Old Mutual on track to launch new bank in South Africa

Old Mutual says it is on track to launch a new bank in South Africa in 2024, with the plan to soft-launch for “friends and family” before taking the almost R2 billion build live with the wider public.“Our bank build in South Africa is a core component of our integrated financial services ecosystem. A transactional banking capability enhances our ability to have regular interactions with our customers and partner with them earlier on in their life journeys,” it said.

The progress being made on the bank comes despite the group operating in a very challenging environment. The build is on track and in-budget, it said.In its interim results for the six months ended 30 June 2023, the group said it performed well across most of its key performance indicators, with sales growing by 14% following improved productivity levels.

“Strong growth in private sector investment in energy generation projects and ongoing rebuilding of inventories also added to growth.” “Our customers’ disposable income remains under pressure, which led to increased disinvestments on savings and investments as customers seek to fund their liquidity requirements,” it saidDuring the period under review, the group’s basic earnings per share dropped by 9% from 106.8 cents in H1 2022 to 96.7 cents in H1 2023.

Source: Financial Digest (financialdigest.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Old Mutual, Sanlam top list of Africa’s Top 100 insurers - The Africa Report.comThe repercussions of the pandemic, along with the trend of major African corporations establishing their own insurance systems, are taking a toll on industry professionals.
Source: TheAfricaReport - 🏆 29. / 55 Read more »

South African insurer Old Mutual posts 8% fall in half-year profitSouth African insurer Old Mutual Ltd on Wednesday posted an 8% fall in half-year profit.
Source: ReutersAfrica - 🏆 31. / 53 Read more »

Missing 20-year-old male: Gqeberha - South Africa TodaySAPS in Algoa Park are looking for a 20-year-old male, Mihlali Khalani, after he left his home and never returned. He was last seen on 18 April 2023 at about 08:00 when he left his home at Khan’s Grounds, Missionvale, Gqeberha. When he did not return home, his parents reported him missing on 03 May [...]
Source: SATodayNews - 🏆 44. / 51 Read more »

Africa Fact of the Day: Riskiest countries to do business in Africa.Africa Fact of the Day features the most wonderful and weird facts about the history and culture of the African Continent.
Source: TheSAnews - 🏆 25. / 59 Read more »

Africa: Can China Be a More Attractive Security Partner for Africa?Analysis - Beijing's Global Security Initiative may be more compelling than Western approaches, but comes with several challenges.
Source: allafrica - 🏆 1. / 99 Read more »

The war for tech talent rattles Africa’s banking sector - The Africa Report.comBanks across the continent are desperate to fill tech vacancies, with domestic competition, telcos, big tech and cybercriminals all creating headaches for management
Source: TheAfricaReport - 🏆 29. / 55 Read more »