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BRIEF-African Bank Investments reports H1 headline loss 3.1 bln rand
May 19, 2014 / 5:26 AM / 3 years ago

BRIEF-African Bank Investments reports H1 headline loss 3.1 bln rand

May 19 (Reuters) -

* Unaudited interim results and preference cash dividend declaration for the six months ended 31 march 2014

* Headline loss of r3,1 billion ( 1h13: restated earnings of r 604 million)

* HEPS loss of 240,7 cents (1H13: restated earnings of 62,3 cents)

* Income from operations increased by 1% to r10,9 billion (1h13: r10,8 billion)

* Return on equity of negative 54,6% (1h13: restated positive 9,1%)

* As at 31 december 2010, unsecured personal loans were r74 billion against a total of r1,19 trillion or 6% of total retail lending.

* No interim ordinary dividend was declared

* Banking unit reporting a headline loss of r1,9 billion and an economic loss of r2,7 billion

* New business volumes are in line with levels of 2011, and are not expected to grow significantly over next 12 to 24 months

* Group is only at beginning of a turnaround that will take time to return to acceptable shareholder returns

* Basic loss per share of 337,6 cents (1h13: earnings 62,1 cents) -

* Preference shareholders are advised that board of directors has declared an interim gross cash dividend of 349 cents per ordinary share Source text for Eikon: Further company coverage: [ ]

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