The tough economic climate has led to an increase in credit impairments at African Bank.
African Bank says the tough economic climate has led to an increase in credit impairment charges.
However, the group, which primarily caters for the lower-income segment, said that its credit impairments had a serious negative effect on the group’s financials. The consumer banking division was the area of concern, with the division’s credit loss ratio totalling an elevated 13.6%.retail consumers are suffering the most from the poor economic climate due to high food prices and fuel inflationHowever, the group’s business banking division, which includes Grindrod Bank advances book following acquisition, loans are secured and performing well, with a credit loss ratio of 0.3%.
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