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Johannesburg - The embattled Land Bank has done
something of an about-turn and returned to a clean audit report with
improved financial performance to boot, it was revealed on Monday at
Gallagher Estate.
The Bank reported a profit of R241m in the 2008/09 financial
year, with a profit of 166 million being seen at group level. The bank loss
was 20 million a year earlier, while a group profit of 17.5 million had been
seen in the previous year.
An improvement in the cost to income ratio was reported to 55% from 77%
before.
A net cash position of R3.5bn was reported from 0.8 billion
before, while capital adequacy was 23% off a target of 20%.
However, a loss from insurance operations of R74.3m was
recorded from a profit of 37.3 million in the previous financial year.
According to the Bank's CEO, Phakamani Hadebe, the improved performance
is as a result of the turnaround strategy implemented since July 2008.
He says this does not mean the Bank is out of the woods yet, but some
fruits are beginning to be borne.
"The target now is to consolidate our gains and grow our loan book to
sustainable levels," said Hadebe.
Prior to these results the Bank was regularly in the news for the wrong
reasons - instability due to corporate governance and risk management
problems.
- I-Net Bridge