Published: 08 August 2013

AFRICAN Banking Corporation Group says its interims for six months to June this year will be solid despite a US$10 million impairment in respect of a contingent liability.

"Shareholders are advised that notwithstanding a huge impairment in respect of the contingent liability, approximately US$10 million that was disclosed in the 2012 annual report, the group expects to release results for the interim period to 30 June 2013 on or about 13 August 2013, which will be significantly higher than for the corresponding period," the regional financial group said in a note to shareholders.

In six months to June 2012, ABCH posted attributable earnings of BWP 55,6 million, up 49 percent compared to the same period a year earlier.

Pre-tax profit was 56 percent up to BWP 96 million and non-interest income was BWP 235 million, up 61 percent from the prior year, driven by solid growth in Zambia, Zimbabwe, Botswana, Tanzania and Mozambique.

Non-interest income was BWP 43 million.
- BH24

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