Landesbank Baden-Württemberg (LBBW) has reported that in the first quarter of 2010 it achieved a consolidated post-tax profit margin of €136m. This is €100m less than the Q1 2009 post-tax profit of €236m. LBBW saw net interest income rise by 20.7% to €555m, with allowances for losses on loans and advances increased by 48.6% to [...]
Kenya Commercial Bank (KCB) has reported its financial performance results for the first quarter of 2010. Year-on-year pre-tax profits soared by 10% to KShs1.9bn from KShs1.7bn in Q1 2009. The KCB also saw its total assets surge upwards by 29% to KShs220bn, with total despits skyrocketing by 43% from KShs129.2bn to KShs185.4bn. Net interest income [...]
Investment bank Credit Suisse has announced that Chief Financial Officer Renato Fassbind is to step down from his position, after six years in the role. Fassbind will be succeed by Chief Operating Officer and Head of Finance of the Investment Banking Division David Mathers who will become chief financial officer and acquire a seat on [...]
CIFAS has produced an analysis of fraud trends during the first quarter of 2010, highlighting a rise of almost 20% in identity fraud, when compared to a year earlier. However, overall fraud levels remain consistent, with nearly 60,000 proven frauds identified in the first three months of the year, according to the UK’s Fraud Prevention [...]
Spanish banking giant Banco Santander has reported its financial results for the first quarter of 2010. Santander made net attributable profits of €2.2bn in the quarter, up 6% from the same time last year when net attributable profits were recorded at €2.1bn. The bank has seen its costs rise by 7%, but this has been [...]
Nomura Holdings, Inc. has reported its consolidated financial results for the full year and fourth quarter ended 31 March 2010. Annually, the firm saw net revenues total 1,150.8bn yen, with 105.2bn yen pre-tax profits and net income attributable to Nomura Holdings of 67.8bn yen. This compares very favourably to the 2009 annual pre-tax loss of [...]
The Reserve Bank of New Zealand has elected to leave the Official Cash Rate (OCR) unchanged at 2.5%. Governor Alan Bollard has stated that the country’s recovery is proceeding as forecast, and is predicted to improve as the year goes on. New Zealand has benefited from the strong resurgence of its trading partners in Asia, [...]
The Bank of America Board of Directors has elected Charles O. Holliday, Jr. as chairman. Holliday succeeds the outgoing chairman, Dr. Walter E. Massey, and has been a board member since September last year. He has also previously served as chairman of the board of directors of E.I. du Pont de Nemours and Co. for [...]
Morgan Stanley has announced that it intends to open an investment banking office in Warsaw, and will become a member of the Warsaw Stock Exchange. The office will be opened by the end of the year, following the necessary regulatory go aheads, and provide Morgan Stanley’s clients located in Poland and the wider region with [...]
CUNA Mutual Group has announced that it has brought on board a further seven building societies through which its products such as MPPI and life can be distributed. This significant entry into the UK building society scene (which presently has 51 such firms) helped drive the 7% revenue growth CUNA enjoyed in 2009/2010. The firm’s [...]
Bank of China Limited has reported its financial results for the first quarter of 2010. According to International Financial Reporting Standards (IFRS) the bank made profit attributable to equity holders of RMB26.23bn. This is a 41% rise on the figure achieved in Q1 2009, with the Bank of China also seeing total assets increase by [...]
Seven out of 10 Britons believe that the political parties have not done enough to explain their policy positions on pensions, according to a ComRes poll commissioned by Brewin Dolphin. The poll also found that more than six out of 10 (62%) backed the concept of utilising the tax system to encourage a culture of [...]
Lazard Ltd has announced its financial performance results for Q1 2010. Lazard made net income (on a fully exchanged basis) of $61.4m, equating to $0.46 per diluted share (excluding pre-tax special charges totalling $112m). This compares favourably to its Q1 2009 result, which was a net loss of $29.7m ($0.26 per diluted share), and the [...]
Deutsche Bank has reported its financial results for the first quarter of the year, including net income of €1.8bn, a 50% increase on the €1.2bn made in Q1 2009 and €500m more than the net income of Q4 2010. Diluted earnings per share were recorded at €2.66, up from €1.92 in the corresponding period in [...]
Bank of Ireland is proposing to raise €3.4 billion in new money, in part, via a €1.9 billion rights issue and a €500 million placing with institutional investors. The bank, which is Ireland’s biggest by market value, was bailed out with a €3.5 billion injection of taxpayer cash last year, and the €1 billion needed [...]
Lloyds Banking Group returned to profitability in the first quarter of 2010, on a combined business basis. Impairments at the bank’s wholesale business slowed significantly in the first few months of the year, indicating that the group’s full-year performance will be ahead of expectations. Key highlights from the first quarter include: Good income growth, on [...]
The Financial Services Authority (FSA) has launched a consultation on the use of certain new powers granted to the regulator by the Financial Services Act 2010. The consultation paper includes proposed Handbook changes in relation to the following areas: Disclosure of short-selling positions and the imposition of financial penalties or censure on those who breach [...]
