Money Markets
Smaller banks realise faster profit growth
Smaller banks have posted increases in half-year pretax profits of between 32 and 167 per cent for the larger banks excluding Equity, Co-operative and Diamond Trust have grown between 5 and 19.8 per cent. Photo/FILE
Posted Wednesday, August 25 2010 at 00:00
Some have also launched other products specific to new markets as they expand their branch networks and Sharia compliant accounts are now becoming popular among banks that are expanding to the coast.
Analysts say that larger banks have more of a supermarket model and target a larger group of clients that makes it difficult to offer personalised service.
Experts see that the establishment of Credit Reference Bureaus will be another factor that will improve the uptake loans and reduce bad debt as banks use the service to verify an individual’s credit history.
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