ABL - African Bank Investments Limited - Voluntary Sales Update
ABL ABLP
ABL
ABL - African Bank Investments Limited - Voluntary Sales Update
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
("ABIL" or "the group")
VOLUNTARY SALES UPDATE
ABIL indicated in its annual results announcement for the twelve months to
September 2010 that it had achieved a significant increase in credit sales in
the second half of the 2010 financial year, which represented growth of 33% over
the prior year`s comparable period. This growth was achieved largely on the back
of various new product initiatives and a reinvigorated distribution network, and
was amplified by the relatively low base of 2009.
In order to provide investors with timely insights into operational performance
trends, the group would like to confirm that the accelerating sales momentum has
been sustained into the new financial year. While some seasonal growth is to be
expected over the traditional peak trading period, group credit sales for
October 2010 and November 2010 increased by some 60% over the prior year`s
comparable period. The growth in credit sales has been driven largely by a
significant increase in application volumes, including strong growth in new
clients.
Investors should note that this sales data is not in itself an indicator of
group profitability, and has not been reviewed or reported on by ABIL`s external
auditors.
Further details for the quarter ended December 2010 will be provided on the 7th
of February 2011, when the group is scheduled to release its first quarter
trading update.
Midrand
3 December 2010
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 03/12/2010 10:57:01 Produced by the JSE SENS Department.
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