African Bank Group net advances book grew by 41%

African Bank reported a 41 per cent jump in net advances to R32 billion in the year to September to a much larger client base composed of retail and business customers following its acquisition of Grindrod and Ubank. Profit for the period, however dropped 31.3 per cent to R505 million as credit impairments more than doubled with customers struggling to cope in the tough economic environment. Joining CNBC Africa for more is Kennedy Bungane, CEO African Bank.