Briefs
Abil share price drops by two thirds, flags massive full-year loss, CEO Leon Kirkinis quits
JOHANNESBURG (Reuters) – South Africa's African Bank Investments warned on Wednesday it would fall to a full-year loss of nearly $600 million and said its chief executive would step down after more than 20 years with the struggling mass-market lender.
Abil's share price plummets
Abil, as the bank is widely known, said it expected a headline loss of 6.4 billion rand ($594 million) for this year from a loss of 365 million rand the previous year.
Abil has been hammered by rising bad debts as its core market of low-income borrowers comes under strain from a weakening economy and higher inflation.
Shares of the bank fell 35 percent in early trade to their lowest in more than a decade.
($1 = 10.7785 South African Rand)
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