July 10, 2014 4:50 AM ET

Banks

Company Overview of African Bank Limited

Company Overview

African Bank Limited provides various financial services in South Africa. The company offers savings and investments products, such as fixed deposits, notice deposits, regular investment products, and fixed income products. It also offers unsecured long-term and short-term personal loans for housing, education, and debt consolidation purposes, as well as credit cards, funeral plans, vehicle finance, and credit life insurance products. African Bank Limited was incorporated in 1975 and is headquartered in Midrand, South Africa. African Bank Limited is a subsidiary of African Bank Investments Limited.

59, 16th Road

Midrand,  1685

South Africa

Founded in 1975

Phone:

27 11 256 9000

Fax:

27 11 256 9306

Key Executives for African Bank Limited

Chief Executive Officer
Age: 54
Group Chief Financial Officer
Age: 54
Head of Treasury
Company Secretary
Company Secretary
Compensation as of Fiscal Year 2014.

African Bank Limited Key Developments

African Bank Limited Declares an Interim Gross Cash Preference Share with Payment Date on 17 June 2014; Reports Unaudited Consolidated Earnings Results for the Six Months Ended March 31, 2014

African Bank Limited has declared an interim gross cash preference share dividend of 349 cents per share (296.65 cents net of dividend withholding tax) compared to 322 cents paid in the same period a year ago. A dividend withholding tax of 15% will be applicable to all shareholders who are not exempt from the tax. Last date to trade cum-dividend is 6 June 2014 and shares commence trading ex-dividend is on 9 June 2014. Record date is 13 June 2014 and dividend payment date is on 17 June 2014. The company reported unaudited consolidated earnings results for the six months ended March 31, 2014. For the period, sale of merchandise was BRL 1,968 million against BRL 2,324 million a year ago. Income from operations was BRL 10,937 million against BRL 9,379 million a year ago. Loss from operations was BRL 2,635 million. Loss before taxation was BRL 2,635 million. Loss for the period was BRL 1,899 million. Basic loss attributable to ordinary shareholders was BRL 4,381 million against basic earnings attributable to ordinary shareholders of BRL 602 million a year ago. Basic loss per share was 337.6 cents against basic earnings per share of 62.1 cents a year ago. Headline loss was BRL 3,123 million against headline earnings of BRL 604 million a year ago. Headline loss per share was 240.7 cents. Cash outflow from operating activities was BRL 625 million against BRL 3,800 million a year ago. Acquisition of property and equipment was BRL 101 million against BRL 170 million a year ago. Acquisition of intangible assets was BRL 25 million against BRL 15 million a year ago. Net asset value per share attributable to ordinary shareholders was decreased by 62% to 635 cents. Return on equity of negative 54.6% against positive of 9.1% a year ago.

African Bank Investments Limited and African Bank Limited Announce Resignation of Antonio Fourie and Thamsanqua Sokutu as Executive Directors, Effective from February 6, 2014

African Bank Investments Limited announced Resignation of Antonio (Toni) Fourie and Thamsanqua (Tami) Sokutu as executive directors, effective from February 6, 2014. Toni subsequently served his notice in early November 2013, indicating his intention to leave the group, subject to further discussions. These discussions have concluded and Toni has confirmed his decision to resign. Tami has been and remains on an extended leave of absence since September 2013 due to health reasons and is making a steady recovery. Tami retires by rotation as an executive director of the ABIL and African Bank boards. Tami has indicated his intention to step down and leave the group so as to focus on his well being and accordingly will not make himself available for re-election at the AGM.

African Bank Limited Declares Final Gross Cash Dividend on Ordinary and Preference Share, payable on December 9, 2013

The board of directors of African Bank Limited has declared a final gross cash dividend of 5 cents per ordinary share (4.25 cents net of dividend withholding tax) for the 12 months to September 30, 2013. The group has also declared a final gross cash preference share dividend of 308 cents per share (261.80 cents net of dividend withholding tax), resulting in a total dividend for the year ended September 30, 2013 of 630 cents per share compared to 668 cents in 2012. Ex dividend date is December 2, 2013, record date is December 6, 2013 and the payment date is December 9, 2013 for both the dividends.

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