Reports after tax profit of R173m

GRINDROD Bank yesterday reported a profit after tax of R173 million for the year ended December, up from the R121m it reported in the previous corresponding period. The company, which is used by the SA Social Security Agency (Sassa) to provide social grants payments to millions of grant recipients, also said it had paid out R39.9m in salaries to its key 10 management staff in the period, up from R38.2m in the comparative period. The bank is owned by Grindrod Limited, which runs a freight services, shipping and financial services units. Its chief executive, Ian Oliver, announced last week he would be stepping down as group chief executive from the end of July. However, the three divisions would still be run by Bongiwe Ntuli, who heads freight services, Martyn Wade who runs the shipping business and David Polkinghorne, who heads up the group’s banking arm. The company said income from its retail business jumped to R69.4 million in the period. The income from the group’s corporate business tanked to R15.4m, down from R30.4m recorded in the previous period.