BANKS FACE PROFIT PLUNGE

BANKS FACE PROFIT PLUNGE

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Experts in the banking industry across Africa are worried of a further decline in profits for the industry following a reported 22% decline in profits in the first quarter of 2016.

 

According to a report released on Sub-Saharan African investment, total transaction by the banks has dropped by 43% as the cost of credit remained high thus pushing more people away from banks.

 

Player in the banking sector say the decline has also forced the banks to write-off unpaid loans..

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