forgot my capitec internet banking username

The subsequent investigation into the failure of the bank found that risk management was close to non-existent at the time. This is significant for potential investors since it was easy credit and the inability to collect arrears that tripped African Bank up a decade ago. Bungane says the reasons for this are lower credit disbursements and better collections of arrear debts. The income statement shows that the credit impairment charge decreased from R3.4 billion in 2020 to R1.3 billion in the 2021 financial year. That African Bank made a profit of R534 million in the past financial year moves the process a bit further along, as does the way in which African Bank achieved the profit.Ĭhief financial officer Gustav Raubenheimer points out that the main driver behind African Bank swinging from a loss of R27 million in the 2020 financial year to the recent profit is that the charge for bad and doubtful debt has decreased significantly from the prior year. They would all appreciate a listing to see what these stakes are worth and, if needed, to be able to sell some of their shares. Standard Bank owns 6%, Absa 5%, Nedbank 4% and Investec 2%. The banks that helped to recapitalise African Bank ended up with interests ranging from 7% (FirstRand) to 1% (Capitec). “Our investment proposition is attractive to a broader shareholding base that includes our African bankers, partners and customers,” he noted.Īpart from the Reserve Bank with 50%, the Public Investment Corporation owns 25% of the shares and a consortium of banks the balance. While presenting the results for the year to end-September 2021, African Bank Group CEO Kennedy Bungane said the bank has made great progress with its aspiration to become “an entity which could be listed” on the JSE. Read: SA mulls stake in lender as it covets a state bank It still owns the shares some seven years later, and the search for a new investor to take it off its books is finally gathering speed.

Forgot my capitec internet banking username