African Bank profits up

This translates into headline earnings of 291 cents a share compared with 235,1-cents a share last year. The return on equity for the group was 18,4% and its profits were up from R78 million in 2010 to R494 million this year.

A final preference dividend per share of 310 cents was declared, bringing the full year preference dividend to 620 cents a share. However, the group warned that the subdued economic environment is likely to continue next year.

For more:

• Business Day: African Bank reports 24% earnings increase
  
• Africa Bank Investments Limited: African Bank Investor Relations.