 |
|
|
2008 |
2007* |
| Revenue (Rm) |
94 |
75 |
| Total assets (Rm) |
1 895 |
1 626 |
| Attributable income (Rm)* |
36 |
36 |
| Number of employees |
|
|
| Subsidiaries |
65 |
57 |
| Joint ventures |
3 |
– |
During the last quarter of 2008, the Bank had its Investment Grade rating
confirmed by Moody’s at a time when the global financial crisis had placed
many banks on rating downgrades. For the 2008 year, Financial Services
increased revenue by 25%, while the Bank incurred no bad debts,
remained adequately capitalised and was well funded by a stable and
growing deposit base.
|
 |
|
The Bank’s aim is to grow the lending book in such a way that capital is
optimised without falling below a 15% capital adequacy ratio and at all
times to focus on conservative liquidity and credit management. This was
achieved in 2008 with no impairments for bad debts being recorded and a
comfortable liquidity position maintained throughout the year.
The Treasury division had a successful year, increasing the deposit base
and lengthening the average duration of the deposit book. In addition,
secure funding lines have been obtained on the strength of Grindrod
Limited’s support, which adds to the liquidity provided by the deposit book.
The Bank became the African representative of M&A International in 2008,
opening up a global network of merger and acquisition specialists to South
African mid-market companies looking for acquisition and divestiture
advice and opportunities.
The Investment Products division currently has two products which focus
on providing high yielding returns to investors:
| • |
the Guaranteed Preference Share Portfolio offers secure, high yielding,
liquid investments and provides a guaranteed dividend return from
premier South African financial institutions; and |
| • |
the Grindrod Diversified Preference Share Fund was registered as a
Collective Investment Scheme in January 2008 and is a retail based,
tax-free return investment complimenting the Guaranteed Preference
Share Portfolio. |
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| |
|
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