Banking

Moody’s takes rating actions on five Tunisian banks

Posted on by The Editorial Team
Moody’s takes rating actions on five Tunisian banks

TUNIS (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded to B1 from Ba3 the long-term local currency deposit ratings of Arab Tunisian Bank (ATB), Banque Internationale Arabe de Tunisie (BIAT) and Banque de Tunisie (BdT) while also downgrading the long-term local currency deposit ratings of Amen Bank (Amen) and Société Tunisienne de Banque (STB) to B2 from B1. Moody’s also changed the outlook on the long-term deposit ratings of ATB to…

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Standard Bank’s First-Half Profit Rises 14% as Impairments Drop

Posted on by The Editorial Team
Standard Bank’s First-Half Profit Rises 14% as Impairments Drop

JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd., Africa’s largest lender by assets, said first-half profit rose 14 percent after impairments dropped and costs were contained. Net income climbed to 12.3 billion rand ($937 million) from 10.8 billion rand a year earlier, the Johannesburg-based lender said in a statement on Thursday. Earnings per share excluding one-time items, known locally as headline earnings, advanced 11 percent to 7.56 rand beating the 7.44 rand median estimate of…

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Namibia Cuts Rate for First Time in 5 Years as Inflation Slows

Posted on by The Editorial Team
Namibia Cuts Rate for First Time in 5 Years as Inflation Slows

WINDHOEK (Capital Markets in Africa) – Namibia’s central bank reduced its key rate for the first time since 2012 as consumer prices rose at the slowest pace in almost two years last month and the economy contracts. The Monetary Policy Committee reduced the repo rate by 25 basis points to 6.75 percent, Bank of Namibia Deputy Governor Ebson Uanguta told reportersWednesday in capital, Windhoek. Inflation in the southwest African nation, the world’s biggest producer of marine diamonds, was 5.4…

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South Africa Court Scraps Bid to Alter Central Bank Role

Posted on by The Editorial Team
South Africa Court Scraps Bid to Alter Central Bank Role

JOHANNESBURG (Capital Markets in Africa) – South Africa’s High Court scrapped a bid by the nation’s anti-graft ombudsman to change the central bank’s inflation-targeting mandate. The Public Protector’s instruction that lawmakers should start a process to change the constitution and amend the Reserve Bank’s mandate is set aside, Judge Cynthia Pretorius said in a ruling. The judgment removes the risk of politicians interfering in the functioning of the central bank and may ease concerns about…

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Mozambique Central Bank Trims Rates for Second Time This Year

Posted on by The Editorial Team
Mozambique Central Bank Trims Rates for Second Time This Year

MAPUTO (Capital Markets in Africa) – Mozambique’s central bank cut rates for the second time this year as price growth continued to moderate. The Monetary Policy Committee reduced the permanent lending facility rate to 22.5 percent from 22.75 percent, Governor Rogerio Zandamela said in a statement on the Maputo-based bank’s website. Inflation slowed to 16.2 percent in July, the lowest since April 2016, having peaked at 26.8 percent in November. “The prevalence of risks to the inflation outlook requires…

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Zambia Central Bank Reduces Key Rate to Lowest Since 2014

Posted on by The Editorial Team
Zambia Central Bank Reduces Key Rate to Lowest Since 2014

LUSAKA (Capital Markets in Africa) -Zambia’s central bank cut its benchmark lending rate for a third time this year as inflation remained below the government’s target. The Bank of Zambia lowered the rate to 11 percent from 12.5 percent, Governor Denny Kalyalya told reporters Thursday in Lusaka, the capital. That’s the lowest level since February 2014. The southern African nation’s consumer inflation rate is near the lowest since 2013, with this year’s record harvest of corn, which is used to make…

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Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

Posted on by The Editorial Team
Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

London (Capital Markets in Africa) – In a new report Moody’s Investors Service answers investors’ questions about the credit implications for Angolan Banks, such as Banco Angolano de Investimentos, S.A. (BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services. The report, “Banco Angolano de Investimentos, S.A. (BAI) Case Study: Angolan banks face challenges meeting dollar obligations following loss of correspondent bank relationships,” is now available on…

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