Tag: Financials

Absa Bank profit after Tax jumps 328% to US$72m for period ending September 2021

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KENYA – Absa Bank, a financial services group, has recorded a 328 percent jump in its Profit after Tax for the period ending 30 September 2021. The profit rose to KSh8.2 billion (US$72.98m), as compared to KSh.1.9 billion (US$16.91m) recorded in the same period 2020, which was attributed to the strengthening macro-economic environment and resilience in customer operations. The bank also recorded KSh.27.3 billion (US$242.98m) in total income, a 7 percent increase credited to higher increased income which increased by 9 percent year on year due to increased lending. Loans…

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Majorel Group, Bertelsmann set for initial public offering on Amsterdam Euronext

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MOROCCO – Majorel Group, a subsidiary of Morocco’s Saham Group, and its German partner Bertelsmann, is considering an initial public offering (IPO) on the Amsterdam Euronext for the second half of 2021. German newspaper Handelsblatt reports Germany’s Bertelsmann has set a billion-euro IPO of its call centre business Majorel on the Euronext in Amsterdam. Euronext is a pan-European exchange group, operating stock exchanges in Amsterdam, Brussels, Dublin, Lisbon, London, Milan, Oslo and Paris. The shares held by Bertelsmann and the Saham Group will be offered to institutional investors in private…

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Al Baraka Bank Egypt appoints Hazem Hegazy as Vice Chairperson and CEO, releases its financials

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EGYPT – Al Baraka Bank Egypt, the Egyptian subsidiary of Bahrain headquartered leading Islamic banking multinational Al Baraka Bank, has appointed Hazem Hegazy as Vice Chairperson and CEO, subject to the approval of the Central Bank of Egypt (CBE). The Al Baraka Bank said, in a statement to the Egyptian Exchange (EGX), that the bank’s outgoing Vice President and CEO Ashraf Al-Ghamrawy, and outgoing Executive Vice President Sami Abdel Gawad have submitted their resignations effective as of 1 October and 22 September, respectively. The Board accepted both resignations. Hegazy, who…

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Access Bank posts US$35.76m profit before tax for the first half of the year

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GHANA – Access Bank, a financial services provider, has recorded an impressive growth in its financial performance for the first half of the year. It recorded a net interest income growth from GH¢188 million (US$31.13m) to GH¢218 million (US$36.09m), while profit before tax grew from GH¢193 million (US$31.95m) to GH¢216 million (US$35.76m) year-on-year. The strong performance represents a 16 and 12 per cent growth in its net interest income and profit before tax respectively. Mr Olumide Olatunji, Managing Director of the Bank, disclosed this at its annual “Facts behind the…

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ADCB-Egypt posts 83% increasing in net profit for the first half of 2021

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EGYPT – Abu Dhabi Commercial Bank – Egypt (ADCB-Egypt) has delivered robust results during the first half (H1) of 2021, with net profit increasing by a staggering 83% to reach EGP 358 million (US$22.79m) compared to H1 of 2020. This positive performance reflects the bank’s successful business management and its efficiently executed growth strategies at this critical stage despite the pandemic effects. It also proves the Egyptian economy’s resilience, as the country was one of the few emerging markets that maintained growth with quick pace in spite of the immense…

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Dangote Cement successfully completes US$729m unsecured bond

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NIGERIA – Dangote Cement Plc, Africa’s largest cement producer, has announced the successful issuance of 50 billion Series 1 Fixed Rate Senior Unsecured Bonds under its new N300 billion (US$729m) Multi-Instrument Issuance Programme. The bonds were issued on May 26, 2021, at coupon rates of 11.25%, 12.50% and 13.50% for the 3, 5 and 7-year tranches respectively. Despite market headwinds, the bond issuance was well received and recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors. The proceeds of…

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Maritime company C&I Leasing completes issuance of second tranche for its bond programme

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NIGERIA – C&I Leasing, a Nigerian public limited maritime company, has completed the issuance of the second tranche of its N20 billion (US$48.45m) bond programme which it started in 2017. The company, which is Nigeria’s only listed leasing company also said it is optimistic that a new business model which it adopted, would help in driving revenue growth and further improve the profitability of its business from 2021 and beyond. According to a statement, at 100 per cent subscription rate, the long-dated instrument was a N10 billion bond (US$24.22m), issued…

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NGX admits Nova Merchant Bank N10 billion bond which is due in 2027

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NIGERIA – The Nigerian Exchange Group (NGX), has announced the listing of Nova Merchant Bank Plc’s N10billion (US$24.32m) Bond. The bond listed is the NOVAMBL Investments SPV N10billion Series I, 7-year 12percent subordinate unsecured fixed rate bond due 2027 under the company’s N50billion Bond Issuance Programme. “We are delighted to commemorate the listing of Nova Merchant Bank’s debut listing of its N10Bn Bond which was oversubscribed by 300%. The success of the Bond is an indication of the level of investor confidence in the company’s reputation, brand and corporate performance,”…

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Union Bank records 12% profit before tax for the first quarter of 2021

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NIGERIA – Union Bank, a commercial bank, has announced that its profit before tax rose by 12 per cent to N6.9 billion (US$18.13m) as of the end of the first quarter of 2021 from N6.2 billion (US$16.29m) in the corresponding period of 2020 driven by higher non-interest income and lower operating expenses. According to a statement by the company, its gross earnings was down by 15 per cent to N36.4 billion (US$95.66m) in the period under review from N42.6 billion in Q1, 2020, due to lower interest environment in the Nigeria financial…

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EIB backs Zim’s CABS with US$18m facility to support businesses affected by COVID-19

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ZIMBABWE – The European Investment Bank (EIB) has unveiled a €15 million (US$18 million) seven-year facility to Zimbabwe’s biggest mortgage lender, CABS, a member of Old Mutual Group, to bail out thousands of firms that have been affected by COVID-19. The intervention is part of EIB’s strategy to scale up interventions across African markets to build resilience in the region’s companies during the pandemic. It is part of an approved response strategy unveiled by European Union (EU) finance ministers after the COVID-19 outbreak in 2020. Speaking at a signing ceremony…

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