Surge in bad loans forces African Bank to cut lending

Lender African Bank will be managing credit more prudently after a surge in Covid-related bad loans weighed on the bank’s profit, the company said on Wednesday.

CEO Basani Maluleke, who was speaking to Business Day after releasing the company’s interim results to the end of March, said the bank was prioritising managing credit and liquidity, adding that it had already started to curtail lending in 2019 in anticipation of the economic downturn.

Source: Loan Digest (loandigest.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Economic carnage forecast as virus cases surge in US, Latin AmericaThe IMF said that many countries will face a recession more than double that which they suffered during the global financial crisis in 2008-2009.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

US facing 'critical' coronavirus surgeCoronavirus infections are surging across large parts of the United States, the top US infectious disease expert has warned, as the death toll in Latin America passed 100,000.
Source: TimesLIVE - 🏆 28. / 59 Read more »

Global shares down as surge in Covid-19 cases scares investorsThe EU is prepared to bar US travellers because of the surge of cases in the country, as European stocks fall but Asian stocks are up
Source: BDliveSA - 🏆 12. / 63 Read more »

Standard Bank is helping Africa chart a green energy pathThe bank is committed to the shift to a low-carbon economy
Source: BDliveSA - 🏆 12. / 63 Read more »

Standard Bank is helping Africa chart a green energy pathThe bank is committed to the shift to a low-carbon economy
Source: BDliveSA - 🏆 12. / 63 Read more »

Emergency Budget : SA debt levels to surge, but Tito Mboweni vows to ‘close the mouth of the hippopotamus’South Africa’s debt levels will surge during 2020 as the economy contracts over 7% in the face of the Covid-19 pandemic, said Finance Minister Tito Mboweni in his supplemental Budget speech on Wednesday, 24 June. But he vowed to avoid a sovereign debt crisis, which he pointedly warned was looming on the horizon.
Source: dailymaverick - 🏆 3. / 84 Read more »