Banking | - Part 14

IFC Invests in Co-op Bank to Support Entrepreneurs and Housing Finance in Kenya

Nairobi, Kenya, Capital Markets in Africa — IFC, a member of the World Bank Group, announced today that it will provide a $105 million loan to the Co-operative Bank of Kenya (Co-op Bank) to support lending to small and medium businesses, women entrepreneurs and the housing sector. The second largest bank in Kenya by total assets, Co-op Bank has 143 branches across the country and a subsidiary in South Sudan. Small and medium enterprises account…

Nigeria’s Central bank substantially loosen monetary policy by cutting benchmark rate to 11%

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LAGOS, Nigeria, Capital Markets in Africa — On 24 November 2015, the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting was held where the MPC resolved to reduce the monetary policy rate (MPR) to 11 percent from 13 percent, Governor Godwin Emefiele told journalists today. Nigeria’s central bank reduced its benchmark interest rate for the first time in six years, deviating from its counterparts in most of African countries that have tightened monetary policy in…

South Africa Reserve Bank hikes Repo Rate to curtail inflation and strengthen rand …

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Johannesburg, South Africa, Capital Markets in Africa — The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) unexpectedly raised the Repurchase Rate by 25 basis points to 6.25 percent, according to the press release issued on Thursday 19 November 2015 and signed by the SARB Governor Lesetja Kganyago. The MPC also lowered its inflation and growth forecasts for 2015, it also warned of the risk of price pressures spreading because of a weakening rand…

Nigerian banks to remain resilient despite elevated credit risks from deteriorating operating environment — Moody’s

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Lagos, Nigeria, Capital Markets in Africa — Moody’s Investors Service expects Nigerian banks’ non-performing loans to rise in 2016, driven by the deteriorating repayment capacity of borrowers in the oil and gas sector, although their profitability will remain sufficient to absorb related provisioning needs, as indicated in the report, “Banking System Overview: Nigeria” written by Moody’s analysts Akintunde Majekodunmi and Peter Mushangwe. As a reflection of lower oil prices that will continue to constrain fiscal…

Moody’s says Nigeria’s Sterling Bank’s credit profile likely to be resilient to downside risks

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London, Capital Markets in Africa — Nigeria’s Sterling Bank Plc is likely to remain resilient to downside risks despite its rising problem loans, says Moody’s Investors Service in a report published today. Moody’s outlook on the bank is stable for the next 12-18 months. “The bank reported 1H2015 results that show a continued upward trend in the bank’s non-performing loans (NPLs) and highlights vulnerabilities in the bank’s asset quality given its rapid loan growth in…

South Africa’s banking system outlook is stable despite economic headwinds — Moodys

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service has revised to stable from negative its outlook on the South African banking system for the next 12-18 months. Although subdued economic growth and rising interest rates will increase non-performing loans (NPLs), the rating agency nevertheless expects banks’ financial performance to remain resilient. “The stable outlook reflects our view that South African banks are well-positioned to withstand headwinds from the country’s weak economy,” says…

BMCE likely to maintain solid profits from pan-African operations, outweighing risks — Moodys

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Casablanca, Morocco, Capital Markets in Africa — BMCE Bank’s (Banque Marocaine du Commerce Extérieur) rising profitability is increasingly mitigating the risks arising from its rapid pan-African expansion, says Moody’s Investors Service in a report published today. Moody’s report, entitled “Banque Marocaine du Commerce Exterieur: Stronger Profits Increasingly Mitigate Risks of Rapid Pan-African Expansion”. The rating agency’s report is an update to the markets and does not constitute a rating action. BMCE Bank (ba3/BCA, Ba1/Local Currency…

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