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African Bank profits up

22 Nov 2011

Business Day says that African Bank Investments (Abil) has reported a 24% increase in headline earnings to almost R2,34 billion for the year to September, up from R1,89 billion for the same period last year.

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.

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