African Bank reports 15% profit growth, paving the way for a bold future

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

- PHILIPPA LARKIN

"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 presented a bit of cautious optimism in the market," African Bank said.

CEO Kennedy Bungane hailed the results as a testament to the bank's strategic pivot. “These figures are more than a financial milestone; they reflect our commitment to empowering South Africans, from township entrepreneurs to families investing in sustainable solutions like solar power,” he said.