CRDB Bank reported stronger first-half earnings, while Nedbank maintained broadly stable profit as it advanced its proposed acquisition of Kenya’s NCBA Group. S&P Global also agreed to acquire a majority stake in Agusto & Co., marking a significant development for Africa's domestic credit ratings industry. Alongside earnings, regulators continued strengthening financial oversight. South Africa proposed a formal framework for cross-border crypto-asset transfers, while Nigeria’s central bank disclosed sanctions imposed during 2025 over complaint-handling and other regulatory failures. Read more on the week's key developments: 1. Tanzania’s CRDB Bank first-half profit rises 20.3% CRDB Bank reported first-half 2026 profit after tax of TZS 417 billion (about $159 million) on 31 July, an increase of 20.3% from a year earlier. Total assets rose 34% to TZS 26.4 trillion (about $10.0 billion), customer deposits increased to TZS 18.8 trillion (about $7.1 billion) and net loans expanded 38% to TZS 16.9 trillion (about $6.4 billion), reflecting continued growth across the bank's operations. Loans and customer deposits continued to expand faster than earnings, indicating that balance-sheet growth remained the principal driver of CRDB's performance during the first half. Sustaining profitability will increasingly depend on lending margins and asset quality as the enlarged loan portfolio matures. 2. Nedbank reports first-half results and advances NCBA acquisition Nedbank reported headline earnings of ZAR 8.4 billion (about $509 million) for the six months ended 30 June 2026 on 4 August, compared with ZAR 8.3 billion (about $503 million) a year earlier. Higher income offset a 26% increase in impairment charges. Diversified income helped Nedbank absorb higher credit costs and maintain broadly stable earnings. The bank also confirmed that it had received most regulatory approvals for its proposed acquisition of a 66% stake in Kenya's NCBA Group, with the remaining approvals expected by the fourth quarter of 2026. If completed, the acquisition would give Nedbank access to NCBA’s more than 60 million customers and established digital lending franchise, while extending its corporate banking, infrastructure finance and wealth capabilities across East Africa. 3. AfDB invests $332 million in Standard Bank to support SME financing The African Development Bank provided Standard Bank Group with ZAR 5.4 billion (about $332 million) in subordinated debt structured as a First Loss After Capital instrument to support SME financing in South Africa. The package also includes a ZAR 16 million (about $1 million) technical-assistance grant to improve financial records, credit readiness and supplier participation among women-led businesses. The subordinated structure provides loss-absorbing capital that can support additional SME exposures, while the technical-assistance programme targets weaknesses in financial records and credit readiness. Its impact will depend on how much additional lending Standard Bank generates from the capital provided. 4. S&P Global agrees to acquire majority stake in Agusto & Co. S&P Global announced on 28 July that it had agreed to acquire a majority stake in Agusto & Co., one of Africa's leading credit rating agencies with operations in Nigeria, Kenya, Rwanda and Ghana. Agusto & Co. will remain a separate ratings entity operating under its own ratings and methodologies, while gaining access to S&P Global Ratings’ analytical capabilities, technology and international reach. The transaction would expand S&P Global Ratings' presence in African domestic debt markets by adding Agusto's established regional ratings business to its global platform. Its effect on market coverage and Agusto’s analytical independence will become clearer after regulatory approval and integration begin. 5. BOAD raises $153 million through first sustainable Samurai bond The West African Development Bank (BOAD) raised JPY 25 billion (about $153 million) through its first public sustainable Samurai bond in Japan on 29 July. The issuance comprised a JPY 21.7 billion (about $133 million) three-year tranche yielding 3.72% and a JPY 3.3 billion (about $20 million) five-year tranche yielding 4.29%, with proceeds earmarked for eligible sustainable projects across the West African Economic and Monetary Union. The Samurai bond establishes a dedicated Japanese funding channel after Asian investors accounted for only 1% of BOAD’s EUR 1 billion ($1.16 billion) eurobond allocation in 2025. It therefore broadens both the bank’s funding currencies and its investor base, with the development impact depending on how quickly proceeds are allocated. 6. EBID and Coris Holding agree EUR 80 million regional financing facility The ECOWAS Bank for Investment and Development (EBID) and Coris Holding signed a EUR 80 million (about $92 million) financing agreement on 30 July to support businesses operating in food production, energy and agricultural value chains across West Africa. The facility will channel longer-term financing through Coris's banking network, expanding access to funding for priority sectors across the region. SMEs account for more than 70% of Coris’s loan portfolio, making its regional network a direct distribution channel for EBID financing. The facility’s effect will depend on the pace of disbursement across eligible sectors and markets. 7. South Africa proposes rules for cross-border crypto-asset transfers South Africa's National Treasury and Reserve Bank published a draft Crypto Asset Manual on 3 August, proposing a formal framework for cross-border crypto-asset transfers. Transfers from authorised domestic providers to offshore platforms or non-custodial wallets would have to use approved channels and be reported to the Reserve Bank's Financial Surveillance Department. Offshore transfers would initially be limited to individuals operating within existing foreign-exchange allowances, with public consultation remaining open until 30 September. The proposal would bring offshore crypto-asset transfers within South Africa’s exchange-control and capital-flow reporting regime. Its practical effect will depend on the final requirements and their implementation by licensed providers facilitating cross-border transactions. 8. Jaiz Bank's assets rise faster than first-half profit Nigeria’s Jaiz Bank reported first-half profit attributable to shareholders of approximately NGN 15.1 billion (about $9.9 million) on 31 July, compared with approximately NGN 14.5 billion (about $9.5 million) a year earlier. Gross earnings increased to almost NGN 58 billion (about $37.9 million), while total assets exceeded NGN 1.6 trillion (about $1.05 billion), up from approximately NGN 1.29 trillion (about $843 million) at the end of 2025. The results indicate that asset growth continued to outpace earnings as the bank expanded financing activities and increased its balance sheet. Higher financing income supported profitability, although returns have yet to keep pace with the pace of expansion. 9. Abbey Bank's assets rise 46.9% in the first half Nigeria’s Abbey Bank reported first-half profit after tax of approximately NGN 1.31 billion ($859,000), up about 62% from a year earlier, as gross earnings increased to NGN 11.18 billion ($7.3 million). Total assets reached NGN 243.5 billion (about $159 million) at the end of June, up 46.9% from NGN 165.8 billion (about $108 million) at the end of 2025, as the bank prepared to transition from mortgage banking to regional commercial banking. Stronger deposit mobilisation and balance-sheet growth are giving Abbey the funding base to support its transition into regional commercial banking. The next test is whether it can convert that expansion into recurring earnings while maintaining asset quality and capital strength. 10. Nigeria discloses sanctions over complaint-handling failures The Central Bank of Nigeria disclosed on 2 August that it imposed 21 sanctions totalling NGN 430 million (about $315,000) on financial institutions during 2025 for failures in complaint handling and non-compliance with regulatory directives. The regulator also reported receiving 23,129 customer complaints, an increase of 10.5% from the previous year. Publishing enforcement outcomes alongside complaint data makes complaint handling a more visible supervisory measure for Nigerian banks. Future reports will show whether this translates into higher resolution rates, fewer complaints and reduced enforcement action. What to watch The Central Bank of Kenya's Monetary Policy Committee meeting (11 August), Standard Bank Group's first-half results presentation (13 August), Association of African Central Banks (AACB) Annual Meetings (13–18 September) Weekly briefing on developments driving transformation in Africa's banking sector and what to watch. Subscribe via LinkedIn.
