Despite the delay in concluding the Liability Solution agreement with lenders since the debt default in 2020, the Land Bank has continued to manage its business operations diligently, according to a progress report delivered recently to the Agriculture, Land Reform and Rural Development portfolio committee meeting.
Thabi Nkosi, chairperson of the Land Bank, said the bank was solvent as of February 2023, since total assets were higher than total liabilities. This was evidenced by a solvency ratio that improved from 113% in the 2021/22 financial year to 118% in the financial year ending February 2023.
The group had continued to implement cost-containment initiatives, resulting in a profit of R703 million and the cost-to-income ratio improving from 80% to 73% over this time, she said.
The bank had also collected clients' scheduled loan repayments conscientiously and contained the level of non-performing loans, despite
