Russian bank VTB has announces its unaudited interim results for the first half of the year. The bank saw customer deposits surge by 41.7% to RUB 1.6 trillion, with core income up (on a year-on-year basis) by 36.8% to RUB 80bn. Net fee and commission income was also up sharply, increasing by more than a [...]
Icesavers who have not yet claimed compensation need to take action immediately. When Britons logged on to their Icesave accounts last October only to find they were frozen, the Treasury stepped in with a 100% guarantee for individual savers. The Financial Services Compensation Scheme (FSCS) has therefore ensured that no individual depositors with the failed [...]
Deutsche Bank has forecast that its pretax profits in the forthcoming Q3 results will stand at around €1.3bn. In addition, the firm has predicted that tax-free income and the resolution of a number of audits will provide it with some tax credits for the quarter. These two factors have led the bank to expect net [...]
The Governor of the Bank of England has criticised UK banks’ lack of reform despite “breathtaking” taxpayer support. Speaking to a gathering of Scottish businesses representatives in Edinburgh, Mervyn King called for banks to separate their retail businesses from riskier areas of operation, such as the high risk trading once the preserve of investment banks. [...]
Clydesdale Bank’s new world heritage bank notes entered circulation yesterday, with the new £20 notes available from retail branches and most ATMs from 10am. The bank notes will feature Robert the Bruce one side, and the historic mill house New Lanark on the other. The remaining notes will gradually enter circulation over the remainder of [...]
Deutsche Bank has confirmed that it has signed a heads of agreement with the Dutch Ministry of Finance, as a result of which the German bank will acquire some of the commercial banking activities of ABN AMRO in the Netherlands. The final terms and conditions of the agreement remain under negotiation, and the deal itself [...]
US bank BB&T Corporation has reported its third quarter financial results, recording a $157m profit for the quarter, equivalent to $0.23 per diluted common share. This is substantially down on Q3 2008, when the firm made $362m net income, equating to $0.65 per diluted common share. President and Chief Executive Officer Kelly S. King has [...]
The British Bankers’ Association (BBA) has responded to the FSA’s proposals on mortgage lending, published today, stating that banks pay “particular attention” to affordability in a way that is not limited to “salary multiples or loan-to-value ratios”. The body therefore “welcomes the FSA’s similar emphasis on the overall affordability of the mortgage for the customer”. [...]
Gatehouse Bank, the Shariah-compliant investment bank based in the City of London, has become the first Islamic financial institution to join Paris Europlace. Paris Europlace promotes the French capital’s status as a financial centre, and Gatehouse Bank has been invited to contribute to its Islamic Finance Commission. Gatehouse Bank will be able to engage with [...]
The Nationwide Savings Index is at its highest level since November 2008, following a recent rise in all four indices. The Savings Index increased by 10 points to 87, and the Importance of Savings Index was up 5 points to 91. The Savings Environment Index and Future Savings Index rose by 11 and 16 points [...]
The UK’s two biggest friendly societies, Liverpool Victoria (LV=) and Royal Liver, are reported to be in merger talks. Such a move could create a £10 billion mutual business with over five million customers. A proposed merger could also be the reason for the recent resignation of Royal Liver chief executive, Steve Burnett, who is [...]
Citigroup has released its financial results for the third quarter of this year, during which time it made a net profit of £101m, and a net loss per share of $0.27. The bank generated revenues of $20.4bn, and incurred $8bn in net credit losses. Vikram Pandit, Chief Executive Officer, has stated that the action the [...]
Bank of America has announced it incurred net losses totalling $1bn during the third quarter. The diluted loss per share, after deductions, stood at $0.26. During the corresponding period last year the bank enjoyed net profits of $1.2bn, equivalent to $0.15 per share. For the first nine months of the year the firm made a [...]
Lloyds Banking Group is offloading its Halifax estate agency business to LSL Property Services, for £1. Acquired as part of the HBOS takeover, the loss-making unit comprises 218 branches. Two hundred and twenty one of the High Street outlets are also home to Halifax banking counters, the widespread closure of which has already been announced. [...]
Nationwide is proposing to raise cash in a sale of UK residential mortgage-backed securities (RMBS). The building society has appointed Barclays Capital, Citigroup and JP Morgan to manage the issue, which will be launched once promoted to investors and when market conditions are judged to be right. Bad debt resulting from investments in mortgage-backed securities [...]
Commerzbank has announced that it is selling the Kleinwort Benson business to RHJ International, a financial holding company, which will acquire both Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited corporation. The deal still requires the regulatory green light, and should it be forthcoming is expected to close during the first [...]
Goldman Sachs has reported its financial results for the third quarter of the year, including net earnings of $3.19bn, equivalent to $5.25 per common share. This marks a rise from Q3 2008 when earnings per common share stood at $1.81, and from Q2 2009 when the figure was $4.93 per share. The firm also recorded [...]
