Industrial and Commercial Bank of China Limited (ICBC) has reported its financial results for 2011, in accordance with International Financial Reporting Standards (IFRS). The firm made an annual net profit of RMB208.4bn, a rise of 25.6% on the RMB166bn of last year. Earnings per share were RMB0.6, up from RMB0.48, and net assets per share [...]
Business volumes in the UK financial services sector grew for the eighth quarter running in the three months to March, and at well above the average pace, according to the latest Financial Services Survey from the Confederation of British Industry / PricewaterhouseCoopers (CBI/PwC). Banks reported a notable rise in optimism, with business volumes expanding for [...]
Irish Bank Resolution Corporation Limited (IBRC) has reported its results for the year ended 31 December 2011. IBRC reported an annual operating profit of €620m, before provisions and disposals are accounted for. The firm also reported an annual pre-tax loss of €873m, although this is far better than the €17.7bn loss it incurred (as Anglo [...]
The BayernLB Group has reports its financial results for 2011, including pre-tax earnings of €804m in its core business. The firm achieved a pre-tax profit of €334m, which was, as expected, significantly less than the 2010 figure, which had been bolstered by a number of one-off factors. The firm was not dramatically affected by the [...]
Bank of China has reported its financial results for 2011 in accordance with International Financial Reporting Standards (IFRS), including a profit after tax of RMB130.32bn. This marks an 18.81% improvement on the previous year, and profit attributable to equity holders also rose by just over 18% to RMB124.18bn. At the end of the year assets [...]
The Co-operative Group has reported its financial results for the year ended 31 December 2011, including a group operating profit of £585m. This is marginally (0.5%) better than the £582m of 2010, with profits before tax and member payments declining by 5.8% to £373m. The Banking Group’s result was more or less flat with 2010, [...]
Russian financial institution Sberbank Group has reported its consolidated IFRS financial statements for 2011. Annual net profits came to RUB315.9bn, equating to RUB14.61 per ordinary share, a huge rise (74%) on the RUB181.6bn (RUB8.42 per ordinary share) result the firm posted in 2010. This makes it a second year in a row that the firm [...]
Deutsche Postbank AG has reported its financial results for 2011, including a profit after tax of €111m, down from €138m in 2010. Pre-tax earnings for the year fell sharply, slumping from €315m to €78m. However, this is an improvement from the 9M 2011 pre-tax profit of €12m the firm reported. Net interest income rose by [...]
China Construction Bank Corporation (CCB) has reported its financial results for 2011, including net profit of RMB169.4bn and net profit attributable to shareholders of RMB169.3bn. Both these figures are more than 25% better than the previous year. The strong annual result follows an even better performance (proportionally) in the first half of the year, when [...]
Guaranty Trust Bank plc has reported its audited financial results for 2011, including pre-tax profits of N65.6bn, a rise of 35% on 2010′s N48.46bn. Profit after tax increased even more, rising 37% from N38.35bn to N52.65bn in 2011. Just two years earlier the bank reported pre-tax profits of N28bn, less than half the figure achieved [...]
In today’s Budget, Chancellor of the Exchequer, George Osborne, announced that the bank levy rate will increase to 0.105% (currently 0.088%) from January 2013. The rise is intended to ensure that banks don’t benefit from additional cuts in corporation tax and that the levy will raise the £2.5 billion a year anticipated by HM Treasury. [...]
WestLB has reported that in 2011 it made pre-tax profits of €37m, a return to the black after a €133m loss in 2010. Net interest income fell from €1,457m to €1,102m, and net fee and commission income declined from €368m to €288m. Revenues rose by 8% to €1.5bn, with administrative expenses declining by 11%. Total [...]
Citigroup has sold its 2.71% stake in Shanghai Pudong Development Bank (SPDB) to institutional investors. Total proceeds from the sale should amount to $668 million, resulting in an after-tax gain of approximately $349 million. Alongside the disposal, Citi has announced a new strategic arrangement with SPDB that will see the companies pursue discussions in a [...]
UK banks require major changes in business models and staff remuneration levels to meet increased capital requirements. According to KPMG’s UK Banks: Performance Benchmarking Report, questions remain over future profitability in the sector, and job losses and further restructuring will be key themes of 2012 The report highlights how profitability at the UK’s largest banks [...]
Landesbank Baden-Württemberg (LBBW) has reported its financial results for 2011, during which the firm made a consolidated pre-tax profit of €117m (in accordance with IFRS), based on preliminary figures. This marks a return to the black after the firm incurred a €341m pre-tax loss in the previous year. The firm’s annual operating result also improved [...]
Following recent stress testing of US banks by the Federal Reserve, Citigroup’s plans to return capital to shareholders are under review. Despite withstanding a hypothetical severe stress test scenario, the bank has been told to submit a new capital plan although its proposed redemption of certain outstanding trust preferred securities has been approved. In addition, [...]
Canadian Western Bank (CWB) has reported its financial results for the first quarter of its fiscal year. The firm made a net income of $41.5m in the quarter, making it the 95th consecutive profitable quarter for CWB. The quarterly net income is 10% better than the corresponding period last year, but is somewhat down on [...]
Landesbank Berlin Holding AG has reported its financial results for 2011, including consolidated pre-tax profits of €41m. This is dramatically less than the €317m of 2010, but does take into account the first €30m bank levy and writedowns on Greek government bonds. For the fourth quarter the bank reported pre-tax profits of €69m, compared to [...]
The DZ BANK Group has reported its preliminary financial figures (IFRS) for 2011, including a pre-tax profit of €1.89bn (after adjustment for the effect of the sovereign debt crisis). This is a healthy increase on the €1.62bn pre-tax profit the firm made in 2010. Net interest income rose by 15% to €3.14bn, but net fee [...]
Russian financial institution Sberbank has reported its financial results for the first two months of 2012, in accordance with its own internal methodology. Net interest income was up by more than a quarter, year-on-year, rising by 28.8%, with net fee and commission income up by 20%. Operating income (pre-provision) rose by a similar margin, up [...]
