Category: banks
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China Stimulus Sets Tone for Major Banks, HSBC Is All About Overhaul
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Breadcrumb links BMN Business China’s recent stimulus measures to revive the economy will set the tone for third-quarter earnings from major Chinese lenders including Industrial and Commercial Bank of China Limited, China Construction Bank, Agricultural Bank of China Limited and Bank of China Limited. Article writer: Bloomberg News Rachel Yu,…
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Nine commercial banks minted Sh110.39bn from government securities
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Kenya’s nine top-tier banks have generated a total of Sh110.39 billion in interest income from their investments in government securities in six months. Disclosures from the lenders’ unaudited financial statements show that the interest income they earned from their investments in government securities increased by 17.87 percent to Sh110. 37…
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Analysts see more drops in base interest rates amid pressure on banks
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Analysts see the Central Bank of Kenya cutting key interest rates by at least 25 basis points before the end of the year due to low inflation rates and the need to stimulate flagging economic activity. The Monetary Policy Committee, the highest decision-making body at the Central Bank of Kuwait,…
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NCBA cuts lending rates as pressure mounts on banks
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NCBA Kenya has cut lending rates as lenders respond to the Central Bank of Kenya’s (CBK) move to cut its benchmark interest rate by the biggest margin since 2020. The bank said on Friday it would cut interest rates on new shilling-denominated loans to 16.91 percent from 17.5 percent. However,…
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NSE-listed banks employ three women for every man hired
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Major banks listed on the Nairobi Stock Exchange (NSE) have appointed three women for every man they appointed in the year ending December 2023, adding momentum to the race for gender equality. Data on nine listed banks, classified as large, show that lenders have intensified the pace of hiring women.…
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Saccos outpace banks in loan disbursements for eight months
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Savings and Credit Cooperatives (SACOs) issued more loans than commercial banks in the first eight months of this year, reflecting the choice of customers who were put off by the high interest rates charged by commercial banks. New data from the Central Bank of Kenya (CBK) shows that credit disbursed…
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Saccos outpace banks in loan disbursements for eight months
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Savings and Credit Cooperatives (SACOs) issued more loans than commercial banks in the first eight months of this year, reflecting the choice of customers who were put off by the high interest rates charged by commercial banks. New data from the Central Bank of Kenya (CBK) shows that credit disbursed…
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Banks’ eight-month profit up 12pc to Sh181bn amid defaults
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Commercial banks recorded an 11.58 per cent increase in pre-tax profits to Sh181.1 billion in the first eight months of the year, defying an environment of rising loan defaults and low willingness to borrow. Central Bank of Kenya (CBK) data shows that January-August profits rose from Sh162.3 billion in the…
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Banks’ eight-month profit up 12pc to Sh181bn amid defaults
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Commercial banks recorded an 11.58 per cent increase in pre-tax profits to Sh181.1 billion in the first eight months of the year, defying an environment of rising loan defaults and low willingness to borrow. Central Bank of Kenya (CBK) data shows that January-August profits rose from Sh162.3 billion in the…
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Banks cut loans to parastatals by 15pc, defaults up
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Commercial banks reduced their lending to semi-governmental institutions by 14.7% in July compared to the same period last year, the largest decline in four years. This comes as state-owned companies struggle to service debts owed to their largest lender, the government. Overall, commercial banks, microfinance banks and savings and credit…
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India asks banks to stop making large bets against rupee, sources say By Reuters
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Written by Jaspreet Kalra and Nimesh Vora MUMBAI (Reuters) – India’s central bank has asked government and private lenders to refrain from betting heavily against the rupee in a bid to support the currency that has been hovering near record lows over the past three trading sessions, four sources said.…
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Citi among banks banks omitting data about race from home loans—depriving researchers of both positive and negative trends
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The 5000 financial institutions that I grew up A home loan in the United States is required by law to collect information about race. The policy is designed to help detect potential discrimination against borrowers, and has generated large amounts of data that researchers, academics and lenders themselves use to…
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China tells banks to start cutting rates on existing mortgages By Reuters
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BEIJING (Reuters) – The People’s Bank of China (China’s central bank) told commercial banks on Sunday to begin cutting interest rates on all outstanding home loans, in a sweeping move to help ease the mortgage burden on households hurt by the economic slowdown. All commercial banks must, in batches, cut…
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China central bank will cut banks’ reserve requirement ratio by 50 bps By Reuters
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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some or all of your investment amount, and may not be suitable for all investors. Cryptocurrency prices are highly volatile and may be affected by external factors such as financial, regulatory or political events.…
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Banks start compliance with foreign customers reporting requirement
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Local banks are expected to fully comply this month with the requirement to share details of foreign accounts with the Kenya Revenue Authority (KRA), in order to transfer them to the relevant jurisdictions after the deadline of August 31, 2024. Commercial banks began identifying foreign clients holding accounts in Kenya…
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Treasury plans tax on banks and Ashdod Port privatization
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The draft economic arrangements law, which will be attached to the 2025 budget, outlines the reforms that the Finance Ministry intends to implement next year. The draft law includes important measures in the areas of finance, real estate, state-owned companies, and others. The draft does not include any new taxes…
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Banks switch to upgraded system for large payments
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Banks and microfinance banks have begun testing the updated system for sending high-value financial transactions to speed up transfers while tightening screening for fraud. Banks on Monday began testing the updated system that incorporates ISO 20022 — a global standard for exchanging electronic messages between financial institutions using standardized messaging…
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Trump teases launch date for crypto project to ‘leave outdated banks behind’
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Former President Donald Trump is teasing the launch date of his sons’ new cryptocurrency project, dubbed “World Liberty Financial.” Donald Trump is hinting at the upcoming launch of World Liberty Financial, a crypto project his family has been promoting over the past few weeks. In a video It was published.…
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Trump teases launch date for crypto project to ‘leave outdated banks behind’
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Former President Donald Trump is teasing the launch date of his sons’ new cryptocurrency project, dubbed “World Liberty Financial.” Donald Trump is hinting at the upcoming launch of World Liberty Financial, a crypto project his family has been promoting over the past few weeks. In a video It was published.…