| Thu 22 Nov 2001, 0:00 | | African Bank Investments Limited - Annual Financia |
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Annual financial results for the 12 months ended 30 September 2001
Features
Headline earnings per share of 130,1 cents, up 6,7%
Maiden annual dividend of 25 cents per share declared
Turnaround in advances growth achieved
Improved credit management:
- Non-performing loans decrease to 7,4%
- Provisions and assurance reserves of 12,4%
- Bad debt write-offs reduce to 4,5%
- Insurance claims of 1,7%
Financial statistics
for the year ended 30 September
2001 2000 1999
Earnings and dividends
Headline earnings (Rm) 762,9 718,0 532,2
Attributable earnings (Rm) 751,1 723,2 527,3
Headline earnings per
share (cents) 130,1 121,9 96,7
Attributable earnings per
share (cents) 128,1 122,8 95,9
Dividends per share (cents) 25,0 - -
Dividend cover (times) 5,1 - -
Returns
Return on average equity (%)
(pre-goodwill write-off) 13,9 15,6 14,9
Return on average equity
(post-goodwill write-off) (%) 30,8 41,0 54,6
Return on average assets (%) 13,9 14,9 14,5
Non-interest income as %
of operating income 23,2 29,5 29,8
Assets
Total assets (Rm) 5 376 5 772 4 550
Net asset value per
share (cents) 410,9 420,8 222,7
Advances
Total gross advances (Rm) 4 669 4 633 3 672
Advances growth (%) 0,8 26,2 67,0
Provisions and insurance
reserves as % of advances 12,4 17,3 11,2
Credit losses as % of advances* 4,5 4,6 3,3
Non-performing advances to
total advances (%) 7,4 15,1 -
Risk-adjusted margin (%)+ 48,0 46,4 48,5
Productivity
Cost-to-income ratio (%) 42,5 31,3 26,6
Gearing ratio
Equity to assets - ABIL group (%) 39,3 45,4 26,9
Capital adequacy
- African Bank (%) 33,1 50,3 40,4
Funding costs (%) 13,3 15,8 18,6
Shares in issue (000)
- at period end 514 298 622 784 550 114
- weighted average 586 473 589 030 550 114
Taxation
Effective tax rate (%) 31,1 29,7 30,3
- Non-interest income: Income other than interest income: administration
fees and assurance income.
*Credit losses: Excluding credit losses relating to BOE (R74 million in 2000
and R44 million in 2001).
+Risk-adjusted margin: Interest income plus non-interest income less net
credit losses divided by total advances.
GROUP BALANCE SHEET
as at 30 September 2001
Audited Audited
2001 2000
R'000 % R'000
Assets
Fixed assets 179 509 85,7 96 660
Investment in associates 7 133 (75,2) 28 705
Goodwill 25 846 - -
Deferred tax asset 45 553 (8,9) 49 998
Net advances 4 242 681 6,6 3 979 766
Other assets 199 050 77,2 112 332
Taxation 21 490 2,9 20 888
Liquid assets 280 913 18,5 236 984
Short-term deposits and cash 373 504 (70,1) 1 246 979
Total assets 5 375 679 (6,9) 5 772 312
Equity and liabilities
Life fund 107 958 55,0 69 644
Loans and debentures 929 858 (27,5) 1 282 167
Deferred tax liability 12 282 (93,4) 186 875
Liabilities to depositors 1 305 815 103,2 642 688
Other liabilities 273 725 (10,9) 307 190
Taxation 400 022 223,5 123 647
Bank overdraft 49 267 48,1 33 258
Total liabilities 3 078 927 16,4 2 645 469
Capital and reserves
Ordinary shareholders' funds 2 054 511 (19,6) 2 555 851
Outside shareholders' funds 58 774 (9,1) 64 651
Secondary capital 183 467 (63,8) 506 341
Total capital and reserves 2 296 752 (26,6) 3 126 843
Total liabilities and equity 5 375 679 (6,9) 5 772 312
GROUP INCOME STATEMENT
for the year ended 30 September 2001
Audited Audited
2001 2000
R'000 % R'000
Revenue
Interest income 1 855 060 0,1 1 852 770
Interest expense (331 464) (24,8) (440 514)
Net interest 1 523 596 7,9 1 412 256
Charge for bad and
doubtful advances (6 063) (97,9) (289 479)
Net interest income
after provisions 1 517 533 35,2 1 122 777
Net assurance income 225 711 (34,9) 346 637
Non-interest income 234 036 (7,3) 252 349
Income from operations 1 977 280 14,8 1 721 763
Operating costs (843 060) 32,9 (634 360)
Net income from operations 1 134 220 4,3 1 087 403
Share of associate
companies' attributable
income 3 614 (77,6) 16 147
Net income before
taxation 1 137 834 3,1 1 103 550
Indirect taxation:
Value-added tax (31 183) 2,9 (30 304)
Taxation (342 509) 9,2 (313 605)
Net income after taxation 764 142 0,6 759 641
Minority interest (13 074) (64,1) (36 457)
Net income for the year 751 068 3,9 723 184
Adjustments:
- Net goodwill amortised 3 224 -
- Profit on disposal of
- investment in associate - (5 143)
- Retrenchment provisions 8 573 -
Headline earnings 762 865 6,2 718 041
Weighted number of shares 586 473 (0,4) 589 030
Headline earnings per
share (cents) 130,1 6,7 121,9
Earning per share (cents) 128,1 4,3 122,8
Dividends per share (cents)
- interim 10,0 - -
- final 15,0 - -
CHANGES IN SHAREHOLDERS' FUNDS
for the year ended 30 September 2001
Audited Audited
2001 2000
R'000 % R'000
Shareholders' funds at
beginning of year 2 555 851 115,4 1 186 508
Movement in share
capital and premium (949 541) (246,7) 647 447
Share buyback and
cancellation of own
equity (949 541) -
Share capital and premium
received on allotment
and issue of shares - 986 893
Write-off of goodwill on
acquisition of subsidiaries - (339 446)
Movement in reserves 448 201 (37,9) 721 896
Net income for the year 751 068 723 184
Release of discount
arising from acquisition
of subsidiaries
and investments (19 554) (1 288)
Acquisition of ABIL
shares by group company (233 596) -
Interim dividend paid (49 717) -
Shareholders' funds at
end of year 2 054 511 (19,6) 2 555 851
GROUP CASH FLOW STATEMENT
for the year ended 30 September 2001
Audited Audited
2001 2000
R'000 % R'000
Cash generated from
Operations 952 080 (31,8) 1 396 020
Increase in income-
earning assets (114 157) (87,2) (892 194)
Increase in deposits,
liabilities and
other provisions (79 628) (70,5) (269 552)
Normal taxation paid (227 611) 40,0 (162 541)
Cash outflow from
investing activities (183 549) 29,8 (141 363)
Cash (outflow)/inflow
from financing
activities* (1 236 619) (257,8) 783 448
Net (decrease)/increase
in cash and cash
equivalents (889 484) (224,6) 713 818
Cash and cash equivalents
at beginning of year 1 213 721 142,8 499 903
Cash and cash
equivalents at
end of year 324 237 (73,3) 1 213 721
* Included in this figure is an outflow of R953 722, which relates to the
share buyback of ABIL's equity.
SEGMENTAL REPORT
Ordinary Ordinary
shareholders' shareholders'
equity equity
Total Total (excluding (excluding
assets assets minorities) minorities)
2001 2000 2001 2000
R'000 R'000 R'000 R'000
African Bank 4 523 595 4 566 498 1 255 246 1 850 083
Stangen 1 130 910 832 394 727 451 538 178
African Bank
and Stangen 5 654 505 5 398 892 1 982 697 2 388 261
Theta Investments 1 045 702 722 766 295 397 134 562
Other and
Consolidation (1 324 528) (349 346) (223 583) 33 028
5 375 679 5 772 312 2 054 511 2 555 851
Net profit Net profit
attributable attributable Return on Return on
to ordinary to ordinary equity per equity per
shareholders shareholders segment segment
2001* 2000 2001+ 2000+
R'000 R'000 % %
African Bank 424 487 353 189 27 24
Stangen 206 356 261 669 35 97
African Bank
and Stangen 630 843 614 858 29 36
Theta Investments 124 540 104 356 68 169
Other and consolidation (4 315) 3 970 - -
751 068 723 184 31 41
*In 2001's net attributable income, R19,3 million and R17,1 million has been
reallocated from the consolidation line to African Bank and Stangen
respectively. These amounts relate to the reversal of African Bank's
rebranding cost provided for at a group level and reversal of the writedown
of the ABIL treasury shares held by Stangen.
+For 2001 and 2000 the return on equity per segment is calculated by using
monthly and annual weightings of equity respectively.
Commentary
Overview
Headline earnings for the year ended 30 September 2001 was R762,9 million
(2000: R718,0 million), representing an increase of 6,2%. Headline earnings
per share (HEPS) for 2001 was 130,1 cents (2000:121,9 cents), an increase of
6,7%.
The group bought back 20,2% of its shares in June 2001 for R1 100 million,
which had the effect of reducing earnings by approximately R20 million, and
enhancing EPS by 4,2 cents.
Return on equity (ROE) for 2001 was 30,8% compared to 41,0% for the prior
year. If the buy-back had occurred at the beginning of the year it would
have boosted ROE to 42,7% for the year.
Return on assets (ROA) was 13,9% from 14,9% in 2000. The group follows a
policy of carrying excess capital in low-yielding money market assets. If
the buy-back had been effective for the full period under review, ROA would
have been 15,1% for the year.
In difficult trading conditions during the past year, these results
vindicate the group's decision not to stray from its focus on its core
business of providing unsecured credit.
The underlying positive drivers of performance for the group during 2001
were:
- growth in the retail and corporate payroll advances at African Bank, which
offset the decline in the Persal loan book, and have contributed to a more
diversified, stable and profitable loan book;
- more effective credit management at African Bank which reduced bad debt
write-offs and provisions; and
- organic growth in the loan books of Theta Investments' subsidiaries, which
increased the profit contribution from this part of the ABIL group.
Performance overall was negatively affected by increased costs.
As a result of the first two drivers above, African Bank increased its
attributable earnings by 20,2% to R424,5 million. Restructuring during the
year has improved the responsiveness of the business to client needs; while
cost cutting implemented post year-end will be felt in 2002.
Offsetting this picture somewhat, group assurer Stangen saw attributable
earnings decline by 21,1% for the full year to R206,4 million as a result of
lower sales. However, results in the second half of the year improved
compared with the first half mainly as the result of lower claims and
increasing sales. In addition, Stangen changed the way it treats insurance
on longer-term loans, specifically Persal consolidation loans. The company
generally issues single premium policies payable at inception of the policy.
As a market first and to assist clients, the product has been changed for
longer-term loans: a portion of the premium is collected up front and the
remainder on a monthly basis over the life of the policy. This reduces the
total collectable by decreasing interest charges.
The group has adopted a conservative dividend policy of maintaining a five
times dividend cover. In terms of this policy, a maiden annual dividend of
25 cents per share has been declared.
1. Growth in the retail and corporate payroll advances
1.1 Portfolio growth
As predicted at the end of financial 2000, advances decreased in the first
part of the year and then resumed growth in the third quarter, closing
marginally up on the year at R4 669 million.
At African Bank, the outstanding advances declined by 7%, largely as a
result of the more than
R1 300 million reduction in the Persal book in this period. However, this
effectively masked the growth of R582 million in the retail portfolio and
the R456 million growth in the corporate payroll business. The Standard Bank
joint venture also started performing in line with expectations. The
corporate payroll portfolio has overtaken Persal during the year as the
largest book in the African Bank loan portfolio. At a group level, the
Persal portfolio currently represents 21,1% of advances, as compared to
47,8% in the prior financial period. This underlines the extent to which the
group has developed a more diversified and hence sustainable long-term
lending model during 2001.
Theta Investments grew its advances strongly to R872 million as compared to
R438 million last year. Included in this, Theta achieved significant growth
in the SMME sector with loans exceeding
R200 million.
During the year, African Bank in particular focused its efforts on a
smaller, shorter-term loan offering to its customer base to reduce risk and
enhance profitability. In the latter part of the financial year, turnover
was marginally aided by the Persal consolidation process. The principal debt
for so-called "consolidation Persal advances" to the end of September 2001
amounted to R155 million, boosting the Persal portfolio of loans to R987
million.
Gross advances and average balances for the various portfolios for the 2001
financial year were as follows:
Gross advances as at 30 September 2001
% Number Average
growth of active balance
year on September March September loans per loan
Advances in R'000 year 2001 2001 2000 2001 2001
African Bank
Limited (7) 3 726 587 3 612 085 4 023 859 851 001 4 443
Government (Persal)
- historic# (63) 783 953 1 421 554 2 106 798 269 234 2 912
- consolidated# 100 154 983 - 10 220 15 165
Parastatals and
Post Office# (44) 211 034 286 859 376 495 60 445 3 491
Transitional local
councils (TLCs)# (25) 188 306 182 970 250 724 35 148 5 358
Private sector
corporate# 37 1 703 977 1 314 123 1 248 161 246 061 6 925
Retail/debit
order 1 406 623 382 384 860 41 390 196 905 3 166
Standard Bank
joint
venture (53%) 20 846 60 952 21 719 291 32 988 3 486
SAFRICH (59) 69 709 132 329 170 917 22 756 3 063
Persal# (55) 47 891 77 588 107 219 14 156 3 383
Corporate# (66) 21 818 54 741 63 698 8 600 2 537
Theta
Investments 99+ 872 335 584 074 437 995 431 576 2 021
Credit Indemnity 55 195 811 159 827 126 103 169 169 1 157
Miners Credit
Guarantee@ 192 241 341 99 639 82 778 172 162 1 402
Gilt Edged
Management
Services 54 225 882 164 850 146 784 89 897 2 513
African
Contractor
Finance 159 206 941 157 401 79 881 348 594 658
Quatro (4) 2 360 2 357 2 449 - -
Total 1 4 668 631 4 328 488 4 632 771 1 305 333 3 618
Government
(Persal) (55) 986 827 1 499 142 2 214 017 293 610 3 361
Payroll
business 20 2 592 358 2 103 182 2 168 640 612 313 4 234
Retail/debit order
business 425 880 145 566 406 167 784 399 062 2 341
SMME business 154 209 301 159 758 82 330 348 594 658
1 4 668 631 4 328 488 4 632 771 1 305 333 3 618
# These represent personal loans to the individuals employed in these
sectors and not advances to these institutions.
@ The accounting practice for the MCG portfolio was changed after March
2001. The portfolio of joint ventures was previously equity accounted and is
now proportionally consolidated.
+ After adjusting for the change in the MCG portfolio, the Theta
portfolio grew by 77%.
All loans with zero balances have been removed from the loans register
at the end of 2001. This reduced the total number of loans on the loans
register by 683 308.
1.2 Portfolio underwriting margin
Rather than seeking advances growth for its own sake, the group focuses on
managing the risk-adjusted portfolio yield, defined as the overall margin on
the advances portfolio less net credit losses. This is the main ratio
reflecting efficiency in assuming and managing credit risk.
The risk-adjusted margin on the advances book indicates that, while the
gross yield (being interest, insurance and fees) achieved on the book has
declined over the past few years as expected, the risk-adjusted yield has
remained constant. In addition, as the major component of gross yield, the
interest yield generated on the products sold in the group has reduced by
only 1,7% since September 2000.
While the credit loss charge has come down to historically low levels in
2001 as a result of factors explained below, it is anticipated that there
will be an increase in the next financial year. Any resultant contraction in
the risk adjusted yield will be countered by steps taken to reduce costs, as
well as the expected increases in new higher yielding business income.
2. More effective credit management
One of the major focuses of the past year was the achievement of greater
collection efficiencies on the arrears book and, as a result, income
statement charges for bad and doubtful advances have substantially reduced
during the year to R6,1 million (2000: 289,5 million). The movements in
provisions, write-offs and recoveries which have generated this number are
shown in the table below.
Charge for bad and doubtful debt
Specific
provision
and General
R'000 Total write-offs provision
African Bank (64 398) (172) (64 226)
Persal (176 214) (102 091) (74 123)
Private sector and retail 111 816 101 919 9 897
Theta Investments 108 151 100 050 8 101
Safrich 21 164 22 413 (1 249)
Other 86 987 77 637 9 350
Total charge 43 753 99 878 (56 125)
Bad debt recoveries (37 690)
Charge per income statement 6 063
Balance of provisions
at year-end 425 950 273 375 152 575
The major contributors to the charge for bad and doubtful debt in the income
statement, by portfolio, include:
- Persal provisions reduced by a total of R176,2 million. This was made up
of a reduction of R102 million in specific provisions as the loans were
uploaded onto the Persal system and became performing again; and an
automatic reduction in general provisions of R51,4 million as a result of
the natural run-off of the Persal book during the year. A further R22,7
million of general provisions was released by reducing general provisions
for this portfolio from 5% to 2,5%, as a result of lower risk on this book
arising from the new comprehensive agreement reached with government. At
year-end, provisions and insurance reserves on Persal loans stand at 9,2%.
- More effective collection methodologies employed by the bank in relation
to corporate payroll arrangements, and debit order recoveries on client bank
accounts, limited the charge for bad and doubtful debts for the remaining
African Bank book to R111,8 million. This process also increased operating
costs due to the higher processing and transaction costs.
- The charge for bad and doubtful debt in the Theta Investments group of
companies, including Safrich, was R108 million, increasing total provisions
from 10,8% of book in financial 2000 to 12,1% in 2001.
Most importantly, actual credit losses have declined over time and have
settled at around 4,5% of average gross advances, excluding the BOE-book for
which the group received payment in 2000 to take on the risk (6,2% including
the BOE-book).
The group has always been conservative in its provisioning policies because
of its exposure to the unsecured lending market. It has historically created
general provisions equivalent to its anticipated write-offs as well as
creating specific provisions on all accounts in arrears of a non-technical
nature. However, experience has shown that actual write-offs are far less
than the specific provisions. In addition, non-performing loans (NPLs) as a
percentage of portfolio have reduced at a more rapid rate than provisions:
from 15,1% in September 2000 to 7,4% in September 2001, which is disclosed
for the first time in these results. While there is comfort in having excess
provisions, it is also inefficient.
The group has therefore decided to move to a more dynamic method of
provisioning, replacing the current static model. The result of this is that
the level of general provisions in African Bank has been reduced from 5% to
3% on the non-Persal payroll portfolios, and on the retail portfolios, from
8% to 4%. These provisions will continue to be adjusted depending on the
actual risk experience and will become more aligned with banking sector
norms over time.
With total provisions including assurance reserves of 12,4%, the group is
satisfied that it is not only adequately covered against all foreseeable
risks, but also has a sufficient buffer for the unknown.
3. Theta growth and segmental analysis
Theta Investments' operating subsidiaries also experienced a year of strong
organic growth, with attributable earnings 19,3% higher at R124,5 million
based on larger loan portfolio growth as discussed above. The best
performing subsidiaries were Miners Credit Guarantee and Credit Indemnity
which are now sizeable businesses in their own right. In addition, in line
with the purpose of Theta, which is to incubate new profitable lending
models, investments were made in new ventures during the year; and focus has
been given to growing existing entitities that have not yet reached scale,
in particular African Contractor Finance.
Operational efficiency
The group cost-to-income ratio has increased to 42,5% in 2001 due both to
lower turnover on a largely fixed cost base and increased cost pressures.
The cost-to-income ratio has risen annually from 26,6% in 1999, which is
partly to be expected as the business has evolved into a more complex multi-
product, multi-channel, more leveraged brand-driven credit facilitator. In
addition, the share buy-back has also meant the bank is more highly
leveraged hence lowering net interest income, which also affects the cost-to-
income ratio negatively. Notwithstanding these factors, operational
efficiency is the one major area where the group has consistently not met
its desired targets during the past two years.
The largest portion of group expenditure is from African Bank, where
operating expenses increased by 25% from R504 million (2000) to R632 million
(2001). The reasons for this significant increase in costs were almost
exclusively related to the changing business model and projects undertaken
to create the foundation for growth in future years. These included:
- The expansion and revamp of the existing footprint totalled R25 million.
This expansion and revamp will continue in the coming year, albeit at a
slower rate;
- Changing the sales force from a partial external broker model to an
exclusive in-house model, which provides greater control over the behaviour
and service ethic of the sales force. This generated R9 million in
additional costs;
- The new retail model is costlier to maintain. Additional costs include
credit bureau charges for credit scoring, bank charges for debit order
deductions, charges for collections, and a greater number of retail
collection agents, amongst others. Operating costs related to these
activities totalled R40 million. Although these costs will remain going
forward, scale benefits are expected to reduce the impact in future;
- Additional, once-off IT costs added R25 million to costs in relation to
the previous year.
Excluding these items, the balance of costs increased by 5% over the year.
A low cost base is a major competitive advantage in an environment of
increased competition. African Bank, therefore, announced a major cost-
cutting exercise in October 2001, linked to the restructuring and re-
engineering of its business model. The first phase of the restructuring is
now complete, which has resulted in a staff reduction of approximately 253
(12% of total staff complement). A restructuring provision of
R12,2 million (pre-tax) was made in 2001.
Increasing sales revenue together with the continuing re-engineering of the
business model in the 2002 year should result in a reduction in the cost-to-
income ratio from current levels.
FUNDING AND Capital adequacy
The equity-to-assets ratio for the ABIL group was 39,3% and the capital
adequacy for African Bank was 33,1% at 30 September 2001. The group
envisages bringing these ratios down to 25% for ABIL and 20% for African
Bank respectively over the medium term.
The group undertook to focus on its capital structure to enhance returns on
equity, as a result of which it implemented a specific share buy-back and
has begun to restructure its capital. Subsequent to year-end, a corporate
bond of R1 billion was issued to reduce the cost of funding. The bond forms
part of a R3,5 billion Domestic Medium-Term Note Programme launched by
African Bank, which ensures that long-term funding requirements can be met.
Employment equity
African Bank is making strides towards its goal of having a truly
representative workforce. Specific progress has been made over the past year
in diversifying its management team, where the percentage of the previously-
disadvantaged individuals-group increased from 7,7% in 2000 to 25% in 2001.
Strate
The dematerialisation period applicable to ABIL commenced on 24 September
2001 with trading for electronic settlement on 15 October 2001 after which
no paper scrip will be accepted for settlement of trades. We urge
shareholders to dematerialise their shares as soon as possible.
Looking ahead
The events of the past year have proven, yet again, that in uncertain
economic conditions, profitable business growth is achieved by maintaining a
disciplined focus on the core credit competency. The result of this focus
will continue to be seen in 2002 in the form of smaller loan sizes, shorter
loan terms and vigorous arrears management.
We believe the operational achievements, coupled with the strategic
decisions taken during the past two financial years, have prepared the
business for a new cycle of sustainable growth in the coming years.
Going forward, challenges and focus areas for the coming year will be:
- further entrenchment of the group's market leadership in the unsecured
lending sector
- reduction in the overall level of costs
- continued attention to credit control
in order to accelerate earnings per share growth and further enhance return
on equity.
Notwithstanding the present macro-economic uncertainty, ABIL continues to
view the next year with cautious optimism.
Accounting policies
The accounting policies adopted for purposes of this annual report comply,
in all material respects, with South African Statements of Generally
Accepted Accounting Practice as well as with applicable legislation. They
are consistent with the prior period, except for the group's accounting
policy for goodwill. This has been changed for the current financial year,
to amortise the net goodwill amount over its estimated useful life. Goodwill
was previously written off against share premium.
Declaration of dividend
On 21 November 2001, the board of directors proposed and approved a final
dividend No 2, of 15 cents per ordinary share.
Salient dates
Last day to trade cum-dividend Friday, 7 December 2001
Shares commence trading ex-dividend Monday, 10 December 2001
Record date (last day to register) Friday, 14 December 2001
Payment of dividend Tuesday, 18 December 2001
Share certificates may not be dematerialised or rematerialised between
Monday, 3 December 2001 and Friday, 14 December 2001, both days inclusive.
On behalf of the board
Ashley Mabogoane Gordon Schachat Leon Kirkinis
Chairman Executive Deputy Chairman Chief Executive Officer
21 November 2001
board of directors
Executive directors: L Kirkinis (Chief Executive Officer), G Schachat
(Executive Deputy Chairman)
Non-executive directors: A S Mabogoane (Chairman), N Adams, J J Kekane, S A
Levitt, B J T Shongwe, R J Symmonds,
D F G Thembe (Mozambique)
Group secretary
G Davias
Registered office
59 16th Road
Midrand, 1685
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Company registration number: 1946/021193/06)
Share code: ABL ISIN code: ZAE000030060
Share transfer secretaries
Mercantile Registrars Limited
11 Diagonal Street, Johannesburg, 2001
PO Box 1053, Johannesburg, 2000
This announcement, together with a financial presentation, is available on
the African Bank Investment Limited website at: http://www.africanbank.co.za
www.africanbank.co.za
