| Mon 20 May 2002, 0:00 | | African Bank Investments Limited - Interim financi |
|
months ended 31 March 2002 and Cautionary Announcement
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)
Interim financial results for the six months ended 31 March 2002 and
Cautionary Announcement
Features
- Headline earnings per share of 59,2 cents, down 2,8%
- Advances up 10,6%
- Gross margins up from 48,2% to 51,2%
- Cost-to-income ratio down from 44,3% to 40,8% in six months
- Charge to provisions of R283,2 million
- Interim dividend up by 20% to 12 cents
- R914 million in cash and unused facilities as at 31 March 2002
- R425 million new loan facility from the International Finance Corporation
GROUP BALANCE SHEET
Audited
31 March % 31 March 30 September
R`000 2002 change 2001 2001
Assets
Fixed assets 178 311 71 104 363 179 509
Investments 8 360 (92) 104 125 7 133
in associates
Goodwill 19 552 1 399 1 304 25 846
Deferred tax 33 636 (33) 50 131 45 553
asset
Net advances 4 297 112 12 3 825 203 4 242 681
Other assets 209 735 43 146 324 199 050
Taxation 21 737 4 20 888 21 490
Liquid assets 311 562 82 171 402 280 913
Short-term 585 599 (55) 1 312 978 373 504
deposits and
cash
Total assets 5 665 604 (1) 5 736 718 5 375 679
Equity and
liabilities
Life fund 136 578 134 58 251 107 958
reserve
Structured 1 923 623 98 970 385 929 858
loans and
debentures
Deferred tax 18 941 (90) 182 547 12 282
liability
Liabilities 741 089 14 648 832 1 305 815
to depositors
Other 255 472 7 239 829 273 725
liabilities
Taxation 36 987 (68) 117 012 400 022
Bank 20 871 (34) 31 847 49 267
overdraft
Total 3 133 561 39 2 248 703 3 078 927
liabilities
Capital and
reserves
Ordinary 2 285 190 (22) 2 927 083 2 054 511
shareholders`
funds
Outside 61 498 13 54 458 58 774
shareholders`
funds
Secondary 185 355 (63) 506 474 183 467
capital
Total capital 2 532 043 (27) 3 488 015 2 296 752
and reserves
Total 5 665 604 (1) 5 736 718 5 375 679
liabilities
and equity
Shares in 497 156 622 784 514 298
issue
Net asset 472,0 478,7 410,9
value per
share (cents)
STATEMENT OF CHANGES IN EQUITY
Non-
distrib- Distrib-
Share Share utable utable Treasury
R`000 capital premium reserves reserves shares Total
Balance at
30 September 12 858 - 81 713 2 193 536 (233 596) 2 054511
2001
Dividends (74 574) (74 574)
paid
Cancellation
of treasury
shares held (429) (150 197) 150 626 -
by
subsidiary
Employee
share trust
shares
issued to 17 211 17 211
employees
(cost)
Loss
incurred on
group
employees
acquiring
ABIL
share trust (4 289) (4 289)
shares
Net income
for the
six-month 292 331 292 331
period
Balance at
31 March 12 429 - 81 713 2 261 096 (70 048) 2 285
2002 190
GROUP INCOME STATEMENT
Audited
6 months 6 months 6 months to 12 months to
to to
31 March 31 March 30 September 30 September
R`000 2002 2001 2001 2001
Revenue
Interest 971 430 898 625 956 435 1 855 060
income
Interest (184 345) (174 654) (156 810) (331 464)
expense
Net interest 787 085 723 971 799 625 1 523 596
Charge for (283 230) 15 292 (21 355) (6 063)
bad and
doubtful
advances
Net interest 503 855 739 263 778 270 1 517 533
income after
provisions
Net 117 364 85 372 140 339 225 711
assurance
income
Non-interest 173 598 83 506 150 530 234 036
income
Income from 794 817 908 141 1 069 139 1 977 280
operations
Operating (439 888) (359 829) (483 231) (843 060)
costs
Net income 354 929 548 312 585 908 1 134 220
from
operations
Share of 1 581 14 222 (10 608) 3 614
associate
companies`
retained
income
Net income 356 510 562 534 575 300 1 137 834
before
taxation
Indirect (16 500) (13 173) (18 010) (31 183)
taxation:
value added
tax
Taxation (44 955) (161 380) (181 129) (342 509)
Net income 295 055 387 981 376 161 764 142
after
taxation
Minority (2 724) (8 502) (4 572) (13 074)
interest
Net income
attributable
to
ordinary 292 331 379 479 371 589 751 068
shareholders
Adjustments:
Net goodwill 5 462 - 3 224 3 224
amortised
Retrenchment (8 573) - 8 573 8 573
provisions
Headline 289 220 379 479 383 386 762 865
earnings
Weighted 488 498 622 784 554 026 586 473
number of
shares in
issue (000)
Headline 59,2 60,9 69,2 130,1
earnings per
share
(cents)
Basic 59,8 60,9 67,1 128,1
earnings per
share
(cents)
Fully
diluted
earnings per
share note 1 60,5 65,9 126,4
(cents)
Dividends
per share
(cents)
- Interim 12,0 10,0 10,0
- Final 15,0 15,0
Note 1: No dilutary effect as the share options were priced out of the money
as at 31 March 2002.
CASH FLOW STATEMENT
6 months to 6 months to 6 months to
31 March 30 September 31 March
R`000 2002 2001 2001
Cash generated from 539 249 407 078 545 014
operations
(Increase)/decrease (235 278) (299 510) 185 341
in income-earning
assets
Increase/(decrease)
in deposits,
liabilities and (587 326) 293 238 (372 866)
other provisions
Normal taxation (394 523) (69 946) (157 665)
paid
Cash outflow from (19 979) (51 135) (132 414)
investing
activities
Cash (61 652) (49 301) -
(outflow)/inflow
from financing
activities
Share buyback 0 (1 187 318) 0
ABIL bond issue 1 000 000 0 0
Net
(decrease)/increase
in cash
and cash 240 491 (956 894) 67 410
equivalents
Cash and cash 324 237 1 281 131 1 213 721
equivalents at
beginning of period
Cash and cash 564 728 324 237 1 281 131
equivalents at end
of period
Short-term deposits 585 599 373 504 1 312 978
and cash
Bank overdraft (20 871) (49 267) (31 847)
Commentary
Overview
Headline earnings for interim 2002 were 59,2 cents per share (2001: 60,9
cents) or R289,2 million (2001: R379,5 million). The headline earnings for
the two periods are not directly comparable due to the impact that the R1,1
billion share buy-back and R1 billion ABL1 bond issue had on interest income
and interest expense. An interim dividend of 12 cents per share has been
declared (2001: 10 cents).
Comparatives are for the six month period ending 31 March 2001 unless
otherwise stated.
The underlying positive drivers of performance for the group during the
first six months of financial 2002 were:
- a 20,7% growth in income on the back of growth in turnover, increased
interest margins and a change in the portfolio mix of the advances book
- operating costs for the group being 9,0% or R43,3 million lower than the
comparable figure for the six months to September 2001
- a change to the tax treatment of reserves within Stangen, which resulted
in a R74,4 million reduction in the charge
- a R77,4 million (pre-tax) reduction in general provisions as part of the
group`s move to more dynamic provisioning and efficient balance sheet
structure.
The group`s performance for the period was negatively impacted by:
- developments in the micro lending industry over the past six months, which
had the effect of disproportionately increasing the charge for specific
provisions to R379,2 million. Most of these developments were brought to
investors` attention in the quarterly trading update for the quarter ended
31 December 2001 (the December update)
- a retrenchment provision of R8,6 million (post-tax) which was raised in
2001 and affected headline earnings in this reporting period
- a R15,7 million STC provision for the cancellation of shares in the buy-
back transaction.
Return on equity and assets
Return on equity (ROE) post-goodwill write-off was 28,0% (2001: 28,0%). The
ROE pre-goodwill write-off was 13,7% (2001: 13,4%). The group followed a
policy of maintaining a high level of capital and ensured that the duration
of its liabilities exceeded that of its assets. This proved to be an
effective strategy, given the recent sentiment towards A2 banks.
Return on assets (ROA) reduced to 10,4% as a result of increased gearing and
provisioning (2001: 13,5%). ROE and ROA should increase in the second half
of 2002, given historic trends.
Segmental analysis
The banking unit
Stangen is fully dependent on African Bank for its infrastructure,
distribution network, and premium income generation, the costs and the
credit risk of which is carried by African Bank. The profitability of the
business model is best measured by treating the two businesses as a single
profit pool (the banking unit).
Attributable earnings for the banking unit were down 24,9% to R245,2 million
(2001: R326,7 million), with the main contributors to this reduction being
the buy-back and the R193,5 million charge for provisions and bad debts
(2001: (R45) million).
Other income and insurance income increased by 79,9%, on the back of a 42,4%
increase in turnover from R769,3 million to R1 095,6 million. Turnover in
the half year to March 2001 was adversely affected by the termination of the
Persal facilities. Credit life claims in Stangen reduced from R53,7 million
to R41,1 million.
The cost-to-income ratio reduced from 39,5% in March 2001 and 47,2% in
September 2001, to the current 38,0%.
The unit gained from reductions in the tax charge in Stangen and in general
provisions during the past six months. It was negatively affected by the STC-
charge on the cancellation of the shares that were bought back.
Theta Investments
Theta Investments` attributable earnings were 5,9% higher at R56,0 million
(2001: R52,9 million). Turnover increased by 130,8% benefiting, amongst
others, from the substantially increased distribution footprint of Credit
Indemnity (CI), the change in product mix at Miners Credit Guarantee (MCG)
and the incorporation of African Contractor Finance Corporation (ACFC) into
Theta Investments from April 2001. Interest income increased by 62,9% to
R319,1 million on the back of the increase in turnover.
Other income increased by 17,5%. Interest expense increased by 50,5% to
R45,3 million on the back of a higher funding requirement. Costs increased
by R53 million and bad debt charges by R60 million.
CI and MCG recorded growth in after tax profits compared to March 2001 of
56,2% and 21,9% respectively. ACFC had a difficult six months as costs and
NPLs escalated as a result of certain troublesome projects. Accordingly,
growth in its assets will be subdued for the remainder of the year.
The future of Gilt Edged Management Services (GEMS) as a stand-alone
business model is presently being evaluated. It is contemplated that a part
of its book might be integrated into African Bank. A decision in this regard
will be made in the near future.
Gross advances analysis
In the light of the systemic changes that occurred in the micro finance
sector over this period, advances grew by 10,6% in the 12 months to March
2002.
The composition of the advances book has changed substantially over the
period. Persal now constitutes 18,0% of the book (2001: 34,8%), corporate
payroll business 53,0% (2001: 48,8%), retail debit order business 24,3%
(2001: 12,6%) and SMME 4,7% (2001: 3,7%).
At African Bank, the Persal advances continued to reduce in line with
expectations. Corporate payroll advances remain the largest portfolio and
grew by 24,8% over the 12-month period. Retail advances grew by 121% off a
low base and at the same time, margins in this portfolio were increased. The
group`s share of the Standard Bank joint venture advances reached R99
million.
The Safrich advances continue to be successfully wound down.
Theta Investments increased its portfolio by 53,3%, mainly as a result of CI
and MCG. The advances growth in Theta Investments has started to taper off
as its largest subsidiaries attain critical mass.
GROSS ADVANCES ANALYSIS as at 31 March 2002
%
growth
for
the
12 Number Average Average
months of
ended active balance term
loans
March March September March at at at
March March March
Advances in 2002 2002 2001 2001 2002 2002 20024
R`000
african bank 6,4 3843441 3 726 587 3612085 890009 4 318 20
limited
Government
(Persal)
- historic (51,9) 684 057 938 9363 1421554 202603 3 376 -
Government
(Persal)
- - 180 853 147 1113 - 14 231 12 708 44
consolidated
Parastatals (33,9) 189 739 211 034 286 859 55 345 3 428 25
and post
office
Transitional
local
Councils 8,6 198 714 188 306 182 970 36 725 5 411 30
Private 24,8 1639822 1 5568663 1314123 267655 6 127 29
sector,
corporate
Retail/debit 121,1 851 048 623 382 384 860 245597 3 465 17
order
Standard
Bank
Joint 356,8 99 208 60 952 21 719 67 853 2 759 16
venture
(53%)
SAFRICH (81,8) 24 096 69 709 132 329 14 639 1 646 5
Persal (87,8) 9 454 47 891 77 588
Corporate (73,3) 14 642 21 818 54 741
THETA 52,32 995068 872 335 562 130 446652
INVESTMENTS
Credit 67,6 231125 195 811 137 883 193159 1 197 4
Indemnity
Miners 53,92 293440 241 341 996392 185576 1 581 12
Credit
Guarantee
Gilt Edged 46,6 241695 225 882 164 850 67 517 3 580 20
Management
Services
African 43,6 226033 206 941 157 401 400 565 083 7
Contractor
Finance
Quatro 17,7 2 775 2 360 2 357 n/a n/a n/a
TOTAL 10,62 4 862 4 668 631 4306544 1351300
605
Government (41,7) 874 364 1 133 938 1499142
(Persal)
Payroll 17,52 2578052 2 445 247 2103182
business
Retail/debit 117,0 1181381 880 145 544 462
order
business
SMME 43,2 228 808 209 301 159 758
business
TOTAL 10,62 4862605 4 668 631 4306544
Note 1: The splits above represent personal loans to the individuals
employed in these sectors and not advances to these institutions.
Note 2: The accounting practice for the MCG portfolio was changed after
March 2001 from the equity accounting to the proportional consolidation of
joint ventures. This had the effect of increasing the March 2001 advances
amount by R91,1 million. The effect of MCG consolidation was reversed in the
calculation of the percentage increase from March 2001 to March 2002.
Note 3: The September figures have been adjusted to reverse an amount that
was incorrectly categorised. The effects of the change are illustrated
below:
September 2001: As disclosed in the Restated per note 3
AFS
Government (Persal) 783 953 938 936
- Historic
Government (Persal) 154 983 147 111
- Consolidated
Private sector, 1 703 977 1 556 866
corporate
2 642 913 2 642 913
Note 4: Average term written in six months to March 2002.
Advances growth for the group will remain controlled during the remainder of
the year, with some pick up expected in the last quarter of the financial
year.
Portfolio underwriting margin
The group focuses on managing the risk-adjusted yield, being the overall
margin on the advances portfolio less net credit losses, as the main ratio
reflecting underwriting efficiency. All ratios are as a percentage of
average advances balances.
As anticipated, the overall margin on the advances book (being interest,
insurance and fees), increased in the past six months as a result of non-
interest and assurance income and an interest yield of 39,4%, compared to
38,0%. Funding costs rose from 7,2% to 7,7%. The risk-adjusted yield during
this period was influenced by the increase in the charge for provisions and
bad debts and accordingly decreased from 48,0% to 39,3%.
The interest yield should increase further during the next six months as the
existing book runs down and the rate increases impact on more of the
portfolio. Operating expenses will continue to come down for the year. The
impact of the bad debt charge is expected to decrease as the charge
normalises. The risk-adjusted yield is therefore expected to improve over
the remainder of the year.
Provisions, non-performing loans (NPLs) and credit losses
Income statement charges for bad and doubtful advances were R283,2 million
for the past six months. The group indicated at the end of its previous
financial year that it believed NPLs and provisions to be at historically
low levels and expected that these would increase in 2002.
1. Credit quality - African Bank
Provisions at Afican Bank grew from 8,4% to 10,8% since September 2001. The
developments that impacted on the charge for provisions and bad debts
beyond what was originally anticipated were:
The unexpected sustained level of cancellations on Persal
These cancellations are contrary to the agreement with government and the
borrowers involved, and are also partly a consequence of the predatory
activities of debt mediators and administrators. The cancellations are of
particular concern to the group, given that provisions were reduced by R176
million in September 2001 after the long-awaited uploading of previously
cancelled deductions on Persal. NPLs on the Persal portfolio increased by
R95 million in the past six months as a result of the cancellations.
Government is in the process of implementing various actions which is
providing better control over the cancellations.
Steps taken by the bank have already had the effect of reducing the number
of cancellations during the second quarter of the reporting period. Given
that in most cases, these borrowers are still in the employ of the state,
the recoverability of these debts is expected to be high. The group believes
that the high recoverability, together with actions brought against the
borrowers, administrators and mediators, should be successful in reducing
the risk during the latter part of the year.
Predatory activities
The group believes that the growth in these activities can be attributed to
three main causes:
- Extensive illegal charges being levied by operators, making it lucrative
to focus on the business of luring borrowers under false pretences to choose
administration as an easy way out of a debt squeeze
- The demise of Saambou/UniFer, in terms of unemployed broker networks
seeking new business opportunities
- The absence of an effective, all-encompassing database of credit
obligations, has contributed to the overextension of credit to certain
segments of the market. The National Loans Register should come into effect
on 1 July 2002, and will have a positive impact in this regard.
The outstanding balance of loans under administration (before write-offs) at
African Bank increased from R153 million as at 28 February 2001 to R317
million at 31 March 2002. The group has implemented action plans to deal
with these practices, which range from awareness programmes, to upgrading
its collections processes to specifically cater for these practices, to
investigation and prosecution of these perpetrators. It is confident that
the actions put in place have already had an impact. These strategies will
gather momentum over the next reporting period.
The maturing of the retail portfolios
The retail portfolio has begun to mature and loss expectations are above
what was originally anticipated, but within pricing tolerances. Credit
policy has accordingly been tightened on this portfolio in areas where
mispriced losses are incurred. The effect of this has been to slow the
growth in this portfolio during this reporting period.
Decentralisation
The decentralisation within African Bank, of corporate payroll arrears
management to the regions in October 2001, has had the effect of reducing
the level of specific provisions from R49,8 million in September 2001 to
R31,2 million in March 2002, a reduction of 59,6%.
2. Credit quality - Theta Investments
Provisions at Theta Investments grew from 11,5% to 14,8%, on the back of
increases in arrears. CI experienced an increase in administration orders
and pockets of overextension of credit. ACFC`s provisioning policy has been
changed to raise provisions earlier, so as to reflect the complexities of
this business model. At MCG, arrears grew as employees moved between mines
and their deductions were not transferred. The problem has now been
addressed on the Teba payroll system and NPLs will reduce.
The impact of these developments on ABIL was an increase in provisions from
9,1% in September 2001 to 11,6%. This level is in line with that of March
2001 (11,2%), and within the range indicated in the December update of 11%
to 13%. As a result of these issues, NPLs increased to 14,8% in March 2002
(2001: 11,9%).
Bad debt write-offs were also impacted upon and increased from 4,6% in March
2001 to 6,7%. The write-offs are in line with the previously indicated range
of 5,5% to 7,5%.
Provisions should remain within the stated range for the rest of the year.
Given the pipeline and the time lag of the corrective actions described
above, NPLs may increase further. Bad debt write-offs should begin to
decline to the lower end of the previously disclosed range.
Adequacy of provisions
At African Bank, payment of less than 90% of a required instalment is
regarded as a default. It triggers the raising of a specific provision
against potential loss and the loan becomes an NPL after 90 days. The size
of the specific provision is determined by the bank`s actual experience of
the probability of recovery of the outstanding balance of the loan. The
following table provides an overview of the extent to which specific
provisions cover NPLs, for the risk areas of particular relevance to this
period:
Risk area NPL coverage
Administration orders 57%
Legal process 67%
Persal 69%
Given its dynamic specific provisioning policy, ABIL indicated in its
September 2001 results that it would reduce general provisions, to become
more aligned with banking norms over time. In addition, general provisions
are treated as secondary capital in the calculation of capital adequacy and
given the group`s capital adequacy level, reducing general provisions
increases the efficiency of its balance sheet. The level of general
provisions in African Bank has therefore been reduced from 2,9% to the
statutory 1%. At MCG, general provisions were reduced from 4,7% to 3,3%, and
will over time be brought down to 1,5%.
The group believes that its experience-based matrix of specific provisions
provides the best indication of known risk. It has also always provided well
in excess of its bad debt write-offs, and maintains high capital adequacy
ratios to cover it against unknown risk. The group is satisfied that total
provisions including assurance reserves of 14,4% adequately covers the NPLs
of 14,8% and together with a capital adequacy of 41,4%, provides a
sufficient buffer for the unknown.
Operating efficiency
The cost-to-income ratio at ABIL was 40,8%, down from 44,3% in September
2001.
African Bank`s cost cutting programme, initiated in October 2001, reduced
operating expenses for the six months to March 2002 by R46 million or 13,9%
from the comparable period to September 2001. The bank was able to reduce
the number of permanent staff from 2019 in September 2001 to 1 638 in March
2002. The number was reduced to 1 227 in May 2002, and accordingly, the
banking unit`s cost-to-income ratio of 38% will fall further in the next
six months.
Theta Investments` costs increased by 11,8% over the same period. Its cost-
to-income ratio is 45,8%, which is lower than the 49,5% in March 2001.
However, costs are higher than September 2001 and accordingly, it recently
commenced a review of its cost structure.
Capital, cash flow and funding
The business models used by the various units within the group are based on
the common premise of strong cash flow and capital generation. ABIL is
satisfied that its net cash at hand of R564,7 million, combined with its
existing unused credit of R350 million, will comfortably provide the group
with sufficient funding for growth. On 9 May 2002, the board of the
International Finance Corporation (IFC), the private sector investment arm
of the World Bank, approved a loan facility of R425 million for African
Bank. The funding is intended to support growth of ABIL`s SMME and personal
loan business. The loan is repayable over seven years, with an initial one
year grace period.
African Bank`s credit rating of A2 short-term, and BBB+ long-term, was
reaffirmed by Fitch IBCA on 3 May 2002.
The risk premium on the ABL1-bond rose from 255 basis points on issue, to
over 300 basis points in February/March after the announcements by Saambou,
UniFer and BoE, but has since declined to 266 basis points.
The equity-to-assets ratio for ABIL is 41,4% and the capital adequacy for
African Bank is 30,4%. It remains an objective of the group to bring this
ratio down to 25% for ABIL and 20% for African Bank over the medium term.
Accounting policies
The accounting policies adopted for purposes of this interim 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.
Looking ahead
The group believes that the events that occurred in this reporting period
have validated strategic decisions taken during the past two financial
years, in terms of business philosophy, funding structure and credit
control. These same events have temporarily increased the risk in our target
market, whilst opening up opportunities for growth and further entrenchment
of the group`s market leadership.
Although the main competition in the current market comes from cash lenders,
evidence is emerging that competition from the major banks is gaining
momentum. The consolidation process in the industry is likely to present
opportunities.
Government, jointly with the banking and insurance industries, is in the
process of reviewing the success of measures implemented in 2001 to
normalise the government payroll (Persal). The outcome of this review will
establish a basis for future government policy for deductions off payroll.
ABIL is confident that this will demonstrate the value to both the state as
employer and its employees, of well-controlled payroll deduction facilities
for credit to employees who would otherwise be unable to access affordable
loans.
In terms of regulatory issues, the Department of Trade and Industry last
year announced their intent to review the Usury Act Exemption Notice. The
Banking Council has initiated a micro finance/consumer credit discussion
forum. The DTI process offers a positive opportunity to develop a
sustainable policy framework and influence the future regulatory
dispensation for our industry.
Going forward, challenges and focus areas for the coming six months will be:
- continued refining of credit underwriting and collection processes;
- further cost reductions; and
- stable, modest asset growth with wider margins.
Present macro-economic conditions appear to have become more favourable.
ABIL views the remainder of the financial year with guarded optimism.
Cautionary announcement
Following the joint announcement by FirstRand Limited and the Curator of
Saambou Bank Limited, under curatorship ("Saambou"), shareholders are
advised that ABIL has the firm intention to submit an offer to the Curator
of Saambou relating to the personal loans business of Saambou. If the offer
is successful, it could have a material effect on the value of shares in
ABIL. Shareholders of ABIL are, therefore, advised to exercise caution in
dealing in their ABIL shares until a further announcement is made.
Declaration of dividend
On 16 May 2002, the board of directors proposed and approved an interim
dividend No 3, of 12 cents per ordinary share.
Salient dates:
Last day to trade cum-dividend Friday, 7 June 2002
Shares commence trading ex-dividend Monday, 10 June 2002
Record date Friday, 14 June 2002
Payment of dividend Tuesday, 18 June 2002
Share certificates may not be dematerialised or rematerialised between
Monday, 3 June 2002 and Friday, 14 June 2002, both days inclusive.
On behalf of the board
Ashley Mabogoane Gordon Schachat Leon Kirkinis
Chairman Deputy Chairman Chief Executive Officer
16 May 2002
Board of directors
Executive directors: L Kirkinis (Chief Executive Officer), G Schachat
(Deputy Chairman), J A de Ridder
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 (Mozambican)
Group secretary
S Martin
Registered office
59 16th Road
Midrand, 1685
Share transfer secretaries
Computershare Investor Services Limited
11 Diagonal Street
Johannesburg, 2001
This announcement, together with a financial presentation, is available on
the African Bank Investment Limited website at: http://www.africanbank.co.za
Date: 20/05/2002 09:14:00 AM Produced by the SENS Department
