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Letter to stakeholders continued 45 40 35 30 25 20 15 10 5 0 transactions is finding a sustainable funding solution. ABIL is evaluating several alternatives and anticipates some progress within the next reporting period. Currently about 26 000 of the more than 32 000 registered shareholders of ABIL are PDIs. These shareholders hold in aggregate some 500 000 shares, which constitutes only 0,1% of the total number of shares in issue. The aim would be to increase the effective holding in the company. ABIL does not expect to issue any new shares in order to further its BEE objectives. – Indirect shareholding In January 2003, The BusinessMap Foundation undertook an independent study to estimate black ownership of the South African banking industry. This study estimated that black beneficial ownership based on market capitalisation ranged from 14% to 17%. Using this as a proxy on ABIL’s 73% local shareholding yields an indirect BEE shareholding range of 10% to 12%. Control Representation of black people at board and executive levels in ABIL is shown below. Black people at board and executive levels (%) Board African Bank Investments Limited 12 At board level, representation exceeds Financial Sector Charter targets for 2008 and strategies are in place to improve representation at executive level. c) Access to financial services and empowerment financing ABIL views access to financial services and in particular credit as one of the prerequisites and drivers for social and economic development for the poor and marginalised sectors of the society. As a banking group, ABIL committed itself to the cause of broadening access to credit to those in the population that are generally considered to be high risk. Today ABIL has a client base in the region of 1,4 million of whom over 90% are estimated to be black people. As at 30 September 2003, gross advances were R6,3 billion. Loan disbursements cover all nine provinces of the country. In terms of the Financial Sector Charter, measurement of access to financial services covers targeted investments (home loans, agriculture loans and SMME loans), consumer education and first-order retail products (transactional products and bank savings products). The total amounts to be invested in targeted investments by ABIL will be calculated with reference to ABIL’s designated Board – black women Executive Executive – black women investments figure of R337 million and the total designated investments in the financial sector as at 31 December 2003, currently estimated to be of the order of R2 000 billion. It is estimated that the aggregate amount of BEE transaction financing and targeted investment from the financial sector could exceed R75 billion (R25 billion from banks). Targeted investments – Home loans Research shows that a considerable portion of ABIL loans is being used for incremental housing construction and home improvements. Incremental housing construction is of vital importance in improving housing conditions for millions of South Africans. – Agriculture loans ABIL does not at present have a significant presence in the agricultural sector. Clearly opportunities exist to build some presence in this area within the group’s core competencies. – SMME loans ABIL is involved in the SMME sector through ABCommerce, Quatro Trading, ACFC and the Commercial Vehicle Finance ABIL 2003 Financial Sector Charter by 2008
Incwadi eya kwabanezabelo iqhutshiwe 45 40 35 30 25 20 15 10 5 0 sokwesekelwa ngezimali okuzohlale kukhona. I-ABIL imatasa icwaninga okuningi okungenziwa kanti ilindele isisombululo ngaphambi kokuphela kwesikhathi sokubika esilandelayo. Njengamanje abanezabelo abangu-26 000 kulabo abangu-32 000 ababhalisiwe kwa-ABIL yilabo ababencishwe amathuba phambilini. Laba banikazi bezabelo banezabelo ezihlanganisiwe ezibalelwa ku- 500 000, lokho okwakha u- 0,1% wesibalo sonke sezabelo ezikhishiwe. Inhloso ngukwandisa ubunikazi bangempela enkampanini. I- ABIL ayibhekile ukuba ikhiphe ezinye izabelo ezintsha ukuze yandise izinjongo zayo zeBEE. – Ukuphatha izabelo ngokungaqondile Ngo-Januwari 2003, iBusinessMap Foundation yenza inhlolovo ezimele ukulinganisa ubunini babantu abamnyama imboni yezamabhange yaseNingizimu Afrika. Le nhlolovo yalinganisa ngokuthi ubunikazi obunomhlomulo babamnyama ngokwemakethe yezimali buphakathi kwamaphesenti ayishumi nane ukuya ku eshumini nesikhombisa. Ukusebenzisa lokhu njengesilinganiso sobunini bezabelo kwangaphakathi esingu-73% kwa-ABIL kuveza ubunini bezabelo obungaqondile obuphakathi kwamaphesenti ayishumi ukuya kwayishumi nambili. Abantu abamnyama emazingeni eBhodi nakubaphathi (%) IBhodi IBhodi-abesifazane abamnyama Ukuphatha Ukumelelwa kwabantu abamnyama ebhodini kanye nasemazingeni abaphathi kwa- ABIL kukhonjiswe lapha ngenzansi. Ezingeni lebhodi, ukumelelwa kuyazedlula izimiselo zoMqulu woMkhakha wezeziMali ka 2008 kanye amacebo asevele asekhona ukwenza ngcono ukumelelwa ezingeni labaphathi. c) Ukufinyeleleka emisebenzini yezezimali kanye nokwesekelwa ngezimali zokuthuthukisa I-ABIL ikubona ukufinyelela imisebenzi yezezimali ikakhulukazi imali mboleko njengento eyisidingo ngqangi nomqhubi wentuthuko yenhlalo neyomnotho emikhakheni yomphakathi ehluphekayo nehlwempu. Njengeqoqo lamabhange, i-ABIL izinikele ekwandiseni ukufinyeleleka kwemali mboleko kulabo bantu abathathwa njenga banobungozi obukhulu. Namuhla iABIL inesizinda samakhasimende abalelwa ku-1,4 miliyoni kanti amaphesenti angu-90 awo ngabantu abamnyama. Ngomhla ka 30 Septhemba 2003, izimboleko zabe zingu-R6,3 biliyoni. Ukwedluliswa kwezimali mboleko kwenziwa kuzozonke izifunda eziyisishiyagalolunye zezwe. NgokoMqulu woMkhakha wezeziMali, ukulinganiswa kokufinyeleleka kwemisebenzi yezezimali kuhlanganisa ukutshalwa kwezimali okubhekelelwe (izimboleko zemizi, izimboleko zezolimo kanye nezimboleko zamabhizinisi Abaphathi Abaphathi-abesifazane abamnyama amancane), ukufundisa abasebenzisi kanye nemikhiqizo yesigaba sokuqala (imikhiqizo yezintengiselwano kanye nemikhiqizo yokonga emabhange). Izamba sezizonke ezizotshalwa yi-ABIL zizobalwa ngokubhekelela ukutshala kwe-ABIL okumiselwe okungu-R337 miliyoni kanye nesamba sokutshala emkhakheni wezezimali ngomhla ka 31 Disemba 2003, njengamanje okulinganiselwa ku-R2 000 biliyoni. Kucatshangelwa ukuthi isamba sesisonke sezintengiselwano zeBEE zokuxhasa ngezimali kanye nokutshala okumiselwe emkhakheni wezezimali kungenzeka kwedlule u- R75 biliyoni (u-R25 biliyoni uvela emabhange). Ukutshala okumiselwe – Izimboleko zemizi Uphenyo lukhombisa ukuthi ingxenye enkulu yezimbolekiso ze-ABIL zisetshenziselwa ukwakha ngezigaba izindlu kanye nokwenza ngcono amakhaya. Ukwakha ngezigaba kuyinto ebalulekile ekwenzeni ngcono izimo zezindlu ezigidini zabantu baseNingizimu Afrika. – Izimboleko zezolimo I-ABIL okwamanje ayinakho ukumelelwa okukhulu emkhakheni wezolimo. – Izimboleko zamabhizinisi amancane I-ABIL ibambe iqhaza emkhakheni wamabhizinisi amancane nge-ABCommerce, Quatro Trading, ACFC kanye neCommercial Vehicle Finance nokuyizingxenye zebhizinisi zesigaba seSpecialised I-ABIL 2003 UMqulu woMkhakha wezeziMali ngo 2008 13 African Bank Investments Limited
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 and 12: Profile African Bank Investments Li
Page 13 and 14: 1994 Formation of investment trust
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 29: 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
Page 63 and 64: Issue arising Corrective action req
Page 65 and 66: Skills and experience of the board
Page 67 and 68: Corporate governance continued regu
Page 69 and 70: from the committee responsible for
Page 71 and 72: that the risk policies and strategi
Page 73: Table 1: Remuneration and fees Serv
Page 76 and 77: Risk review ABIL views risk as an i
Page 79 and 80: 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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