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August 29, 2015 10:03 PM ET

Banks

Company Overview of African Bank Limited

Company Overview

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

Midrand,  1685

South Africa

Founded in 1975

Phone:

27 11 256 9000

Fax:

27 11 256 9306

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
Age: 55
Head of Treasury
Company Secretary
Company Secretary
Head of Treasury Finance and Admin
Compensation as of Fiscal Year 2015.

African Bank Limited Key Developments

African Bank Limited Announces Resignation of Leeanne Goliath as Company Secretary with Effect from August 31, 2015

On 31 July 2015 Ms. Leeanne Goliath resigned as company secretary to African Bank Limited with effect from August 31, 2015.

African Bank Limited Announces Earnings Results for the Six Months Ended March 31, 2015; Announces Restatement of Earnings Results for the Six Months Ended March 31, 2014

African Bank Limited announced earnings results for the six months ended March 31, 2015. The loss for the six months decreased by 53% from the prior period to ZAR 2,787 million compared with ZAR 5,892 million a year ago. Earnings were negatively impacted by a declining advances book as a result of lower monthly disbursements and the pay down of loans which decreased income from operations by 20% from the prior period to ZAR 6,216 million. The company announced restatement of earnings results for the six months ended March 31, 2014. The loss for the six months to March 31, 2014 has now been restated to ZAR 5,892 million compared to a previously reported loss of ZAR 2,716 million. Restated income from operations was ZAR 7,729 million.

African Bank Limited Reports Audited Earnings Results for the Year Ended September 30, 2014; Restates Earnings Results for Fiscal 2013; Provides Earnings Guidance for the Six Months Ended 31 March 2015

African Bank Limited reported audited earnings results for the year ended September 30, 2014. The loss for the year increased by 58% from the prior period to ZAR 9,299 million compared to ZAR 5,901 million restated for the same period last year. The loss for financial year 2013, was restated to ZAR 5,901 million compared to a previously reported loss of ZAR 4,535 million. The Bank expects to report a loss for the six months ended 31 March 2015, between ZAR 2.3 billion and ZAR 2.8 billion.

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