work I go?

Hits from the bong (it’s legal!)… then off to work I go?

The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The Money Show’s Bruce Whitfield interviews Mahlatsi Mahlase of the South African National Editors Forum (Sanef).

Solutionist Thinking: In Conversation with FirstRand's founders

Solutionist Thinking: In Conversation with FirstRand's founders

In the bonus episode of Solutionist Thinking with RMB, Bruce Whitfield speaks the founders of FirstRand, GT Ferreira, Laurie Dippenaar and Paul Harris.

Meet the brave Basani Maluleke, CEO at 'new and improved' African Bank

Meet the brave Basani Maluleke, CEO at 'new and improved' African Bank

Bruce Whitfield interviews Maluleke – the first black woman to lead a South African bank.

Popular articles
'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

'Some weed plants with high levels of chemicals have been linked to psychosis'

'Some weed plants with high levels of chemicals have been linked to psychosis'

Naked Scientist, Chris Smith shares his insights on some of the risks associated with smoking marijuana.

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

Charity loses R39k event deposit after previous Ritz Hotel management goes awol

The Ritz Hotel is under new management and the money paid to previous management has still not been refunded.

DStv Premium on a downward spiral, warns tech guru

DStv Premium on a downward spiral, warns tech guru

DStv has lost about 140 000 Premium subscribers to Netflix over the past two years, tech expert Arthur Goldstuck.

Heinrich Volmink could've been a good mayor but Dan Plato gets the livery collar

Heinrich Volmink could've been a good mayor but Dan Plato gets the livery collar

Prof Jonathan Jansen sings Volmink's praises as Dan Plato is elected to lead the City of Cape Town taking over from De Lille.

Standard Bank's Ian Sinton implicates two cabinet ministers in state capture

Standard Bank's Ian Sinton implicates two cabinet ministers in state capture

Standard Bank’s head of compliance Ian Sinton told the commission two ministers bullied the bank not to close Gupta's accounts.

Key things to consider ahead of your retirement

Key things to consider ahead of your retirement

If you’re a baby boomer on the brink of retirement, here are a few things to consider ahead of time.