Cape Town - Postal crime in South Africa has decreased by 60% in the past two financial years with a 26% drop last year, the SA Post Office (SAPO) has said in its annual report tabled in parliament on Wednesday.
More than 100 arrests were made in the year to March 31 2011, including 60 employees of the SAPO, it said.
It reported a net profit of R155m, a 47% drop from the 2010 profit of R296m.
The group, which focuses on postal, logistical and financial services, reported a turnover of R5.8bn - a 1.7% rise on the turnover of R5.76bn in 2010.
The economic slowdown has been partly blamed for the profit drop and it would appear that the organisation is not yet over the worst.
Group CEO Motshoanetsi Lefoka said the next financial year will be the toughest it has seen.
She said the group is now focusing on "putting a fully-fledged retail bank together that will change the face of the PO".
Banking network
Delivering banking services to the unbanked in rural areas will be important to the SAPO's future prospects, it said.
The SAPO said mail is still its core business, but the way it conducts its business will change to ensure that the post office remains relevant.
Spokesperson Lungile Lose told Fin24 that banking services are definitely a part of the future of the SAPO.
"We will continue to provide postal services as well as other services to all communities, but particularly to the under-serviced communities in South Africa."
Lose said the SAPO will use its existing network to roll out banking services.
"There are 1 500 outlets which are already being used to make banking and other services more accessible to the public. Our target market is the previously unbanked, so we are looking at people in the peri-urban and rural areas."
He said the SAPO is training existing staff for the new enterprise.
"They will receive continuous training to ensure that they deliver an efficient and effective service and meet regulatory requirements."
The SAPO is still awaiting a banking licence.