Re­ports after tax profit of R173m

The Star Early Edition - - COMPANIES - – Ka­belo Khu­malo

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.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.