Mobile Money Lifts Africa Savings to Decade High: World Bank
The share of adults in sub-Saharan Africa who saved through formal channels surged by 12 percentage points to 35% in 2024, the second-highest regional rate after East Asia and the Pacific, according to the World Bank's Global Findex Database 2025.
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Yahoo
25 minutes ago
- Yahoo
Apollo Commercial Real Estate Finance Inc (ARI) Q2 2025 Earnings Call Highlights: Strong Loan ...
Distributable Earnings: $36 million or $0.26 per share for the second quarter. GAAP Net Income: $18 million or $0.12 per diluted share. Loan Portfolio Carrying Value: $8.6 billion, up from $7.7 billion in Q1. Weighted Average Unlevered Yield: 7.8%. New Loan Originations: $1.4 billion in commitments for the quarter. Add-on Fundings: $394 million for previously closed loans. Repayments and Sales: $631 million during the quarter. General CECL Allowance Increase: $3.1 million. Total Liquidity: $208 million at quarter end. Book Value Per Share: $12.59, excluding general CECL allowance and depreciation. Warning! GuruFocus has detected 9 Warning Signs with ARI. Release Date: July 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Apollo Commercial Real Estate Finance Inc (NYSE:ARI) delivered strong performance in Q2 2025, with significant progress in loan originations, portfolio management, and balance sheet optimization. ARI committed to $1.4 billion in new loans during the quarter, with year-to-date commitments reaching $2 billion, showcasing robust capital redeployment. The company benefits from Apollo's real estate credit platform, allowing access to a diverse transaction flow and eliminating cash drag. Approximately 2/3 of residential loans in ARI's portfolio have been originated in the past 24 months, benefiting from a valuation reset and enhanced credit quality. ARI successfully refinanced its Term Loan B facilities, extending corporate debt maturity to June 2029, highlighting market confidence in the company. Negative Points The carrying value of ARI's portfolio increased by 12% from the prior quarter, but the book value per share decreased slightly to $12.59. Despite progress, some assets like the Brook are still non-earning, with plans to monetize them not expected until early next year. The general CECL allowance increased by $3.1 million due to portfolio growth, indicating potential risk exposure. Leverage remains around 4 times, with significant non-earning assets, raising concerns about future leverage management. The office sector remains challenging, with ARI avoiding new office deals due to market conditions and portfolio concentration concerns. Q & A Highlights Q: How is the progress at the Brook, and what is the timeline for generating cash flow and potentially moving on from the asset? A: The Brook is a 500-plus unit development, with 70% market rate and 30% affordable units. Leasing has started on the market rate side, and the asset is expected to become cash flow positive early next year. A decision on whether to sell outright or bring in a partner is anticipated between the first and second quarter of next year. The ultimate plan is to monetize and move on. - Stuart Rothstein, CEO Q: Can you provide more details on the potential upside from the land parcels associated with the Brook? A: There is a small parcel referred to as the Western parcel, and discussions are ongoing about acquiring air rights or the assets outright to increase density. If successful, this could provide upside for ARI shareholders, but it is too early to predict the outcome. - Stuart Rothstein, CEO Q: What are your expectations for the commercial real estate transaction market through the end of the year, and how does it affect ARI's plans? A: Activity has picked up, and there is more capital and deal flow. We are confident in finding opportunities that fit ARI's goals. The market is expected to remain robust, providing enough opportunities for ARI to achieve its objectives. - Stuart Rothstein, CEO Q: How are you approaching the current cross currents in the commercial real estate market, and where do you see the best opportunities? A: We remain constructive on all forms of housing, including senior housing and student housing. We are cautious with office deals and focus on opportunities in the UK, Europe, and the US. We avoid ground-up development except for long-term lease data centers. - Scott Weiner, CIO Q: Is there any expectation for changes in the dividend policy, and what factors could prevent a dividend increase? A: There are no material tax protections against rising earnings, and the goal is to distribute as much of the earnings as possible as dividends. The policy is reviewed quarterly, and the aim is to maintain stability without frequent special dividends. - Stuart Rothstein, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Standard Chartered Q2 profit beats expectations, announces $1.3 bln buyback
Standard Chartered PLC (LON:STAN) clocked a stronger-than-expected second-quarter profit on Thursday, as it benefited from strength in its wealth management and global trading units. The lender announced a $1.3 billion buyback, starting immediately, and declared an interim dividend of 12.3 cents. Standard Chartered posted an adjusted pretax profit of $2.40 billion for the June quarter, up 34% year-on-year and higher than Bloomberg estimates of $1.9 billion. The bank's net interest income was broadly flat at $2.7 billion. But its non-net interest income jumped 31% to $2.8 billion, buoyed by strong returns in wealth management, global markets, and global banking. Wealth management saw a 20% rise in income, while income from the global markets unit surged 47% in Q2. CEO Bill Winters said the strong first-half performance was driven chiefly by a focus on cross-border banking and affluent clients, while the bank was also focusing on curbing costs and navigating market volatility. The London-listed lender makes a bulk of its revenue from Asia and Africa. But it managed to largely dodge a severe write-down for its Chinese assets as seen with rival HSBC. Stanchart reported an impairment charge of $336 million in the first half, largely from its wealth management and retail banking operations. The company maintained its key performance targets, citing uncertainty over the fallout of U.S. President Donald Trump's trade tariffs. But it slightly hiked its income guidance for the year. Related articles Standard Chartered Q2 profit beats expectations, announces $1.3 bln buyback These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia Apollo economist warns: AI bubble now bigger than 1990s tech mania Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
2 hours ago
- Bloomberg
Pakistan, US Sign Trade Deal to Boost Oil Reserves, Market Ties
The US sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves. The agreement involves a reduction of the so called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan's finance ministry on Thursday. No details on tariffs were shared by either side.
