JOHANNESBURG, March 24 (Reuters) – Capitec Bank’s
new strategy of targeting wealthier clients in addition to its
core low-income customers helped boost the South African
lender’s 2014 earnings by 27 percent, sending its shares to a
record high on Tuesday.
The bank, which lends to borrowers without asking for
collateral, said transaction fee revenue climbed 35 percent
after it added nearly one million more customers to take the
total to 6.2 million.
JOHANNESBURG, March 10 (Reuters) – South African banking
group FirstRand reported a 13 percent rise in
first-half earnings on Tuesday despite setting aside more money
in anticipation of souring debt as oil and commodity prices
Africa’s second-largest lender by assets said it had
identified 900 million rand ($73 million) of loans to oil, gas
and commodity companies as high risk, many of these in Nigeria
and Angola, the continent’s top oil producers.
JOHANNESBURG, March 5 (Reuters) – Standard Bank
posted a 20 percent rise in profit last year, after stripping
out the loss-making global markets division it is selling, and
surprised investors by raising its dividend 12 percent.
Shares in Africa’s largest bank by assets jumped more than 6
percent after it reported full-year headline earnings of 21.1
billion rand ($1.8 billion) after removing a 3.7 billion loss
booked by Standard Bank Plc, in which Industrial and Commercial
Bank of China (ICBC) is buying a controlling stake.
JOHANNESBURG, March 4 (Reuters) – Africa’s largest telecoms
provider MTN Group reported muted full-year earnings
growth and warned of possible headwinds as weaker oil prices
bring economic doubts to its biggest market in Nigeria.
The west African country contributed nearly 37 percent of
MTN’s total revenue, while its South African home market made up
about 27 percent.
JOHANNESBURG, March 3 (Reuters) – Failed South African
lender African Bank Investments Ltd (Abil) is lending
at levels below what is required to set up a new “good bank”
using its healthy assets, administrators said on Tuesday.
The bank collapsed under a mountain of bad debt in August,
forcing the government to appoint external administrators to
oversee a restructuring that includes curving out a “good bank”
using its healthy assets worth 26 billion rand ($2.2 billion).
JOHANNESBURG, March 3 (Reuters) – Barclays Africa Group
has applied for a Nigerian banking licence and wants to
take over the Egypt and Zimbabwe units still ran by its parent
company, it said on Tuesday after reporting higher profits.
Like other South African companies, banks in the continent’s
most advanced country are setting up operations in sub-Saharan
Africa to tap growth from the robust economies there and hedge
against stagnating growth at home.
JOHANNESBURG, Feb 23 (Reuters) – An expanding loan book
buoyed South Africa’s fourth-largest banking group Nedbank
full-year earnings by an expected 13 percent and the
company said on Monday it expected recovery in consumer credit
The bank, majority owned by London-listed insurer Old Mutual
, said it expected that benign inflation this year would
ease some pressure that many of its consumers have been under.
JOHANNESBURG, Feb 11 (Reuters) – With power outages now a
daily reality in South Africa and expected to last for the next
three years, business and individuals are taking matters into
their own hands.
Africa’s most advanced economy is experiencing its worst
electricity crisis since 2008 with state power firm Eskom
implementing rolling blackouts as its old creaking
grid struggles to meet growing demand.
JOHANNESBURG, Feb 6 (Reuters) – When Michelle Obama and
Beyonce Knowles attended high-profile events in clothes made by
African designers, it was a sure sign that the continent’s
vibrant style has arrived on the world stage.
The showcasing of clothes from home-grown African designers
in stores in New York, London and Tokyo is a sign of a broader
change of attitude towards a continent which is earning a
brighter reputation beyond stories of war and disease.
JOHANNESBURG, Feb 4 (Reuters) – Lower call connection
tariffs and stiff competition reduced Vodacom’s
third-quarter revenue by 1.1 percent from a year ago to 19.99
billion rand ($1.76 billion), the South African telecoms
operator said on Wednesday.
South African regulators last year directed mobile phone
companies to lower termination rates, or the amount they charge
one another to connect calls onto their networks, saying they
were keeping tariffs high and hindering competition.