Capitec takes big Covid-19 hit, as customers can’t pay back loans
Capitec Bank forecast a fall of at least 70% in first-half earnings on Friday, with a spike in bad loans from the coronavirus crisis.
Capitec Bank forecast a fall of at least 70% in first-half earnings on Friday, with a spike in bad loans from the coronavirus crisis.
Development Bank of Southern Africa says it’s under pressure to keep disbursing loans to countries trying to cope with the fallout from the Covid-19 crisis.
Neil Woodford is an investment manager who appeared to have the Midas Touch but is now in a pot of trouble.
Eskom’s debt burden, described by Goldman Sachs as the biggest threat to SA’s economy, has burgeoned, compounding the difficulty the government faces in formulating a turnaround plan.
China is aggressively seeking investments and contracts around the world, and perhaps nowhere is this more visible than Africa.
The Public Investment Corporation together with the Government Employees Pension Fund have been under the spotlight this week amid revelations that they have effectively written off loans of R7.4bn to a Steinhoff connected entity and Sekunjalo.
Absa Group forecast that its return on equity, a measure of profit, will improve slightly this year, helped by the South African lender’s operations in the rest of the continent.
The New Development Bank plans to lend as much as $600 million more in South Africa this year in an effort to spread funding more evenly across its five member states.
Eskom and KfW, the German development bank, signed a $100 million loan facility to connect renewable-power projects run by independent producers to the grid.
Capitec Bank’s most recent annual financial results for the year ending February 2018 shows that the bank’s strategy to grow its active clients base to nearly 10 million.