JOHANNESBURG, May 18 (Reuters) – South African telecoms
company Vodacom reported an expected drop in full-year
earnings on Monday as call connection rates fell, while its
planned investment in data to stay competitive could squeeze
Vodacom, majority-owned by Britain’s Vodafone, said
it would continue to expand its data network, having spent 13.3
billion rand ($1.1 billion) in the year to end-March or about 23
percent more than the previous year.
JOHANNESBURG (Reuters) – South Africa’s main opposition party, the Democratic Alliance (DA), said it voted Mmusi Maimane as leader on Sunday, making him the first black person to head the traditionally white party.
The party hopes the move will widen its appeal in a country deeply divided along racial lines despite the fall of apartheid more than two decades ago, with most of the black population living in poverty.
JOHANNESBURG/LAGOS, April 10 (Reuters) – Africa’s largest
telecoms operator MTN Group is in talks to buy
Nigeria’s Visafone Communications to solidify its grip in the
South African firm’s most important market, sources familiar
with the discussions said on Friday.
Wireless-network operator Visafone was set up eight years
ago to deliver voice and broadband services through mobile and
fixed telecom platforms after business tycoon Jim Ovia, who also
founded Zenith Bank, acquired three operators.
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.