African Bank more than doubles profits after easing lending criteria

After implementing tougher criteria during Covid, group began normalising in February 2021

African Bank, the entity that arose from one of SA’s biggest banking collapses, says its profits more than doubled in its half-year to end-March after it eased tougher credit-granting criteria it implemented during the height of the Covid-19 pandemic.

Group profit rose 145% to R372m to end-March, African Bank reported on Tuesday, with gross loans and advancements up 11% to R30bn, which follows the gradual normalising of credit-granting criteria from February 2021...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

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