The South African bank African Bank on Thursday, May 27, published its financial results for the year ended March 2021. The establishment recorded a net loss after tax of 135 million rand (9.6 million USD) against a loss of 358 million rand (25.6 million USD) in the same period of the past year.
The bank said the situation is attributable to the coronavirus health crisis, which has had devastating effects on the country’s economy. The South African economy, she points out, continues to be negatively affected by the consequences of the first and second waves of the pandemic and the strict national lockdown measures that were implemented in 2020.
In addition, African Bank unveiled its main indicators during the period under review. Thus, retail customer deposits, including transactional bank balances, reached R8,622 million ($ 618 million) in the first quarter compared to R3,819 million ($ 273.5 million) in the first three months of the year. year 2020.
Regarding the total solvency ratio, it stood at 42.7% in the first quarter of 2021 against 36.6% in the same period of 2020. For its part, total net income (including insurance income) fell 12% year over year, from 3.03 billion rand (215 million USD) to 66 billion rand (4.7 billion USD).
Newly appointed CEO Kennedy Bungane said in the second quarter of 2021, the senior management team will adopt new strategies to put the bank on a good growth path.
