Banks in South Africa are seeing one of their worst crises in ages with rising bad loans and hefty impairment charges in an economy which was already in recession before the pandemic. The country's bank index .JBANK is currently trading at a discount of almost 40% to the country's top 40 index .JTOPI.
Many South African banks will be reporting their financial results in the coming days. As expected, COVID-19 has brought on a financial crunch for banks that were already downgraded in March, by Fitch Ratings. Mahin Dissanayake, Senior Director at Fitch Ratings joins CNBC Africa to give insight into the position that banks are in and the South African Reserve Bank’s response to COVID-19.
“Today’s economic crisis is exacerbating economic and racial divides and exposing systemic barriers to opportunity”, Dimon said in an opinion piece in the Wall Street Journal on Monday, adding that often high-achieving people across New York were not given opportunities at the city’s top employers.
ABUJA (Reuters) - Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement...
As some countries, China, Austria, Denmark start to open up, experts believe that the long term effects of COVID-19 on some sectors, banking included are just getting started, so how will they cope? CNBC Africa is joined by George Odhiambo, Managing Director of KCB Rwanda for more.
A number of JSE listed companies are delaying the publication of financial results and annual reports, saying COVID-19 lock-downs are making it hard for their auditors to conduct a proper audit process. Joining CNBC Africa for this discussion are Tara Smith, Department of Professional Practice in South Africa at KPMG, Stephen Ntsoane, EY's Assurance Leader for South Africa and Andrew Mackie, Managing Partner, Africa Audit & Assurance, Deloitte & Touche.
Zimbabwe's largest bank CBZ launched two bond issues on Monday, seeking to raise $80.6 million to finance maize and soybean farming, as the country faces another drought that could worsen an already dire economic situation.
Now in its third year, the Absa Africa Financial Markets Index evaluates financial market development in 20 countries across the African continent and the improvements show the progress being made within the financial markets.