African Bank, which has future plans to list on the JSE, reported a 15% surge in group net profit after tax, reaching R202 million for the six months ended March 31, 2025, driven by its ambitious Excelerate strategy as it aims for a JSE listing ahead
"The results reflect the growing impact of its Excelerate strategy, as the Group continues its transformation into a diversified, fully-fledged banking institution serving both personal and business customers," African Bank said.
The robust results came despite the South African economy remaining under pressure due to persistent unemployment, structural inefficiencies, and an increasing burden on welfare spending by the government.
"However, the easing of inflationary pressure, further aided by the South African Reserve Bank’s decision to cut and pause further interest rate reductions, has…