Absa Group Limited (AGL), Africa’s largest diversified financial services group, has resumed shareholder payouts after a year-long hiatus due to the COVID-19 pandemic. The Group said its earnings are above pre-Covid-19 levels in the first half of 2021. “It’s particularly pleasing that our earnings are above pre-Covid-19 levels. Also, our first half normalised headline earnings per share is our highest ever,” said Absa interim group CEO Jason Quinn.
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Sidian Bank and Aqua for All, through the Covid-19 WASH loans, have been providing support in bridging the service and financial gaps in the water, health and sanitation sector. The solution, a Covid-19 Response (WASH) loan facility, targets MSME’s in the water and sanitization value chain sector. The aim of the facility is to scale up innovative solutions for water service providers through short-term financing facilities in working capital, asset and project finance. According to one of the loan beneficiaries, Arahuka Distributors Limited a retailer based in Kangemi, the loan enabled him to purchase water tanks in large quantities and…
Stanbic Holdings bank reported that its half-year profit rose by 34.6 per cent to Ksh 3.5 billion from Ksh 2.6 billion during a similar period last year attributed to improved operating income and lower credit impairment charge. Chief Finance Officer, Mr Abraham Ongenge said, “The bank’s profit after tax was supported by double-digit revenue growth and improved credit losses.” Net interest earnings grew by 9% to Ksh 6.9 billion on account of loan book growth and improved margins. The lender’s credit impairment charges during the period were down 15 per cent at Ksh 1.5 billion from Ksh2 billion during the…
Absa Group has joined forces with SAP for a core finance transformation. The group has started with Absa Bank Kenya to implement the S/4 HANA, the first country to go live with SAP S/4 HANA. The S/4 HANA was launched on Amazon Web Service Hyperscaler, an African first for SAP and a Tier 1 bank in the African banking industry. “Using best of breed technology and cloud, we are transforming our Finance business with highly integrated systems, automation and consolidation of our financial data and reporting,’’ says Ebrahim Samodien, CIO Functions Technology. SAP had been chosen to assist in simplifying…
Samsung Electronics Co Ltd on Wednesday unveiled its third-gen foldable devices, the Galaxy Z Fold3 and Galaxy Z Flip3, at the Galaxy Unpacked event. The South Korean electronics maker also announced a range of smartwatches in the Galaxy Watch4 series and a pair of wireless stereo earbuds named the Galaxy Buds2. The Galaxy Z Fold3 and Galaxy Z Flip3 is Samsung’s first foldable device with support for its digital stylus pen. “With the Galaxy Z Fold3 and the Z Flip3 5G, Samsung empowers users with the flexibility and versatility needed for today’s fast-paced world,” said Charles Kimari, Head of Department,…
Parliamentary Committee on Delegated Legislation is terribly mistaken to think that it has powers to countervail IEBC gazetted Election Campaign Spending Limits. It does not. The operating law is S.18(1) of the Election Campaign Finance Act. Let the law speak: “The Commission SHALL, at least twelve months before the election, by Gazette Notice, prescribe spending limits that a candidate or party may spend…” The operating word is “SHALL.” Further, S.29 on delegated powers provides thus: “The Commission MAY make regulations for the better performance of its functions, and such regulations shall be laid before the National Assembly for approval before…