![](https://blog.trive.co.za/wp-content/uploads/2024/01/earn-emailer-1024x550.png)
TymeBank’s Rapid Rise and Transformative Journey in Digital Banking
TymeBank, Africa’s first digital bank, has achieved profitability in less than five years since its 2019 launch, marking a milestone for Ubuntu-Botho Investments. With rapid growth, averaging 150,000 new customers monthly and reaching 8.5 million customers, TymeBank operates in South Africa and the Philippines, acquiring 450,000 new customers monthly. The bank’s success stems from providing affordable banking services, resonating with consumers, and backed by a unique model with digital channels and in-store kiosks. Strategic partnerships, a growing lending portfolio (30% YoY), and continued shareholder confidence contribute to TymeBank’s success. Owned by African Rainbow Capital Investments which trades on the JSE under the ticker ‘AIL’, TymeBank, led by CEO Coenraad Jonker, plans to disrupt the banking sector, attracting more affluent customers through innovation.
JPMorgan Chase & Co. (NYSE: JPM)
JPMorgan Chase reported a 15% dip in fourth-quarter 2023 profit, attributed to a $2.9 billion fee related to failed regional banks. Excluding this fee, earnings would have exceeded analyst expectations. Despite the setback, the bank outperformed with a 12% rise in quarterly revenue, surpassing estimates.
The full-year 2023 profits reached a record high, driven by the successful acquisition of First Republic. While cautious about the U.S. economy, CEO Jamie Dimon highlighted concerns about inflation, interest rates, and geopolitical tensions. Despite these risks, Dimon commended the bank’s robust performance throughout 2023 and underscored its strong capital position.
JPMorgan shares demonstrated resilience in premarket trading, reflecting the overall positive results and investor confidence in the bank’s 2023 achievements.
Charles Schwab Corp. (NYSE: SCHW)
In the latest financial report, the company presented a mixed performance, surpassing earnings estimates while grappling with significant declines in revenue and profitability. Adjusted earnings per share (EPS) of 68 cents exceeded the consensus of 65 cents but reflected a notable year-on-year (YoY) decline of 36%. Net income, similarly, saw a substantial 47% drop compared to Q4 2022.
For the full year, adjusted EPS of $3.13 exceeded expectations but experienced a YoY decrease of 20%, while net income declined by 29%. The challenging landscape was evident in a 19% decrease in Q4 revenue and a 9% dip in full-year revenue. The main drivers of this decline included reduced bank deposit fees and net interest income.
Amidst these challenges, the company is proactively implementing cost-cutting measures to enhance efficiency and reduce expenses. Workforce reduction initiatives aim to contribute to targeted $500 million annual savings. However, the company anticipates ongoing challenges, with lower market activity and higher funding costs posing potential headwinds in the near term.
Sources: ITWeb; TymeBank; YahooFinance
Piece written by Kealeboga Molefe, Trive Sales Trader
Disclaimer: Trive South Africa (Pty) Ltd (hereinafter referred to as “Trive SA”), with registration number 2005/011130/07, is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Trive SA is authorised and regulated by the South African Financial Sector Conduct Authority (FSCA) and holds FSP number 27231. Trive Financial Services Ltd (hereinafter referred to as “Trive MU”) holds an Investment Dealer (Full-Service Dealer, excluding Underwriting) Licence with licence number GB21026295 pursuant to section 29 of the Securities Act 2005, Rule 4 of the Securities Rules 2007, and the Financial Services Rules 2008. Trive MU is authorized and regulated by the Mauritius Financial Services Commission (FSC) and holds Global Business Licence number GB21026295 under Section 72(6) of the Financial Services Act. Trive SA and Trive MU are collectively known and referred to as “Trive Africa”.
Market and economic conditions are subject to sudden change which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. Trive Africa and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered. Please consider the risks involved before you trade or invest. All trades on the Trive Africa platform are subject to the legal terms and conditions to which you agree to be bound. Brand Logos are owned by the respective companies and not by Trive Africa. The use of a company’s brand logo does not represent an endorsement of Trive Africa by the company, nor an endorsement of the company by Trive Africa, nor does it necessarily imply any contractual relationship. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance. No services are offered to stateless persons, persons under the age of 18 years, persons and/or residents of sanctioned countries or any other jurisdiction where the distribution of leveraged instruments is prohibited, and citizens of any state or country where it may be against the law of that country to trade with a South African and/or Mauritius based company and/or where the services are not made available by Trive Africa to hold an account with us. In any case, above all, it is your responsibility to avoid contravening any legislation in the country from where you are at the time.
CFDs and other margin products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. See our full Risk Disclosure and Terms of Business for further details. Some or all of the services and products are not offered to citizens or residents of certain jurisdictions where international sanctions or local regulatory requirements restrict or prohibit them.