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MERCANTILE BANK RSULTS DOMINATED BY NEW PROVISIONS FOR CREDIT.
LOSSES Mercantile Bank's results for the year ended March 31 were dominated by new provisions for credit losses. The bank's interest income was R353,8-million and its interest expense, R235,3-million. In addition to the provision for credit losses of R266-million raised in the six months ended September 30, 2001, a new provision of R242-million was raised, comprising specific provisions of R189-million in total and a general provision of R53-million. Headline loss per ordinary share was 124.0 (21,7) cents. The R189-million was raised primarily as a result of a re-grading exercise. The existing general provision of R20-million ...
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