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Banking
- The Board has proposed a final dividend of $0.012 per share, bringing the total payout for the year to $0.023 per share—amounting to $74 million.
- Lender’s balance sheet closed the year at $15.13 billion (KSh1.96 trillion), powered by a strong deposit growth and stable loan portfolio.
- Operating costs grew by 11.8% to $717 million (KSh92.9 billion), driven by staff costs, and tech investments.
KCB Group profit after tax for the full year 2024 grew by 64.8 per cent to $477 million (KSh61.8 billion), attributable to strong expansion across all its businesses subsidiaries in the East African market.
This performance was an increase from the $289.5 million (KSh37.5 billion) which the bank that has presence in Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC) and South Sudan reported during a similar period in 2023.
“The strong performance illustrates our resolve over the past 3 years to build an …
- An alliance of two UK institutions—the Ghana International Bank and the British International Investment (BII)—is tailored to address trade finance needs in key African markets.
- The two institutions have committed $50 million in trade finance facilitation targeting industry stakeholders in Rwanda, Tanzania, Sierra Leone, Liberia, The Gambia, Benin, the DRC.
- The financing plan seeks to plug banking industry gaps that continue to perpetuate general lack of credit appetite for frontier markets in Africa.
A UK-based African financial institution, the Ghana International Bank has entered into a $50 million trade finance agreement with British International Investment (BII) to fund organisations in eight countries across the continent.
In a statement on Monday, the UK’s development finance institution (BII) said the trade finance facility will target investments in Tanzania, Rwanda, Sierra Leone, Liberia, The Gambia, Benin, and in the Democratic Republic of Congo.
“I’m delighted to see two UK institutions coming together to …
- Part of Afreximbank’s funding will go to Dongo Kundu Industrial Park within the Mombasa Special Economic Zone.
- Another chunk will finance the construction of Naivasha II SEZ that includes a free trade zone, an industrial park, a logistics zone and a public utility area.
- The Naivasha II project will also derive value from its strategic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System that serves Uganda, South Sudan, DRC among other countries.
The Afreximbank has entered into a financing agreement with Kenya to finance the development of industrial parks, special economic zones, and export-oriented manufacturing projects to the tune of $3 billion.
In an update, the trade development lender said this three-year investment plan will be critical in bolstering Kenya’s export manufacturing at a time when the East African nation is keen on reviving its ailing manufacturing industry.
“These Parks …
- The Central Bank of Nigeria has decided to increase the minimum capital requirement for lenders to bolster the country’s economy.
- Nigerian banks now face weaker capital ratios and higher impaired loans.
- The last time Nigeria recapitalised its banking sector dates back to 2004.
Minimum capital requirement for lenders
Following the surge in inflation levels, a deteriorating economy, and the plummeting of the Naira, the CBN has decided to increase the minimum capital requirement for lenders to bolster the country’s economy.
Under the new regulations, the Central Bank of Nigeria has raised the capital threshold for international banks to $359 million …
- The Kenyan lender with subsidiaries in Tanzania, Rwanda, and Uganda saw customer deposits close at $4.4 billion, 15.3 per cent, year-on-year.
- Assets grew to $5.5 billion, 18.6 per cent up year-on-year.
- During the year that ended December 31, 2023, NCBA’s loan book grew to $2.5 billion, up from $2.1 billion the previous year, signalling continued demand for credit.
Nairobi Security Exchange-listed bank–NCBA Group PLC has posted a profit after tax of $162.3 million in its full-year 2023, driven by positive operating income and a decline in loan impairment charges.
This was a 56 per cent increase compared to $104.2 million reported by the regional lender during a similar period …
- With operations in Kenya, Rwanda, Tanzania, Uganda and Mauritius, I&M Bank has attributed 15 per cent profit growth to an increase in its operating income.
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Its loan portfolio grew by 30 per cent to $2.4 billion, partly attributed to the extension of retail lending through digital platforms.
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Customer deposits closed at $3.2 billion, a 33% increase year-on-year, attributed mainly to growth in current and savings accounts.
Nairobi Securities Exchange-listed lender I&M Group PLC has recorded a profit after tax of $101.5 million for the year ended December 31, 2023, up from $88.5 million, as it continued with its regional expansion.
The financial services provider, which operates in …
- Equity Bank dividend payout of $0.03 (KES4) per share will amount to a 36 per cent payout of the regional lender’s $331.6 million net profit.
- Customer numbers grew to 19.6 million, translating to an increase in deposits, which hit $10.6 billion in 2023.
- Loan books also increased to $6.7 billion (KES887.4 billion) from KES706.6 billion in 2022.
Equity Group’s profits saw a five per cent decline to $331.6 million (KES43.7 billion) for the financial year ending in December 2023, down from $349 million (KES46 billion) the previous year. However, despite the drop, Equity Group’s dividend payout has hit record …
- The BRICS-owned New Development Bank (NDB) was established in 2015 by Brazil, Russia, India, China, and South Africa.
- The multilateral lender plans to disburse about $5 billion in loans this year.
- The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.
Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.
As China, one of Africa’s closest trade partners, experiences …
- Ecobank’s new appointments have combined the commercial and the consumer businesses under the leadership of Anup Suri.
- Martin Miruka joins Ecobank as the Group Executive for Transformation, Enablement, and Customer Experience.
- Abena Osei-Poku was appointed as the Regional Executive for Anglophone West Africa.
Pan-African lender Ecobank has appointed key senior executives to bolster its leadership team and spearhead the implementing its new Growth, Transformation, and Returns (GTR) strategy.
Ecobank’s new appointments are crucial when the lender aims to solidify its position as a preferred bank and a pioneer in providing responsive, innovative, and cost-effective financial solutions across Africa.
The latest appointments have seen Abena Osei-Poku appointed as the Regional Executive for Anglophone West Africa and will also serve as the Managing Director of Ecobank Ghana.
With a wealth of experience in the financial sector, Osei-Poku brings strategic insights and leadership skills that will be instrumental in driving growth and fostering …
