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ACC Bank losses widen to E310m in year

Wednesday, May 21 14:22:08

Losses at ACC Bank, which will relinquish its banking licence here next month, has posted losses of E310 million for its last full year compared to E213 million in 2012.

Late last year, ACC said that it is withdrawing from providing standard banking products, such as deposit accounts and current accounts, to focus solely on debt recovery.

It added that, during 2014, the bank will close all its business centres to the public and intends to give up its banking licence.

It will however continue to be a regulated entity.

Today, it said that the increase in losses reflected additional impairments on assets especially in respect of property related exposures.

In its final annual results as a licensed bank, the bank said total loans and advances to customers at year end amounted to E2.6 billion, in comparison to the E2.8 billion at the end of 2012.