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Abil earnings come in higher

Johannesburg - Mass market lender African Bank Investments [JSE:ABL] posted a 24% rise in full-year earnings on Monday, below analysts' expectations, and kept its dividend unchanged.

African Bank, also known as Abil, said diluted headline earnings per share totalled 291 cents in the year to end-September, compared with 235.1c a year earlier.

A poll of eight analysts had expected earnings to increase 27% to 298.8c, according to Thomson Reuters data.

Interest income rose 23% to R7.31bn, from a restated R5.95bn.

Non-interest income jumped 18% to R2.93bn from a restated R2.49bn.

The bank, which also owns a furniture business through which it makes loans to consumers, declared a final dividend of 185c, unchanged from the previous year.

Abil shares are down 11.5% so far this year, underperforming the Top 40 - (Tradeable) [JSE:J200] index that is down 0.7%.

 
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