Bidvest shows profits of R848-million

Bidvest Bank has increased its operating profit to R848-million after a strong performance, expansion and a more diversified range of income-producing activities.

Alan Salomon, managing director of the bank says that it will focus on organic growth for the group and provide a range of new products and services for its corporate and leisure clients.

Bidvest had abandoned plans to buy Mercantile Bank after it was rebuffed by state-owned Portuguese company Caixa Geral de Depositos, which owns 92% of Mercantile. Bidvest offered Mercantile 35,5 cents a share to acquire it.

Bidvest Bank's profits before tax rose by 165% for the year to June, reaching R389-million and its total assets moved up by five percent to R3,6-billion. It reported a nine percent growth in its loans, advances and leased assets book to R2,4-billion for the year.

Its capital adequacy ratio is 16,5%.

Salomon says that the bank is one of the largest corporate vehicle and asset leasing businesses in South Africa and remains a leading foreign exchange specialist.

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View Bidvest Bank's Annual Results.