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ABKI - Correction relating to the Bank’s and ABH’s 30 September 2019 audited financial statements
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
(“African Bank” or the “Bank”)
Correction applied in the notes to the African Bank and African Bank Holdings Limited (“ABH”)
condensed interim financial statements for the period ended 31 March 2020, relating to the Bank’s
and ABH’s 30 September 2019 audited financial statements
African Bank and its holding company, ABH, released their unaudited interim financial statements for the
six months ended 31 March 2020 (“results” and “ABH consolidated results” respectively) on 24 June
2020. During the preparation process of these results, it was noted that the disclosures to a note in the
audited annual financial statements of African Bank and ABH, for the period ended 30 September 2019
(collectively the “2019 financial statements”), contained an incorrect reference.
Within the 2019 financial statements, footnote 1 to note 2, on pages 42 and 40 respectively, incorrectly
made reference to gross advances as opposed to net advances for the disclosures as required by IFRS 7
paragraph 35J(a), of the modification that had applied to the loans and advances at that time.
The incorrect reference did not have an impact on the measurement or recognition of the line items in
the statement of financial position, the statement of comprehensive income and the measurement and
recognition of the net advances referenced in the note above.
As a result, additional disclosure has been made within footnote 1 to note 4, on page 12 of the ABL
results and the ABH consolidated results, to rectify the incorrect reference that was made in the prior
period.
23 July 2020
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23-07-2020 12:00:00
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