Land Bank of South Africa Full-Year Profit Drops 12%; Unpaid Loans Improve

South Africa’s Land Bank said fiscal full-year profit fell 12 percent.

Net income in the 12 months ended March 31 declined to 192.6 million rand compared with 219.7 million rand a year earlier, the Pretoria-based state lender said in a statement distributed in Johannesburg today. Non-performing loans as a percentage of total credit improved to 13 percent from 23 percent a year earlier, it said.

The Land Bank’s capital adequacy levels rose to 42 percent from 21 percent a year ago.

To contact the reporter on this story: Nasreen Seria in Johannesburg at nseria@bloomberg.net

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