MASS market lender African Bank forecasts a steady year ahead - with a decline in bad debts - and posted an 11percent fall in full-year profit as recession hit consumer spending.
MASS market lender African Bank forecasts a steady year ahead - with a decline in bad debts - and posted an 11percent fall in full-year profit as recession hit consumer spending.
Chief executive Leon Kirkinis said he expected bad debts to fall at its African Bank and Ellerines' units in 2010, adding that African Bank's advance book growth was expected at25percent.
"We at African Bank have invested a lot in our own internal collections processes over the last two years," Kirkinis said in an interview. - Reuters