African Bank said on Tuesday it had had another successful six-month period to March 31.

JOHANNESBURG - African Bank said on Tuesday it had had another successful six-month period to March 31, during which it invested in new initiatives, allowing it to diversify its business.

In its interim results, African Bank noted that it had launched its transactional banking proposition MyWORLD, signaling a new phase in the bank’s growth. 

"Retail deposit customers continue to show trust in the bank, as evidenced by the significant increase in savings and investments deposits," it said.

"The cost of credit risk continues to decrease, while new credit disbursements have increased against a backdrop of stricter credit underwriting criteria."

It said this was also testament to the increased efficiencies between the bank’s distribution network and the alignment of its marketing campaigns.

African Bank reported retail customer deposits of R1.489 billion during the six months to March, up from R680 million during the same period last year.

Profit for the period however dipped to R69 million from R77 million.

African Bank is a 100 percent subsidiary of African Bank Holdings Limited, an unlisted, registered bank controlling company whose shares are privately held by the South African Reserve Bank, the Government Employees Pension Fund, Absa Group Limited, Capitec Bank Limited, FirstRand Bank Limited, Investec Bank Limited, Nedbank Limited and The Standard Bank of South Africa Limited.

- African News Agency (ANA)