Nov. 7 (Bloomberg) -- African Bank Investments Ltd., South Africa's largest provider of unsecured loans, fell the most in three weeks in Johannesburg trading after fiscal full-year profit fell more than analysts had estimated.

The bank slid 6 percent to 23.50 rand, its steepest decline since Oct. 16.

Earnings per share in the 12 months through Sept. 30 fell 21 percent after an accounting charge for the sale of a stake to black investors, Johannesburg-based African Bank said in a statement today. That exceeded the 10 percent decline predicted by eight analysts surveyed by Bloomberg.

In August, the lender issued new shares to black investors as part of a government-led plan to boost black ownership and reverse apartheid-era discrimination. That resulted in an accounting charge of 291 million rand, African Bank said. The inclusion of furniture retailer Ellerine Holdings Ltd., which African Bank bought in January, further diluted per share earnings, it added.

The company will release a full earnings report Nov. 24.

To contact the reporter on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net

Last Updated: November 7, 2008 13:10 EST