Managers of Wealth Africa

1.6m jobs set to be lost this year, Nedbank forecasts

While it took GDP growth approximately a year to reach its pre-crisis peak after the global recession, employment reached its pre-crisis peak four-and-a-half years later.

Zenith Bank’s Profit Before Tax Rises by 3%

The increased profits benefited from the twin effects of continuing top-line growth and focused cost-of-funds optimisation.

Polaris Bank, Strong in Performance Indicators

The Nigeria’s economy has been going through a spell of challenges in recent years.

Zenith Bank’s Gross Earnings Rise to N166.8bn in Q1

Profit before tax also improved by three per cent from N57.3 billion in Q1 2019 to N58.8 billion in Q1 2020.

Union Bank releases Q1 2020 result, records 14% profit increase

The report showed relative improvements across key financial indicators. As always, the summary is presented below.

UBA reports N30.1bn profit in Q1

The lender’s profit before tax for the Q1 period under review stood at N32.7 billion.

Peter Kenneth Sells Bank to Ksh2.5 Trillion Egyptian Firm

MBL is categorised as a small bank with 0.17 per cent market share as of February 2020, however, targeting high net worth persons and corporate institutions.

Egypt lender buys Mayfair Bank stake

The approval by the CBK will pave the way for commencement of operations as Mayfair CIB Bank Limited.

Central Bank of Kenya okays acquisition of Mayfair Bank

The acquisition is expected to diversify and strengthen the resilience of the Kenyan banking sector.

Stanbic Bank Botswana launches initiative to facilitate trade with China

Manokore said the program also empowers importers with insight and control of the entire importing and logistics process.

Bank profits to rise on bad loans relief

EFG said banks will therefore spend less money (charged on profit) on providing for bad loans which will support their bottom line in a difficult year.

Banks cut deposit rates to 3-year low

This was followed by a total overhaul to the 2016 laws, handing power back to banks to price loans as opposed to limiting margins to a maximum of four percent above CBR.

Big changes to banking trends during lockdown

Nedbank said it is also committed to helping all clients who are in good standing on a case-by-case basis.

Standard Bank boss talks job cuts and branch closures in pursuit of digital transformation

The group closed 91 branches over the year, to 1,114 branches by its end – while the number of Standard Bank ATMs also declined by 254, to 8,970 across all operations.

Standard Bank Profit Drops as Virus Spurs More Loan Defaults

Policy makers have cut interest rates by 225 basis points this year to mitigate a recession, while Standard Bank and its peers agreed to lower fees and help customers caught in the virus fallout.

Electronic cards usage slows down to 13-month low in February

Interestingly, use of prepaid cards rose considerably by Sh7 billion

Lockdown | Demand for debt repayment relief is 'vast and growing', says Nedbank

"We could never have anticipated the massive extent of the response to this offer of financial help," said managing executive of Nedbank Retail and Business Banking, Ciko Thomas.

ABSA Bank Resumes Trading At NSE After One Week Suspension

Absa Kenya forex trading income grew 11 percent to Sh3.64 billion in 2019.

Absa back to forex trade after CBK penalty

Absa last week said it cancelled the suspect deals after CBK raised the alarm.

Banks continue understating credit risks despite huge rise

One such line item is statutory loan loss reserves, which, in simple terms, is some kind of a prudential warehouse.

Retail Banking