Sibusisiwe Bango, AfrAsia group chairperson said liquidity and funding remained a key area of focus for the group during the period under review.
“The group’s total assets for the 12 months to December stood at US$201 million, showing an increase of 28 percent from the December 31, 2011 figure of US$157 million.
The liquidity position continued to be stable thanks to the group’s conservative and forward looking funding strategy. The combination of a clear focus on the right sizing of the statement of financial position, continued growth of customer deposit base and strategic access to offshore financial markets enabled the group to strengthen its funding base,” she said.
AfrAsia changed its financial year-end from December 31 to June 30 to synchronise it with that of AfrAsia Bank Limited after shareholders had consented to the changes at an extraordinary general meeting last December.
“The growth in asset base was largely attributed to significant increase in cash resources and growth in the loan book,” said Bango.
To comply with the change in the financial year-end, said Bango, the group will publish its audited results for the 18 months ending June 30, 2013 in September 2013.
Bango said during the period under review, all business units were all adequately capitalised, except for Kingdom Stockbrokers (Private) Limited (KSB).
“Post the reporting date, the board resolved not to renew the trading licence for KSB,” said Bango.
Post published in: Business