Ivy Ankrah’s Post

KCB Bank Group Group’s profit dips to $282M on soaring costs. 👉 East Africa’s banking giant KCB Group reports heightened operational expenses, which surged to $627 million in 2023, up from $447.9 million in 2022. 👉 The costs are associated with the consolidation of its subsidiary in the Democratic Republic of Congo, Trust Merchant Bank (TMB), 👉 Additional expenditures were related to a voluntary retirement scheme as well as litigation fees. Learn more 👉 https://bit.ly/43tKNww #bank #finance #eastafrica

Your future self is begging you to save today. Start the journey with this brilliant insight from AIGP (Rtd) Asan Kasingye. Saving is more than money—it’s a mindset. Watch as he explains how to build the discipline to save. Watch the full Absa WealthWise session: https://lnkd.in/dd3RR8hX #YourStoryMatters #AbsaWealthWise

Last week, HM Treasury published the latest review of the Bank Referral Scheme, fast-tracked following the CFIT-led SME Taskforce recommendation. Launched in 2016, the scheme was designed to improve SME access to finance and enhance competition in the SME lending market. It has since connected businesses rejected by major banks with alternative finance providers through dedicated Government platforms, helping more SMEs secure the funding they need to grow. CFIT continues to champion SME finance, recognising the vital role small businesses play in driving economic growth. This commitment is reflected in our recently announced coalition, in partnership with Mastercard and Lloyds Banking Group, which aims to deliver SME-focused solutions through financial innovation. Read more here: https://lnkd.in/dxRtjQ7e #SMELending #CFIT #FinancialServices 

𝐀𝐛𝐬𝐚 𝐁𝐚𝐧𝐤 𝐊𝐞𝐧𝐲𝐚 𝐏𝐨𝐬𝐭𝐬 𝟐𝟎% 𝐍𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐭𝐨 𝐊𝐬𝐡𝟏𝟒.𝟕 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐐𝟑 𝟐𝟎𝟐𝟒 Absa Bank Kenya PLC has reported a profit after tax of Kshs. 14.7 billion for Q3’2024, a 20% increase compared to the same period last year. The bank’s strategic focus on innovation, customer experience, and financial inclusion has driven a 16% increase in total revenues to Kshs. 46.8 billion. This growth is attributed to both traditional income streams and new sources like asset management and brokerage. The bank has also expanded its service network and empowered over 14,000 entrepreneurs through non-financial solutions. The Bank’s cost-to-income ratio improved to 37.8% despite a 13.7% rise in operating costs, while return on equity increased to 25.4%. Absa demonstrated strong liquidity (38.1%) and capital adequacy (19.4%), well above regulatory requirements. The bank remains committed to its sustainability initiatives through the newly established Absa Kenya Foundation, focusing on enterprise development, education, natural resource management, and health. Absa Bank Kenya PLC Managing Director, Abdi Mohamed Managing Director and CEO Abdi Mohamed expressed confidence in the bank’s continued growth, emphasizing its commitment to meeting the evolving needs of customers and supporting stakeholders’ ambitions. August 2024,Absa Bank Kenya reported a profit after tax of Kshs.10.7 billion for the half year ended 30 June 2024, a 29% increase over the same period last year, supported by strong revenue  growth across all business segments. Key Performance Highlights: • Total revenue up 16% to Kshs.31.8 billion • Net interest income up 20% to Kshs.23.0 billion • Non-interest income up 8% to Kshs.8.8 billion • Customer deposits grew by 6% to Kshs.353.3 billion • Interim dividend of Kshs 0.20 per share Absa Bank Plc continues to empower its customers’ aspirations through access to finance as  well as non-financial support. Loans and advances closed at Kshs.316.3 billion, with the Bank booking Kshs.64 billion in new gross lending to critical sectors of the economy. In the period, total revenues rose 16% to stand at Kshs. 31.8 billion, underpinned by growth in funded  income at Kshs. 23 billion. Additionally, non-funded income grew by 8.4%, reflecting both the strength of  the legacy revenue streams and the robust double-digit growth from new income sources.    

Great news for EPF investors 📢 Recently, it is announced that the Employees Provident Fund Organisation (EPFO) will launch an upgraded version of its software, named EPFO 3.0, by June 2025. The new system will offer enhanced efficiency, comparable to banking systems, and will feature a more user-friendly website interface. ATM Cards for EPFO Members: Along with the software upgrade, EPFO will start issuing ATM cards to its members. This will allow subscribers to access their Provident Fund (PF) savings more easily in case of emergencies or unexpected expenses. The first phase of the website and system updates is expected to be completed by the end of January 2025. Improved Accessibility and New Features: EPFO 3.0 aims to improve the overall experience for EPF members by making it more accessible and efficient. One of the key features will be enabling members to withdraw a portion of their PF savings through ATMs. As per recent announcements, members will be able to withdraw up to 50% of their total balance through ATM cards. Like, share and Follow for more updates. #epfo #providentfund #finance #investing #atm #money #wealth #personalfinance #salariedemployees https://lnkd.in/gQVUk73m

bank wars continue... the #financial #revolution #goes #onwards #untelevised nearly a decade as a commercial account with a particular bank and they want to help, they just need a little information first, just a little pinprick, now you're ready for the show, they'll be no more ahh aahhhh aawww but you may feel a little sick... we are opening up a current account and a savings account at 5 more banks for a total of 6 - seems like we should have 7 - we are (in alphabetical order) going to open an account at Absa Group and Capitec (we applied online last week and it said, "More than 2 Directors? We will contact you and come and see you¡!" - not a peep - crickets - not a business bank after all? guess I need to move All our accounts away from the Bank if it's not for business banking anymore), FNB South Africa (we already bank there 😑 they gave us the honor of a Teams Call with the same sod who ignored us for 3 months - that's coming to the party? wrong again!), Investec and Investec Wealth & Investment UK you knew it was going to be you all along, but I had to kiss everyone else at the Party first, but I am probably going home with you even if I whisper in the other bank's ears while we are dancing together - maybe it's time to leave the party, go home with a Stallion of a Zebra (hey, my Wife is coloured and my minor child daughter is sort of a Zebra 🦓- this works, she has a trust fund from my Daddy! you will Love Her!), Nedbank Nedbank Corporate and Investment Banking Nedbank Private Wealth (you have an automatic advantage, our CEO has been there a while, he's a wealthy engineering geek, probably has the most cheapest account and no services, changing that right now, look up Alan Welsford and get him into the Private Wealth Clients program yesterday!), Standard Bank Group Standard Chartered Corporate & Investment Banking (it might be you - we want to build an in-house financing department to finance and insure equipment purchased from us by our customers - example of a deal - R930k per month for 360 months lease to a global yacht builder? what's the net present value of that deal? we want to factor it when we ink it next year... can you assist?) it's a reverse auction, may the Best Bank win. start now... PS we need a 7th Bank,who wants it? Brian

Today let’s talk about a small topic with huge impact. In the B Corp assessment 1 of the 200 questions that is not commonly spoken about is who you bank with. For most SMEs, who you bank with is based on which bank is convenient, serves your business’s needs and most likely, with the least fees. B Corps are encouraged to think wider. The question about banking partners is a trigger for companies to have this as one of the areas they may work on to improve their impact (and score!) moving forward. Banks are an important part of our economic system and the choice of each SME in who they bank with has this ripple effect of eventually, who will benefit from the economic activities funded. Impactful banking services are companies that use the funds that they manage, lend, and invest on initiatives based on values, social impact and giving back to their communities. Whilst this conversation deserves a much deeper dive, as a principle there are a few indicators to consider: 💰Certified CDFI or national equivalent social investment organization 💰Certified B Corporation 💰Member of the Global Alliance for Banking on Values 💰Cooperative bank or credit union 💰Local bank committed to serving the community 💰Independently owned bank If you want to know more about what this means, feel free to message me! #babayagaconsultancy #sustainabilityconsultant #bcorp #bleader #businessforgood #forceforgood #thiswayforward #evolvingBCorpstandard

The Term Funding Scheme with additional incentives (TFSME), launched in March 2020 in response to Covid-19, originally offered drawings with a 4-year term. Eligible participants could extend to 6 years in alignment with the BBLS. Phase one of extensions concluded in 2022. Phase two now allows a further extension from 6 to 10 years, impacting a few drawings, while others will mature per their 4-year term. Details and documentation updates are available on the bank's website: https://bit.ly/4eJZ3Gz If you would like to undertake a lending strategy review we would be more than happy to discuss with you options! #TermFundingScheme #FinanceNews #FinanceUK

September went by in a flash. 🏃💨 But we made sure to capture our favorite moments in our latest monthly recap! 👇 Yes, September was indeed a busy month for all of us at SME Bank. One of the biggest highlights was sponsoring BMI Alumni Executive Club's annual golf tournament and connecting with fellow industry experts. ⛳ And we are stoked to see that our clients are staying just as active. Two of our top financed sectors last month were manufacturing and real estate. But the sector that truly topped the charts was trade, with many SMEs gearing up for the holiday season ahead.💪 Ticket sizes ranged from €35K to €950K, underscoring one of our core beliefs here at SME Bank, which is that no financing need is too big or too small when it comes to business growth. And we feel privileged that so many small and medium-sized companies turn to us to make it happen! 🚀   Now, let’s see what the rest of October has in store for us, shall we? 👀 #smebank #whatamonth #septemberrecap #businessgrowth #neobank #banking #financing #smes

MCB Group Limited has reported a strong start to the #financial year 2024/25, with #profit attributable to shareholders rising by 35.2% to MUR 4,811 million, compared to the corresponding quarter last year. This growth reflects solid improvements in core earnings across the #banking and non-banking financial clusters.