Losses at Failed African Bank Narrow as Impairments Plunge
- Collections stabilize as loan disbursements increase
- Losses ease as collapsed bank brought back on its feet
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Residual Debt Services Ltd., which took on assets of failed African Bank Investments Ltd., said losses narrowed during the fiscal first half as impairment charges declined.
The company’s loss eased to 646 million rand ($43 million) in the six months through March compared with 2.8 billion rand a year earlier, the Johannesburg-based lender said in a statement on Thursday. The credit impairment charge declined to 1.5 billion rand from 5.4 billion rand, it said by e-mail.