African Bank Chief Executive Brian Riley reports that the institution is making meaningful progress, despite recording a R1.7-billion loss in September.
Riley said he was encouraged by the figures recorded during the transitional period, as the bank continues with its recovery. African Bank has been through curatorship and considerable restructuring and the consensus appears to be that the outlook is promising.
"We believe our first six months of existence evidences significant improvement in all aspects of the business, while setting a good foundation for the transparent reporting and business transformation that will be essential to our success," Riley told IOL on Wednesday.
"The foundation for success is being set. What we have achieved so far in a short period of time gives me confidence that we will deliver on our strategy to the benefit of all our stakeholders," added Riley.
African Bank recorded an operating profit of R335-million during the six month period in question, which was better than the initial forecasts. Indications are that the liquidity is good too.
Management is under no illusions about the enormity of the task that lies ahead but there is tremendous confidence that those challenges can now be overcome.
