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History of African Bank Prior to 1998, African Bank operated for 24 years as a small commercial bank with its roots in, and concentrating on, the historically disadvantaged market. Subsequent to its acquisition by the JSE-listed Theta Group in 1998, African Bank was merged with King Finance Corporation (“King”), Alternative Finance (“Altfin”) and Unity Financial Services (“Unity”), three loan finance companies owned by the Theta Group. Non-core assets and business activities of the former African Bank were disposed of, and only the business activities relevant and complementary to the core business of King, Altfin and Unity, were retained to form the new African Bank. African Bank’s original retail deposit taking and transaction banking activities were phased out. In December 1999, Theta Group Limited changed its name to African Bank Investments Limited. In August 2002, African Bank acquired the R2,8 billion Saambou Personal Loans Book for R1 billion. The integration of this book into African Bank and the restructuring of Theta Investments commenced in September 2002, cementing ABIL’s position as the market leader in the provision of unsecured credit with 1,4 million clients. vi
1994 Formation of investment trust with Hollard Holdings. 1995 Baobab Solid Growth Limited formed through a transmuted listing into Broadacres Investments Limited and listing transferred to Investment Trust sector. 1996 Financial services entered through the acquisitions of minority stakes in Theta Securities and King. 1997 Acquired controlling interest in Altfin, King and Unity. Divested of information technology interests through the listing of Mustek Group. Directed the group’s focus to financial services. Acquisition of balance of shares in Theta Securities. Name changed to reflect financial services focus from Baobab Solid Growth to Theta Limited. 1998 Acquisition of 100% of African Bank Limited enabling Theta Group Limited to become a bank-controlling company. Acquisition of the minorities of Altfin, King and Unity, to form the core of African Bank Limited. Acquisition of the Boland book for R1,7 billion. vii 1999 Divisionalisation of Altfin, King and Unity into African Bank to form one operating unit. Name changed from Theta Group Limited to African Bank Investments Limited (“ABIL”) enabling the transition to a brand-driven company, aligned to its market and the African Bank brand. Acquisition of The Standard General Insurance Company Limited (Stangen) and reversal of captive cells into Stangen. 2000 Acquisition of minorities of Nisela Growth to form the core of the Theta Investments group of companies. 2001 R1,1 billion share buyback undertaken. Formation of the African Bank Foundation. R1 billion of ABL1 bonds issued. 2002 Acquisition of the R2,8 billion Saambou Personal Loans Book. R425 million IFC facility approved. 2003 Credit rating upgraded to A1 (short-term) and A- (long-term). R124 million share buyback undertaken. R1 billion of ABL2 bonds issued. Special dividend of 100 cents declared.
Page 1 and 2: African Bank Investments Limited AN
Page 3 and 4: 2,5 2,0 1,5 1,0 0,5 0 JSE statistic
Page 5 and 6: Five-year history Four-year compoun
Page 7 and 8: Features 35 30 25 20 15 10 5 0 Head
Page 9 and 10: Focus and strategy The focus of the
Page 11: Profile African Bank Investments Li
Page 15 and 16: Performance against key objectives
Page 17 and 18: Short to medium-term objectives OBJ
Page 19 and 20: African Bank Investments Limited We
Page 21 and 22: Letter to stakeholders ABIL believe
Page 23 and 24: Incwadi eya kwabanezabelo iqhutshiw
Page 35 and 36: Currency adjusted group balance she
Page 37 and 38: Management discussion Overview Key
Page 39 and 40: 12 months ended 12 months ended 30
Page 41 and 42: Capital adequacy model Non-performi
Page 43 and 44: 8 000 7 000 6 000 5 000 4 000 3 000
Page 45 and 46: Sales analysis - number and average
Page 47 and 48: excluding the Saambou PLB acquisiti
Page 49 and 50: The improved credit conditions are
Page 51 and 52: ook and the written-off book. To th
Page 53 and 54: Statement of average balances Weigh
Page 55 and 56: Divisional reports Operationally, A
Page 57 and 58: collection strike rates, which has
Page 59 and 60: ABIL also expanded its portfolio to
Page 61 and 62: Collections business unit. Its most
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Issue arising Corrective action req
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Skills and experience of the board
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Corporate governance continued regu
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from the committee responsible for
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that the risk policies and strategi
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Table 1: Remuneration and fees Serv
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Risk review ABIL views risk as an i
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Risk review continued Undesirable r
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Top ten risks Mitigating factors Ri
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Credit risk African Bank Retail Cre
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on a regular basis to ensure proper
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Social commitment Given the nature
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Embarking on a journey The process
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The progress The corporate social c
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Shareholders’ information Number
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agreements, to ensure that the mate
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The interest rate charged is determ
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Continued effort and focus will go
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services of the best employees. The
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The African Bank Foundation accepts
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Index to global reporting initiativ
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Directors’ responsibility The dir
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Directors’ report 30 September 20
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INTEREST OF THE DIRECTORS IN THE SH
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n4 The strike prices of the share o
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Income statement for the year ended
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Cash flow statement for the year en
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Equity accounted income, which is i
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1.9 Revenue recognition Interest in
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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111 Group 2003 2002 R000 R000 12. L
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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117 Group 2003 2002 R000 R000 25. R
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Group Company 2003 2002 2003 2002 R
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One to Four to Beyond Non-interest
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One to Four to Beyond Up to one thr
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125 Group 2003 2002 R000 R000 37. O
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Appendix B Investments in associate
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Appendix D Segmental advances and p
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Appendix F Group structure and prof
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3.4.4 ensure that a comprehensive s
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7.4.3 All directors are required to
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6.3 any general payment shall be ma
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13.6 Any repurchases shall comply w
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DIRECTORS’ CURRICULUM VITAES Anto
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6. Isinqumo esejwayelekile esinguno
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12.9.1 kuyokwenziwa ngokulandela uM
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16. Ukuvota nezithunywa Bonke abani
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Form of proxy AFRICAN BANK INVESTME
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Ifomu yokuqoka isithunywa esizokume
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Members of the ABIL board ASHLEY SE
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RAMANI NAIDOO (41) BA LLB Non-execu
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Corporate information COMPANY REGIS
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GRAPHICOR 30006
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