African Bank profit surges by 29%

African Bank CEO Basani Maluleke. Picture: Radio 702.

(Also read: Meet the brave Basani Maluleke, CEO at 'new and improved' African Bank)

We’ve definitely grown… and we’re investing for growth.

Basani Maluleke, African Bank

African Bank Group on Tuesday reported an increase of 29% (to R1.453 billion) in operating profit for the year ending on 30 September 2018.

The bank’s credit impairment ratio improved from 12.7% to 11.7%.

African Bank's savings and investment portfolio increased by 225% to R1.111 billion.

The bank has R8.2 billion in cash, providing liquidity to cover maturing liabilities of R5.9 billion for the period to 30 September 2019.

The Money Show’s Bruce Whitfield interviewed Basani Maluleke, CEO at African Bank.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

It is somewhat more complex [to take deposits]… It’s a very competitive space…

Basani Maluleke, African Bank

We’re looking to integrate into the bond market… but we have a lot of cash, so we’re not under pressure to enter into the bond market…

Basani Maluleke, African Bank

We are writing better quality loans… We’re lending responsibly…

Basani Maluleke, African Bank

We designed a value proposition around transactional banking… We will launch in the first half of next year…

Basani Maluleke, African Bank

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