African Bank adds over 500,000 new accounts
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Kennedy Bungane - African Bank CEO Talks about Banking group African Bank has published its full-year results for the 12 months ending September 2022, reporting a jump in profitability as it continues to expand its transactional base and eyes a big move into the business banking space.
The African Bank Group reported a net profit after tax of R736 million for the year ended 30 September 2022 (FY21: R534 million profit). The Group’s return on equity was a resultant positive 6.4% (FY21: positive 4.9%).
According to African Bank, a number of key factors have contributed to the group’s strong position, including loan disbursements exceeding pre-Covid levels, stable credit impairments, and the effective containment of operating costs.
However, one of the most encouraging aspects of the business is the growth in its transactional MyWORLD and credit card accounts and transactions.
The group recorded a total of 1,253,000 MyWORLD accounts have been opened to date, up 69% from 741,000 accounts in 2021. Of these accounts, 712,000 are funded accounts, a growth of 79%, year-on-year.
“As a result, there has also been a marked increase in MyWORLD transactions, with 35 million recorded in the current reporting period for a transactional value of R45 billion, up from R25 billion,” it said.
The African Bank Group reported a net profit after tax of R736 million for the year ended 30 September 2022 (FY21: R534 million profit). The Group’s return on equity was a resultant positive 6.4% (FY21: positive 4.9%).
According to African Bank, a number of key factors have contributed to the group’s strong position, including loan disbursements exceeding pre-Covid levels, stable credit impairments, and the effective containment of operating costs.
However, one of the most encouraging aspects of the business is the growth in its transactional MyWORLD and credit card accounts and transactions.
The group recorded a total of 1,253,000 MyWORLD accounts have been opened to date, up 69% from 741,000 accounts in 2021. Of these accounts, 712,000 are funded accounts, a growth of 79%, year-on-year.
“As a result, there has also been a marked increase in MyWORLD transactions, with 35 million recorded in the current reporting period for a transactional value of R45 billion, up from R25 billion,” it said.
