Cape Town - The Development Bank of Southern Africa (DBSA) on Thursday reported a 149.9 percent hike in profit, from R572 million to R1.4 billion, for the six months to the end of September.
A statement from the development finance institution, that is owned by the government, said it had seen a net 13.4 percent growth in development bonds and loan book assets and a 10.4 percent increase in total assets since the end of March.
This came as it continued to implement the turnaround strategy that saw it return to profitability in the preceding financial year.
Cashflow from operations came in at R1.2 billion, compared with R980 million in the prvious corresponding period.
The National Treasury provided a capital injection of R1 billion during the period under review, up from R900 million during the corresponding period a year before, and the DBSA added a further injection of R2 billion was expected by next March.
The statement said: “Whilst the financial position of the bank remains strong, the DBSA expects strong growth in development assets to continue and should this be achieved, this will vastly improve the bank's developmental reach as it continues to play a leading role in taking forward national and continental development objectives in a financially sustainable manner.”
AFRICAN NEWS AGENCY