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Abil slumps after profit warning

Johannesburg - Shares of African Bank Investments tumble nearly 4 percent to 10.69 rand, after the mass-market lender warns first-half profit is likely to fall sharply on rising bad loans.

Abil, which saw its profit drop nearly 90 percent last year and was forced to raise 5.5 billion rand in new capital to shore up its balance sheet, has been hit by souring debts as its core market of low-income borrowers grapple with inflation and a weak economy.

Its shares are down 12 percent this year after losing half their value last year. - Reuters

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