KCB Group, Absa Bank Kenya and Stanchart Bank release their financial report for 2021

KENYA – KCB Group Plc profit for the year ended December 31, 2021, grew 74 per cent on economic recovery across markets. The lender’s net earnings for the review period shot to KSh34.2 billion (US$299.08m) from KSh19.6 billion (US$171.40m) a year earlier, driven by increased income, cost management and lower credit provisions. “This saw the Group post higher returns to…

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Moroccan seafood exports hit new record of US$2.5B in 2021

MOROCCO – In 2021, Moroccan seafood exports reached 778 thousand tonnes, valued at MAD 24.2 billion (US$2.5 billion). The Ministry of Agriculture, Maritime Fisheries, Rural Development, Waters, and Forests reported the new record. With a 15% increase in exports value, Morocco achieved a new record that resulted from a turnover growth of 53% for frozen cephalopods, 66% for frozen octopus,…

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

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…

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

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,…

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

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…

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

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…

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

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…

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Dangote Cement successfully completes US$729m unsecured bond

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,…

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

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…

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

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…

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