African Bank, the entity that has risen from the ashes of one of SA’s biggest banking collapses, says it had “another successful six-month period” to end-March as deposits surged.
Retail customer deposits rose to R1.5bn from R680m a year before, and the net customer advances balance lifted to R19.2bn from R19bn. The bank’s credit impairment charge for the period fell to R970m from R1.7bn a year before. However, profit fell to R69m from R77m. Last week, African Bank launched a zero-monthly fee account, signalling its entry in the fee war that is shaking up the industry.
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