South Africa’s biggest mass-market lender, Abil, increased headline earnings per share for the year to end-September by 20%, and said on Monday it was confident of reaching its financial goals in the current financial year.
African Bank Investments Limited (Abil) said headline EPS — the key profit measure which excludes non-trading, capital and certain extraordinary items — was 268,4 cents while headline earnings rose 20% to R1,334-billion.
Abil said full-year sales increased 31% while the charge for bad debt increased by R217-million of 8,9% of average advances.
The company said it was confident of reaching its financial goals in the current 2008 financial year.
”We will continue to use the high return on equity currently being achieved to strengthen our competitive position and growth prospects through further risk discovery and price reductions to our clients,” Abil said. – Reuters