Company Overview of African Bank Limited
African Bank Limited provides various financial services in South Africa. The company offers savings and investments products, such as fixed deposits, notice deposits, regular investment products, and fixed income products. It also offers unsecured long-term and short-term personal loans for housing, education, and debt consolidation purposes, as well as credit cards, funeral plans, vehicle finance, and credit life insurance products. African Bank Limited was incorporated in 1975 and is headquartered in Midrand, South Africa. African Bank Limited is a subsidiary of African Bank Investments Limited.
59, 16th Road
Founded in 1975
Key Executives for African Bank Limited
Managing Director, Group Chief Financial Officer, Executive Director, Group Financial Director of African Bank Investments and Executive Director of African Bank Investments Ltd
Head of Treasury Finance and Admin
Compensation as of Fiscal Year 2014.
African Bank Limited Key Developments
African Bank To Acquire Standard General Insurance From African Bank Investments
Aug 14 14
African Bank Limited is planning to acquire The Standard General Insurance Company Limited from African Bank Investments Limited (JSE:ABL), curator Tom Winterboer says. It is envisaged at the moment that Standard General Insurance will be bought by African Bank Limited.
African Bank Limited Announces Executive Changes
Aug 6 14
The Board of African Bank Investments Limited announced that Leon Kirkinis, the Group Chief Executive Officer, managing director of African Bank and one of the founders of ABIL has resigned with immediate effect after 23 years in the business. The Board has appointed Nithia Nalliah (the Group Chief Financial Officer) to the position of managing director of African Bank with immediate effect. Nithia joined ABIL in 2006 as the chief financial officer and the Board is confident that he has the experience and ability to steer ABIL through these trying times pending the appointment of a permanent Chief Executive Officer and Managing Director. Nithia will continue to occupy the position of the Group Chief Financial Officer pending further appointments.
African Bank Limited Declares an Interim Gross Cash Preference Share with Payment Date on 17 June 2014; Reports Unaudited Consolidated Earnings Results for the Six Months Ended March 31, 2014
May 19 14
African Bank Limited has declared an interim gross cash preference share dividend of 349 cents per share (296.65 cents net of dividend withholding tax) compared to 322 cents paid in the same period a year ago. A dividend withholding tax of 15% will be applicable to all shareholders who are not exempt from the tax. Last date to trade cum-dividend is 6 June 2014 and shares commence trading ex-dividend is on 9 June 2014. Record date is 13 June 2014 and dividend payment date is on 17 June 2014.
The company reported unaudited consolidated earnings results for the six months ended March 31, 2014. For the period, sale of merchandise was BRL 1,968 million against BRL 2,324 million a year ago. Income from operations was BRL 10,937 million against BRL 9,379 million a year ago. Loss from operations was BRL 2,635 million. Loss before taxation was BRL 2,635 million. Loss for the period was BRL 1,899 million. Basic loss attributable to ordinary shareholders was BRL 4,381 million against basic earnings attributable to ordinary shareholders of BRL 602 million a year ago. Basic loss per share was 337.6 cents against basic earnings per share of 62.1 cents a year ago. Headline loss was BRL 3,123 million against headline earnings of BRL 604 million a year ago. Headline loss per share was 240.7 cents. Cash outflow from operating activities was BRL 625 million against BRL 3,800 million a year ago. Acquisition of property and equipment was BRL 101 million against BRL 170 million a year ago. Acquisition of intangible assets was BRL 25 million against BRL 15 million a year ago. Net asset value per share attributable to ordinary shareholders was decreased by 62% to 635 cents. Return on equity of negative 54.6% against positive of 9.1% a year ago.
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