African Bank Ltd Correction of note in 2019 AFS (8849T)
23 July 2020 - 8:05PM
UK Regulatory
TIDM31HB
RNS Number : 8849T
African Bank Ltd
23 July 2020
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
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END
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