Ithala Development Finance Corporation Limited

Contact details

Physical: Ithala Trade Centre, 29 Canal Quay Road
Postal: PO Box 2801, Durban, 4000
Tel: 031 907 8911
Fax: 031 907 5685


The mission of the Ithala Development Finance Corporation Limited is to drive economic development and empowerment, whilst remaining financially sustainable. The nature of their business includes: business finance, industrial and commercial property development and management, retail banking services, home loan products, and insurance services.

The Corporation's strategic objectives are to mobilise financial resources and provide financial and supportive services; plan, execute, finance and monitor the implementation of development projects and programmes; promote, assist and encourage the development of human resources and social, economic, financial and physical infrastructure; promote, encourage and facilitate private sector investment and the participation of private sector and community organisations in development projects and programmes, and in contributing to economic growth and development; and act as the government's agent for performing any development-related tasks and responsibilities that the government considers may be more efficiently or effectively performed by a corporate entity.

Office Bearers

Dr MSV Gantsho
Board Members:
Ms NN Afolayan
Ms BC Bam
Mr WJ Jacobs
Ms NNA Matyumza
Mr D McLean
Ms Yvonne Zwane (GCEO)
Farhana Amod (Group CFO)
Senior Management:
Mr Peter Ireland (CEO: Ithala SOC Limited)
Mr Themba Mathe (Group Marketing and Communications Executive)
Mr Michael Matibe (Group Chief Information Officer)
Ms Boitumelo Mokgatle (Chief Risk Officer)
Mr Mano Muthusamy (Acting Business Finance Executive)
Mr Nkosinathi Nhlangulela (Acting Properties Executive)
Communications Officers:
Crecia Allers
Sibusiso Goba

Financial Information

All Financial Values: R'0002015/162014/152013/142012/13
AUDIT OUTCOMEFinancially UnqualifiedClean AuditFinancially Unqualified
Current Assetsn/a1 553 0321 547 0292 438 456
Non-Current Assetsn/a3 165 5032 987 5062 380 635
Total Assetsn/a4 718 5354 534 5354 819 091
Current Liabilitiesn/a218 523187 340159 317
Non-Current Liabilitiesn/a2 353 5542 325 6202 771 649
Total Liabilitiesn/a2 572 0772 512 9602 930 966
Total Net Assetsn/a2 146 4582 021 5751 888 125
Total Revenuen/a1 150 3861 116 554951 842
Revenue from Exchange Transactionsn/an/an/an/a
Revenue from Non-Exchange Transactionsn/an/an/an/a
Total Expendituren/a(1 025 503)(983 104)(871 371)
Employee Related costsn/a(388 047)(349 557)(337 436)
Surplus/(Deficit) for Yearn/a124 883133 45080 413
Net Cash Flows from Operating Activitiesn/a332 205271 574224 565
Net Cash Flows from Investing Activitiesn/a(273 601)(553 460)(251 805)
Cash & Cash Equivalents at End of Yearn/a1 037 328956 1031 684 126
Unauthorised Expendituren/a---
Irregular Expendituren/a11 2065 3971 116
Fruitless & Wasteful Expendituren/a--765
Posts Approvedn/an/an/an/a
Posts Filledn/an/an/an/a
Sources n/a Annual ReportAnnual ReportAnnual Report


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