Limerick students learn to finance their future

first_imgNewsEducationLimerick students learn to finance their futureBy Liam Togher – April 30, 2014 889 Changes to the Student Support Scheme for people living in Direct Provision Advertisement Print Twitter Previous articleLimerick’s latest prize bond millionaireNext articleLimerick people Keane to support guide dogs Liam Togherhttp://www.limerickpost.ieLiam joined the Limerick Post in December 2012, having previously worked in other local media organisations. He holds an MA in Journalism from the University of Limerick and is particularly interested in sports writing. Students in Limerick colleges to benefit from more than €1.5M funding to assist with online learning RELATED ARTICLESMORE FROM AUTHOR Limerick schools urged to get involved in STEM challenge STUDENTS from Laurel Hill Secondary School took part in a financial literacy programme under tuition from volunteers from Dell.‘Finance Your Future’ is a six-week programme sponsored by the Citi Foundation, with transition year students around Ireland learning about the importance of financial management, the importance of education and its role in improving potential earning power and using credit and cash wisely.Sign up for the weekly Limerick Post newsletter Sign Up The programme began in 2012 and has educated more than 3,000 students nationwide in financial literacy modules. Volunteers from a variety of support organisations, including Dell, have delivered the lessons to students in a classroom setting.More than 90 Laurel Hill students enjoyed the programme taught to them by Dell volunteers Siobhan O’Connor, Stephen Martin and Fearghal Carroll, and career guidance counsellor Eithne Lyons said that the students took enormous benefit from ‘Finance Your Future’.“It is an excellent programme. The students learned through group work, interaction and activities – a perfect recipe.“Siobhan, Fearghal and Stephen are great role models for the students, giving them a real taste of life in the workplace and also how good financial decisions impact on their lives now and in the long term. We are grateful to both Citi and Dell for giving our students this opportunity.”center_img Linkedin Email Facebook TAGSCitiDELLeducationEithne LyonsFearghal CarrollfinanceFinance Your FutureLaurel Hill ColáisteSiobhan O’ConnorStephen Martin WhatsApp Education and Training Board serves up award winning standards Limerick social entrepreneurs honoured for their work in response to covid-19 Consultation process on a new action plan for apprenticeship launchedlast_img read more

BCA sees jump in digital banking services amid pandemic

first_imgBank Central Asia (BCA) has seen a jump in its digital banking transactions amid the COVID-19 pandemic as it works to ramp up its new digital banking arm.BCA, the largest private bank in Indonesia, recorded a 91 percent annual rise in the number of mobile banking transactions to 1.29 billion, while the number of internet banking transactions increased by 24 percent year-on-year (yoy) to 740 million in the first quarter, company data show.The total value of the transactions reached a staggering Rp 3.38 quadrillion (US$2.28 trillion), or more than 45 percent of the bank’s total transactions, almost matching the value of transactions via the bank’ branches of Rp 3.5 quadrillion. “BCA supports the physical distancing policy during the COVID-19 pandemic through its Banking from Home campaign, in which we provide banking services through various online channels. We have seen an increase in mobile and internet banking transactions [during the period],” BCA president director Jahja Setiaatmadja said in a livestreamed press briefing on Wednesday.Read also: COVID-19: Indonesian banks face challenging time but hopes remainTransactions via ATMs and branch offices, at the same time, were down by 1 percent and 5 percent, respectively. As a result, its non-interest income soared 25.5 percent yoy to Rp 5.9 trillion, while its net interest income jumped 14.1 percent to Rp 13.68 trillion during the first quarter. The bank reported that its net profit grew by 8.6 percent to Rp 6.58 trillion in this year’s first three months. BCA is known for its technology and digital breakthroughs in Indonesia’s banking industry. It is now working to complete the acquisitions of privately-owned Rabobank International Indonesia and Bank Royal Indonesia. The latter is projected to become BCA’s digital bank, namely Bank Digital BCA, the soft launching of which is to be held in the second half.“Bank Royal still needs [the authority’s] approval to be a digital bank, while the acquisition of Rabobank is still being completed,” he said, stressing that BCA currently had no plan to acquire other banks.BCA concluded in 2019 its acquisition of Bank Royal for Rp 1.01 trillion in an effort to expand its digital banking business and focus on certain customer segments.BCA reported on Wednesday that its loan disbursement grew 12.3 percent annually to Rp 612.16 trillion as of March, while third-party funds (DPK) added 16.8 percent to Rp 741.02 trillion. Its non-performing loan (NPL) ratio stood at 1.6 percent, slightly up by 10 basis points (bps) compared to the corresponding period last year.Read also: Government to help pay interest on mortgages, car loansJahja admitted that his company had seen a downturn in consumer loans, as mortgages, vehicle loans, credit card and employee loans decreased, and the situation would most likely continue.The coronavirus outbreak has disrupted Indonesia’s banking industry as various businesses were forced to shut due to slowing demand, while millions of people are out of work, slowing loan disbursement and jeopardizing credit repayments.Financial Services Authority (OJK) data reveal that loan growth stood at 7.95 percent yoy in the first quarter, higher than the 6.08 percent recorded at the end of last year. However, no new loan demand was recorded in the period, as the growth came from the disbursement of existing credit facilities.“It is not the right time to push for consumer credits, especially with customer’s dwindling purchasing power and a significant amount of loans being restructured recently,” Jahja said.BCA as of mid-March has been processing loan restructuring worth between Rp 65 trillion and Rp 82.6 trillion, or 10 percent to 14 percent of its total loan portfolio, from around 72,000 debtors following the government’s stimulus to support businesspeople and consumers affected by the pandemic.It expects the restructuring figure to increase to around 20 percent to 30 percent of its total loan in the next few months.Read also: Banking shares under pressure as investors avoid risk amid gloomy outlook“BCA has relatively little loan outstanding that is directly linked to COVID-19,” Mirae Asset Sekuritas Indonesia analyst Lee Young-jun wrote in a research note published on April 2.“In addition, BCA revealed that it has less than 5 percent exposure on foreign exchange loans and less than 1 percent of capital in net open foreign position,” Lee said. BCA’s shares, traded at Indonesia Stock Exchange (IDX) under the code BBCA, were up 6.65 percent on Thursday, handily outperforming the exchange’s main gauge, the Jakarta Composite Index (JCI), which was up 1.61 percent.Topics :last_img read more