African Bank swings into loss as SA’s economy deteriorates


African Bank Holdings, which announced the surprise departure of CEO Basani Maluleke on Monday, has reported a loss in its year to end-September 2020 as Covid-19 hit SA’s economy and the creditworthiness of its customers.

SA’s sixth-largest retail bank by customers said on Tuesday it has not given up on growth and was stepping up its focus on digital banking to grow customers in the wake of the pandemic, even though the struggling economy forced it to tighten lending criteria more than once in 2020...

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