financial sector – Save Western OH http://savewesternoh.org/ Sun, 09 Jan 2022 21:17:10 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://savewesternoh.org/wp-content/uploads/2021/08/cropped-icon-32x32.png financial sector – Save Western OH http://savewesternoh.org/ 32 32 MultiX appeals to a new administrator and CFO https://savewesternoh.org/multix-appeals-to-a-new-administrator-and-cfo/ Tue, 04 Jan 2022 20:23:58 +0000 https://savewesternoh.org/multix-appeals-to-a-new-administrator-and-cfo/ Puerto Montt, Chile-based salmon farmer Multi X – formerly known as Multiexport Foods – has appointed José Ramón Gutiérrez del Pedregal as the company’s administrative and financial director, effective February 2022, the company told the securities regulator CMF. Gutiérrez – who currently works as the Director of Optimization, Innovation and Development of Multi X, Value […]]]>


Puerto Montt, Chile-based salmon farmer Multi X – formerly known as Multiexport Foods – has appointed José Ramón Gutiérrez del Pedregal as the company’s administrative and financial director, effective February 2022, the company told the securities regulator CMF.

Gutiérrez – who currently works as the Director of Optimization, Innovation and Development of Multi X, Value Chain Optimization, Innovation Management and Analytics and implementation of development projects – will replace the current administrative and financial director Gino Manríquez, who has submitted his resignation “to meet new professional challenges in the city of Santiago,” said the company.

Gutiérrez joined Multi X in January 2020 as Head of Financial Planning and Development, leading the company’s strategic and budget planning, project development assessment, relationship with the capital market at scale national and international and the development of the field of business intelligence.

Before joining Multi X, he worked for 12 years in the financial sector, eight of which were in New York, first at the brokerage firm LarrainVial Corredora of Bolsa SA then at Mitsui & Co. (USA), Inc.

The announcement marks the second change of management in less than two months for Multi X. At the end of October, it was announced that Fernando Pérez Saavedra, then commercial director of Chilean salmon farmer Ventisqueros, would replace Ricardo Grunwald as commercial director of the company.

Multi X saw its operating results and consolidated profit increase in the third quarter of 2021 thanks to strong sales in the United States and Brazil. Its operating income jumped 62.4% to $ 172 million (EUR 152 million) in the third quarter of 2021, from $ 106 million (EUR 94 million) in the third quarter of 2020. The total was also 14.5% higher. compared to the second quarter of this year. .

The salmon farmer’s consolidated profit in the third quarter was $ 32 million (€ 28.4 million), compared to a loss of $ 40.7 million (€ 36.1 million) in the same quarter of Last year. This total was also up from the previous quarter, which recorded a profit of 29.6 million (26.2 million euros).

Photo courtesy of Multi X


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Housing finance companies are expected to grow 8-10% in FY 22: Icra https://savewesternoh.org/housing-finance-companies-are-expected-to-grow-8-10-in-fy-22-icra/ Mon, 08 Nov 2021 08:00:00 +0000 https://savewesternoh.org/housing-finance-companies-are-expected-to-grow-8-10-in-fy-22-icra/ Housing finance companies (HFCs) are expected to experience 8-10% growth in fiscal 2022, driven by increased economic demand and increased demand, according to a report. In the first quarter of the current fiscal year, HFCs experienced zero sequential growth in the accounting portfolio, with the second wave of COVID-19 impacting their disbursements and collection efficiency […]]]>


Housing finance companies (HFCs) are expected to experience 8-10% growth in fiscal 2022, driven by increased economic demand and increased demand, according to a report. In the first quarter of the current fiscal year, HFCs experienced zero sequential growth in the accounting portfolio, with the second wave of COVID-19 impacting their disbursements and collection efficiency (CE), the report said. ratings agency Ratings in a report released Monday.

However, collection efficiency started to rebound at the end of June 2021 and improved further in the second quarter of fiscal 2022.

“Strong demand in industry, increasing level of economic activity and increase in immunization in the country are expected to result in steady growth in disbursements and improvement of EB in fiscal year 2022,” said the agency in the report.

Its Vice President and Sector Head (Financial Sector Ratings) Sachin Sachdeva said the overall HFC portfolio in India was estimated at 11 lakh crore as of June 30, 2021, with exposures to home loans (HL), loans Against Property (LAP), Construction Financing (CF) and Discounted Rents (LRD).

COVID-19-induced disruption moderated portfolio growth to 6% in fiscal 2021

“Nonetheless, despite zero sequential growth in the first quarter of FY2022, the aforementioned favorable factors point to better growth prospects for FY2022 with an estimated growth rate of 8-10%,” Sachdeva said.

The report says HFC asset quality metrics weakened significantly in the first quarter of FY2022 due to localized lockdowns imposed by various states / Union Territories (UTs) due to Wave 2, which had an impact on the cash flow of borrowers and therefore on the efficiency of collection.

The surge in arrears was the largest in the recent past, as liquidity at the borrower level stretched in the absence of a loan moratorium, he said.

The gross non-productive assets (GNPA) of HFCs increased to 3.6% as of June 30, 2021, compared to 2.9% as of March 31, 2021 (2.3% as of March 31, 2020). Although asset quality deteriorated across all segments, construction finance was hit the hardest, followed by LAP and HL, the agency said.

He expects an increase of 40 to 70 basis points (net of recoveries and write-offs) in GNPA by March 31, 2022, compared to GNPA at March 31, 2021, assuming there is no more blockages induced by COVID-19.

“Despite improving business in the remainder of FY2022, continued pressures on asset quality would keep credit costs high and hence profitability moderate in FY 2022 for HFCs,” Sachdeva said.

He expects the pre-tax return on average assets under management (PBT percent) for FY2022 to likely remain similar to the FY2021 level (1.9-2 percent).


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Housing finance companies expected to grow 8-10% in fiscal 22, report says https://savewesternoh.org/housing-finance-companies-expected-to-grow-8-10-in-fiscal-22-report-says/ Mon, 08 Nov 2021 08:00:00 +0000 https://savewesternoh.org/housing-finance-companies-expected-to-grow-8-10-in-fiscal-22-report-says/ Housing finance companies (HFCs) are expected to experience 8-10% growth in fiscal 2022, driven by increased economic demand and increased demand, according to a report. In the first quarter of the current fiscal year, HFCs experienced zero sequential growth in the accounting portfolio, with the second wave of COVID-19 impacting their disbursements and collection efficiency […]]]>


Housing finance companies (HFCs) are expected to experience 8-10% growth in fiscal 2022, driven by increased economic demand and increased demand, according to a report.

In the first quarter of the current fiscal year, HFCs experienced zero sequential growth in the accounting portfolio, with the second wave of COVID-19 impacting their disbursements and collection efficiency (CE), the report said. rating agency Icra Ratings in a report released on Monday.

However, collection efficiency started to rebound at the end of June 2021 and improved further in the second quarter of fiscal 2022.

Strong demand in the industry, increasing level of economic activity and increase in immunization in the country are expected to result in steady growth in disbursements and improved CE in fiscal year 2022, said the agency in the report.

Its Vice President and Sector Head (Financial Sector Ratings) Sachin Sachdeva said the overall HFC portfolio in India was estimated at 11 lakh crore as of June 30, 2021, with exposures to home loans (HL), loans Against Property (LAP), Construction Financing (CF) and Discounted Rents (LRD).

COVID-19-induced disruption moderated portfolio growth to 6% in fiscal 2021

Nonetheless, despite zero sequential growth in the first quarter of FY2022, the aforementioned favorable factors point to better growth prospects for FY2022 with an estimated growth rate of 8-10%, Sachdeva said.

The report says HFC asset quality metrics weakened significantly in the first quarter of FY2022 due to localized lockdowns imposed by various states / Union Territories (UTs) due to Wave 2, which had an impact on the cash flow of borrowers and therefore on the efficiency of collection.

The surge in arrears was the largest in the recent past, as liquidity at the borrower level stretched in the absence of a loan moratorium, he said.

The gross non-productive assets (GNPA) of HFCs increased to 3.6% as of June 30, 2021, compared to 2.9% as of March 31, 2021 (2.3% as of March 31, 2020). Although asset quality deteriorated across all segments, construction finance was hit the hardest, followed by LAP and HL, the agency said.

He expects an increase of 40 to 70 basis points (net of recoveries and write-offs) in GNPA by March 31, 2022, compared to GNPA at March 31, 2021, assuming there is no more blockages induced by COVID-19.

Despite improving business in the remainder of FY2022, continued pressures on asset quality would keep credit costs high and hence profitability moderate in FY2022 for HFCs. , said Sachdeva.

He expects the pre-tax return on average assets under management (PBT percent) for FY2022 to likely remain similar to the FY2021 level (1.9-2 percent).

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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New Zealand financial firms must report and act on climate change in world first https://savewesternoh.org/new-zealand-financial-firms-must-report-and-act-on-climate-change-in-world-first/ Mon, 25 Oct 2021 07:00:00 +0000 https://savewesternoh.org/new-zealand-financial-firms-must-report-and-act-on-climate-change-in-world-first/ New Zealand became the first country in the world to impose mandatory climate reporting for its financial sector, a move according to experts that will ensure that the adverse effects of climate change are regularly seen in businesses and ultimately help accelerate business cases. emission reductions. The new law will apply to nearly 200 of […]]]>


New Zealand became the first country in the world to impose mandatory climate reporting for its financial sector, a move according to experts that will ensure that the adverse effects of climate change are regularly seen in businesses and ultimately help accelerate business cases. emission reductions.

The new law will apply to nearly 200 of New Zealand’s largest insurers, banks, listed companies and investment managers.

Large foreign banks, including the four central banks in neighboring Australia, will also be affected.

Trade and Consumer Affairs Minister David Clark said the law was a step forward in securing a green future for New Zealand.

“It’s important that every part of New Zealand’s economy helps us reduce emissions,” Clark said in April when the legislation was first introduced, before being adopted on October 21. “Financial services and markets play an important role in New Zealand’s transition to a clean, green and carbon neutral future.”

As a rule, most financial institutions do not disclose to the outside the impact of their investments on the environment.

By making it mandatory to disclose information on “the risks and opportunities that climate change presents to their business,” Climate Change Minister James Shaw said. entities will be pushed to be more sustainable by “taking into account the short, medium and long term effects of climate change” in their business decisions.

The first disclosures are expected to be made in 2023.

The world’s first climate reporting legislation is part of New Zealand’s comprehensive climate policy, alongside demands for the public sector to be carbon neutral by 2025 and the entire nation to stay below 1.5 degrees of global warming above pre-industrial levels.

New Zealand also has its goal of net zero emissions by 2050 enriched in law.

While the new legislation has been well received, activists say the nation is still not doing enough. Methane from agriculture and waste, which accounts for more than 40% of New Zealand’s emissions, is excluded from zero emission target, leading research group Climate action monitoring assess the nation “very insufficient” climate policy.

Similar climate-related information for financial institutions can be found in Switzerland, France and United Kingdom.



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RBI Boosts Vigilance With Four-Tier Regulatory Framework For NBFC, Real Estate News, ET RealEstate https://savewesternoh.org/rbi-boosts-vigilance-with-four-tier-regulatory-framework-for-nbfc-real-estate-news-et-realestate/ https://savewesternoh.org/rbi-boosts-vigilance-with-four-tier-regulatory-framework-for-nbfc-real-estate-news-et-realestate/#respond Sat, 23 Oct 2021 04:03:00 +0000 https://savewesternoh.org/rbi-boosts-vigilance-with-four-tier-regulatory-framework-for-nbfc-real-estate-news-et-realestate/ MUMBAI: The Reserve Bank of India (RBI) will put in place a four-tier regulatory structure for non-bank financial corporations to more closely monitor shadow banking and minimize risks to the entire financial system. The detailed set of standards, which will come into effect from October 2022, provide for a scale-based regulatory framework (SBR) that takes […]]]>


MUMBAI: The Reserve Bank of India (RBI) will put in place a four-tier regulatory structure for non-bank financial corporations to more closely monitor shadow banking and minimize risks to the entire financial system.

The detailed set of standards, which will come into effect from October 2022, provide for a scale-based regulatory framework (SBR) that takes into account capital requirements, governance standards, prudential regulation and other aspects of non-bank financial corporations (NBFC). .

The central bank’s latest move, after extensive consultations with stakeholders, also comes against the backdrop of past events, including the collapse of IL & FS in 2018 and later DHFL, which had an impact on training on the entire financial system, particularly in terms of liquidity problems. Since then, the focus has shifted to more stringent regulations rather than a light approach for the country’s shadow banking sector.

Unveiling the four-tier framework, RBI said on Friday that over the years, the NBFC industry has undergone tremendous evolution in terms of size, complexity and interconnection within the financial sector.

Many entities have grown and become systemically important, and there is therefore a need to align the regulatory framework of NBFCs taking into account the evolution of their risk profile, he said in a statement.

To begin with, the central bank will publish an integrated regulatory framework for NBFCs, offering a holistic view of the structure of the SBR, a set of new regulations being introduced and the respective timelines.

NBFCs will be divided into four layers: the base layer (BL), the middle layer (ML), the top layer (UL) and the top layer (TL).

The base layer will include NBFCs currently classified as Non-Systemically Important NBFC (NBFC-non-deposits), in addition to Type I NBFCs, non-operational financial holding, NBFC-P2P (Peer to Peer Lending Platform). ) and NBFC-AA (Account aggregator). The asset size threshold for this layer will be less than Rs 1,000 crore.

Currently, the systemic importance threshold is Rs 500 crore.

The middle layer will include all deposit-free NBFCs currently classified as NBFC-ND-SI (company without deposit – systematically large) with an asset size greater than Rs 1,000 crore and all NBFCs accepting deposits, regardless of their size. .

The upper layer will include NBFCs which are specifically identified by the Reserve Bank as warranting an enhanced regulatory requirement based on a set of parameters.

The top ten eligible NBFCs in terms of asset size will always reside in the top layer, regardless of any other factor, RBI said.

“The top layer will ideally remain empty. This layer can be populated if the Reserve Bank is of the opinion that there is a substantial increase in the potential systemic risk of specific NBFCs in the top layer. These NBFCs should move to the top layer. of the top layer, ”he noted.

The regulatory minimum net fund (NOF) for NBFC-Investment and Credit Companies (ICC), NBFC Micro Finance Institution (MFI) and NBFC-Factors would be increased to Rs 10 crore and a trajectory has been drawn to meet this requirement.

However, for NBFC-P2P, NBFC-AA and NBFC without public funds and without client interface, the NOF will continue to be Rs 2 crore.

The current NPA classification standard has been replaced by the over 90 day delay period for all NBFC categories. A descent path is provided to NBFCs in the base layer to adhere to the 90-day NPA standard, the statement said.

In order to improve the quality of regulatory capital, RBI said that NBFC-UL would maintain basic Tier 1 capital of at least 9% of risk-weighted assets, while it would be required to hold a differential provisioning for different categories of standard assets.

In addition to CRAR, NBFC-UL will also be subject to a financial leverage requirement to ensure that its growth is supported by adequate capital, among other factors. An appropriate leverage limit will be prescribed for these entities at a later date as necessary.

According to RBI, housing finance companies would continue to follow specific regulations on exposure to sensitive sectors, as they currently apply.

There will be a ceiling of Rs 1 crore per borrower for the financing of the subscription to the initial public offering (IPO). NBFCs can set more conservative limits, RBI said.

In addition, the central bank has set a significant exposure limit for all counterparties and groups of related counterparties as well as for capital market and commercial real estate.

To strengthen corporate governance, he suggested including independent directors on the board, among other requirements.


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New Zealand Becomes First Country To Force Financial Firms To Act On Climate Risks | New Zealand https://savewesternoh.org/new-zealand-becomes-first-country-to-force-financial-firms-to-act-on-climate-risks-new-zealand/ Thu, 21 Oct 2021 07:00:00 +0000 https://savewesternoh.org/new-zealand-becomes-first-country-to-force-financial-firms-to-act-on-climate-risks-new-zealand/ New Zealand became the first country in the world to pass a law requiring financial institutions to disclose and, according to the government, act on climate-related risks and opportunities. “We have the opportunity to pave the way for other countries to make climate-related disclosures mandatory,” Climate Change Minister James Shaw said. “New Zealand is a […]]]>


New Zealand became the first country in the world to pass a law requiring financial institutions to disclose and, according to the government, act on climate-related risks and opportunities.

“We have the opportunity to pave the way for other countries to make climate-related disclosures mandatory,” Climate Change Minister James Shaw said. “New Zealand is a world leader in this area and the first country in the world to introduce mandatory climate reporting for the financial sector. “

The new rules will apply to large insurers, banks, publicly traded companies, listed issuers and investment managers. At present, most of these large New Zealand entities provide little information on what the climate crisis and global warming could mean for their future operations. By forcing them to disclose this, the law hopes to ensure that the effects of the climate crisis are consistently factored into business, investment, lending, and insurance underwriting decisions.

“Climate-related disclosures will place climate risk and resilience at the heart of financial and business decision-making,” Shaw said. “This will encourage entities to become more sustainable by factoring in the short, medium and long term effects of climate change in their business decisions. “

“This bill will require around 200 of New Zealand’s largest financial market players to disclose clear, comparable and consistent information about the risks and opportunities that climate change presents to their businesses. In doing so, it will promote business certainty, raise expectations, accelerate progress and create a level playing field, ”Trade and Consumer Affairs Minister David Clark said in a statement following the adoption of the draft. law in third reading Thursday.

James Shaw said the legislation was one of many steps the government has taken to meet its 2050 emissions targets required by the 2002 Climate Change Response Act. New Zealand has so far been very poor in meeting its climate targets.

The country is one of the worst in the world on emissions increases. Its emissions increased by 57% between 1990 and 2018, the second highest increase of any industrialized country. Earlier this year, data showed New Zealand’s emissions increased by 2% in 2018-19.

While a number of countries introduce similar legislation or regulations, officials said New Zealand’s law was the first to require companies in the financial system to report their climate exposure to investors. In June, France sets new goals which will require investors to declare how green their assets are and set greenhouse gas emissions targets every five years from 2021 – and was the first major economy to make the rules binding. Similar rules are in the works in the UK and are expected to come into effect in 2025.

When Shaw first asked for the bill last year, he said that “Australia, Canada, [the] The UK, France, Japan and the European Union are all working on some form of climate risk reporting for businesses … But New Zealand is moving forward by making climate risk disclosure mandatory in the whole financial system.


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Affordable Housing Finance Companies Pay the Price of Covid: ICRA https://savewesternoh.org/affordable-housing-finance-companies-pay-the-price-of-covid-icra/ https://savewesternoh.org/affordable-housing-finance-companies-pay-the-price-of-covid-icra/#respond Wed, 06 Oct 2021 07:00:00 +0000 https://savewesternoh.org/affordable-housing-finance-companies-pay-the-price-of-covid-icra/ Affordable housing finance companies that had experienced significantly higher growth than the entire housing finance industry in the past experienced a moderation in growth as a result of the challenges brought about by Covid-19 in the housing environment. ‘exploitation, the rating agency said in its latest report. The growth of the loan portfolio of these […]]]>


Affordable housing finance companies that had experienced significantly higher growth than the entire housing finance industry in the past experienced a moderation in growth as a result of the challenges brought about by Covid-19 in the housing environment. ‘exploitation, the rating agency said in its latest report.

The growth of the loan portfolio of these companies moderated to 10% over one year at the end of the March 2021 quarter due to confinements following wave 2 of the Covid; while the portfolio remained stable at June 30, 2021 compared to March 31, 2021.

“With some improvement in operating environment conditions, demand is expected to accelerate in the following quarters and loan growth could reach 12-15% for fiscal 2022,” said Manushree Saggar, vice -President and Head of Sector – Financial Sector Ratings, ICRA.

The national rating agency noted that with tighter lockdowns in various states during the June quarter, the collections of these affordable housing finance companies were affected. The impact was more visible because unlike the moratorium and a standstill clause on asset classification that were available earlier, there were no such exemptions this time around.

To put this in perspective, the 30-day delay for some of these companies has dropped to 7.2% as of June 30, 2021, compared to 3.2% estimated as of March 31, 2021.

In total, reported gross bad debts (excluding player data) amounted to 2.1% as of June 30, 2021.

“With a steady improvement in collection efficiency since June 2021, the forward movement of the compartment is likely to be contained for most players, although resolution / cancellations may take longer as it it would be difficult for borrowers from these AHFCs to clear multiple payments at the same time, “said Saggar.

The ICRA expects gross bad debt to be between 3.6 and 3.9 percent by the end of March 2022, up from 3.3 percent as of March 31, 2021.

The agency noted that the liquidity profile of these entities should remain comfortable, supported by the significant balance sheet liquidity maintained by these players. At the same time, the availability of lines of finance would be imperative for growth, he said.

“In the long term, the ability to further improve operational efficiency and control credit costs would be imperative to improve performance metrics,” said Saggar.


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Icra Ratings, Real Estate News, ET RealEstate https://savewesternoh.org/icra-ratings-real-estate-news-et-realestate/ https://savewesternoh.org/icra-ratings-real-estate-news-et-realestate/#respond Tue, 14 Sep 2021 07:00:00 +0000 https://savewesternoh.org/icra-ratings-real-estate-news-et-realestate/ MUMBAI: Assets under management of the non-bank financial corporations segment declined in the first quarter of 2021-2022 due to lower disbursements and shrinking portfolio, according to a report. After rising slightly in the third and fourth quarters of FY2021, disbursements for NBFCs and housing finance companies (HFCs) declined again in the first quarter of FY22, […]]]>


MUMBAI: Assets under management of the non-bank financial corporations segment declined in the first quarter of 2021-2022 due to lower disbursements and shrinking portfolio, according to a report.

After rising slightly in the third and fourth quarters of FY2021, disbursements for NBFCs and housing finance companies (HFCs) declined again in the first quarter of FY22, and declined by about 55% on a sequential basis, Icra Ratings said in the report.

“Given these moderate disbursements and the reduction of the portfolio in the absence of any moratorium as in the first quarter of fiscal 2021, the (AUM) of the NBFC segment decreased in the first quarter of fiscal 2022, while HFC AUMs remained stable, ”the agency said.

While sector disbursements picked up quite sharply in July 2021 due to pent-up demand, their sustainability would depend on broader macroeconomic indicators, he added.

According to the agency’s vice president and sector head (financial sector ratings) Manushree Saggar, the second wave temporarily delayed the recovery of the sector.

Icra expects aggregate disbursements for FY2022 to be around 6-8% year-over-year higher, following two consecutive years of year-on-year contraction. the other, she said.

“From an assets under management perspective, the sector is expected to grow 8-10% in fiscal 2022. Growth would be driven by improved demand from all key target segments compared to fiscal year 2021, based on a low base, ”Saggar said.

The quality of assets of non-bank entities weakened quite sharply in the first quarter of fiscal 2022 due to localized lockdowns imposed by various states due to the second wave of COVID-19 infections, which had an impact on the process of collecting these entities, the agency said.

Asset quality figures are expected to moderate as the trend in collection efficiencies (CE) continues to remain encouraging, he added.

The agency maintains its expectation of a 50-100 basis point (bps) increase (net of collections and write-offs) in delinquencies in fiscal year 2022, assuming there are no more lock-ups induced by COVID-19.

As pressures on asset quality persist, the increase in overall provisions, which is currently 1.7 times pre-COVID (December-19) levels, is providing some comfort. This would give entities some leeway. sufficient maneuver to technically amortize and clean up their balance sheets, ”said Saggar.

Depreciation in the NBFC sector remained high in the first quarter of fiscal 2022, she noted.

Given the uncertainties in the operating environment, depreciation is expected to remain high in FY 2022 – similar to last fiscal year (around 2.4% of assets under management for NBFCs and 0.3% for HFCs ), she said.

NBFC credit costs rose sharply in the first quarter of fiscal 2022, with depreciation remaining high and provisions increasing due to rising delinquencies, the agency said.

While HFC’s NPA / Stage 3 also increased during the period, credit costs moderated compared to Q4 FY2021 as provisions did not increase significantly like NBFCs and depreciation was negligible.

As a result, net profits plunged during the quarter to their lowest level in the recent past.

Saggar said that assuming there are no further bottlenecks, NBFC earnings performance is expected to improve in subsequent quarters, as credit costs moderate as delinquencies reduce relative to at June 2021 levels.


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Government pushes for more transformation in financial jobs in South Africa https://savewesternoh.org/government-pushes-for-more-transformation-in-financial-jobs-in-south-africa/ https://savewesternoh.org/government-pushes-for-more-transformation-in-financial-jobs-in-south-africa/#respond Tue, 07 Sep 2021 07:00:00 +0000 https://savewesternoh.org/government-pushes-for-more-transformation-in-financial-jobs-in-south-africa/ Higher Education Minister Blade Nzimande said his department remained “committed” to transforming South Africa’s financial sector. Addressing Price Waterhouse Cooper’s annual education conference on Monday, September 6, Nzimande said the key to this transformational change is improving the effectiveness and efficiency of the skills development system. from South Africa. “Some believe the problem lies with […]]]>


Higher Education Minister Blade Nzimande said his department remained “committed” to transforming South Africa’s financial sector.

Addressing Price Waterhouse Cooper’s annual education conference on Monday, September 6, Nzimande said the key to this transformational change is improving the effectiveness and efficiency of the skills development system. from South Africa.

“Some believe the problem lies with higher education institutions not producing a sufficient flow of good quality graduates to enter and succeed in certain professional occupations.

“Still others believe that our basic education system does not adequately prepare learners for post-school education. Not only do these debates fail to explain this anomaly, but they also provide insufficient information to find a solution to the current problem. “

Nzimande said researching and finding ways to increase the pool of eligible students entering and succeeding in particular skill areas is a priority. This argument also extends to accounting and finance careers, he said.

“In the accounting career, we need to ensure that we scale up our strategic intervention to increase access and success, particularly in the number of black Chartered Accountants (CAs) and provide these young black South Africans with increased access to the field of commerce. “

While there are currently more than 48,000 registered CAs in South Africa, few 9,000 of them are African and of color, the minister said.

Nzimande added that there are 17 universities in South Africa offering BCom (accounting) that are accredited by the South African Institute of Chartered Accountants (SAICA), with only a few historically disadvantaged institutions (HDI) being offered accreditation. SAICA for their accounting programs.

“We must always remember that the lack of accreditation in these historically disadvantaged institutions has limited black access and advancement in the accounting profession.

“This means that their BCom graduates cannot become chartered accountants and their qualifications are not recognized by potential employers. “

Nzimande said that SAICA accreditation improves the employability of these graduates, increases their numbers, especially those from disadvantaged communities, and improves the marketing of their degrees even for graduates who do not wish to take the CA route.

“I am concerned about the issues that SAICA still faces in the CA production pipeline, including the requirements for passing the Graduate Diploma in Accounting (CTA) as well as the barriers faced by particularly black interns. in the field.

“We need to address these hurdles to ensure that every aspiring and capable accounting student can become a professional accountant. South Africa cannot afford to lose an opportunity to ensure that its graduates produced, especially on scarce skills, contribute to the jobs our economy so badly needs. “

Skills development strategy

Nzimande said his department is also advancing its third national skills development strategy (SNDS III), which will help build skills needed in various industries.

“This strategy represents an explicit commitment to encourage the link between skills development and career paths, career development and the promotion of sustainable employment and progression on the job.

“SNDS III seeks to encourage and actively support the integration of on-the-job training with theoretical learning, and to facilitate the progression of individuals between school, college or university, or even periods of unemployment with sustained employment and progression at work. “

The emphasis is on training to enable trainees to enter the formal labor market or create a livelihood, Nzimande said.

“Particular emphasis is placed on those who do not have the relevant technical skills or the adequate skills in reading, writing and numeracy to enable them to access a job. “


Read: South Africa’s economy posts fourth consecutive quarter of growth


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The Covid stimulates the growth of banking and financial jobs https://savewesternoh.org/the-covid-stimulates-the-growth-of-banking-and-financial-jobs/ https://savewesternoh.org/the-covid-stimulates-the-growth-of-banking-and-financial-jobs/#respond Wed, 18 Aug 2021 22:07:33 +0000 https://savewesternoh.org/the-covid-stimulates-the-growth-of-banking-and-financial-jobs/ The productivity of the banking and financial sector is in question, with ABS data showing that salaried jobs in finance in Australia have increased by 10.6% since the deployment of Covid in early 2020. This growth rate is only exceeded (and understandably) by health and public administration, while salaried jobs are declining in all other […]]]>


The productivity of the banking and financial sector is in question, with ABS data showing that salaried jobs in finance in Australia have increased by 10.6% since the deployment of Covid in early 2020.

This growth rate is only exceeded (and understandably) by health and public administration, while salaried jobs are declining in all other sectors.

Tom Gunson, Partner and Leader in Financial Services at PwC Australia, told Banking Day:

“The increase in the number of jobs in financial services since the onset of COVID-19 is largely due to the strengthening of their key teams in contact with customers (such as contact centers).

“This was the case in all financial services sectors, but the biggest impact was seen in the banking sector. These direct-to-customer teams received a significant increase in call / query volume not only when these support packages (e.g. loan deferrals) were initially offered – but also when they took late and that banks have checked with customers on their continued ability to repay their loans.

Secondary drivers of increased employment in the financial services sector “include their continued commitment to implement their long-term transformational strategies despite COVID, which has required them to continue to develop their capabilities in areas skills like data, digital and technology, ”Gunson said.

“It has also resulted in a potential change in the composition of the workforce (rather than the total size), such as an increase in the number of employees on the payroll (permanent staff) versus fewer roles in the payroll. subcontractors and the use of external consultants.

“The transaction activity has also created additional demand, on top of the substantive change programs that existed before COVID-19 and remain in flight.

“When organizations merge or are bought out, we should see efficiency gains manifest in the medium term and the demands for talent for integration efforts diminish.

“Some organizations outsource certain activities because the business continuity plans for the offshore activities do not prove to be solid and the operational risk is more manageable on land. Whether temporary or permanent depends on the organization and other contextual and strategic factors.

Another driver is the relocation of jobs previously undertaken mainly to India and the Philippines.

Jason Hall, local executive secretary of the Finance Sector Union in Adelaide, said the increase in paid jobs reflected the decision of a number of banks (notably, in his field, Westpac) that “bought some of this [processing] working ashore from offshore suppliers.

“But that’s also due to an increase in the size of the team, especially around COVID and the struggles,” Hall said.


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