African Bank increases cap hike to $560m as accounting changes hit

By Andrew Griffin
25 Oct 2013

African Bank Investments, South Africa’s biggest unsecured lender, increased the size of a capital raise to R5.5bn ($562m) on Friday, after another difficult trading update for the company.

African Bank announced an R4bn raise in August, alongside its first half results. They showed headline earnings down 26% to R1bn.

The lender said in October’s trading update that it had re-calculated its impairment provisions for non-performing and written-off loans, the total impact of which is expected ...

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