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Lloyds profits rise despite further mis-selling costs LONDON: Britain's state-rescued Lloyds Banking Group said on Friday that net profits rose by 31 percent in the first half, despite setting aside further funds for compensation for insurance mis-selling.Earnings after tax rose to £874 million (1.245 million euros, $1.364 million) in the six months to June, and the company announced a dividend of 0.75 percent per share, amounting to £535 million.This was despite setting aside a further £1.4 billion to cover compensation to customers who were mis-sold payment protection insurance (PPI), taking the lender's total PPI bill to £13.4 billion including administrative costs.The British government bailed out Lloyds during the financial crisis in 2008 but has been reducing its share in recent months, and this now stands at less than 15 percent."Today's results demonstrate the strong progress we have made in the first half of the year," said chief executive Antonio Horta-Osorio.He added: "We remain focused on our aim ...

Honda three-month profit jumps nearly 20% to $1.5bn TOKYO: Honda said Friday that net profit in April-June jumped nearly 20 percent as strong sales in North America and a weak yen helped offset the impact of an exploding air-bag crisis.The Civic maker's bottom-line profit came to 186 billion yen ($1.5 billion) for the three months, up from 155.6 billion yen a year earlier, while sales jumped 15.5 percent to 3.7 trillion yen.Operating profit rose 16.4 percent, as a sharp drop in Japan's currency ...

Falling costs boost Q2 profits for IAG airlines group LONDON: International Airlines Group, which owns British Airways and Iberia, announced a rise in net profits in the second quarter on Friday thanks to falling costs and fuel bills.Earnings after taxation rose by 28 percent to 358 million euros ($392 million) in the three months to June.Operating profit rose by 40 percent to 530 million euros, driven by increases at British Airways and Iberia, although profits at Spanish low-cost airline Vueling fell."We continue to take ...

Swiss central bank books record loss of 50bn francs GENEVA: Switzerland's central bank said Friday it lost a record 50 billion francs ($51 billion, 47 billion euros) in the first half of 2015, due mainly to the hefty depreciation of its foreign currency holdings.The Swiss National Bank had been holding down the value of the franc for more than three years, but suddenly announced on January 15 that it was abandoning the minimum rate of 1.20 francs to a euro.The decision to scrap the ...

Mexico central bank moves to defend peso, eyes weak economy MEXICO CITY: Mexico bolstered its intervention program to defend the peso on Thursday as the central bank warned that the currency could slump further after suffering a string of record lows.The Banco de Mexico left its key rate at 3.00 percent, as expected by all 24 analysts surveyed by Reuters last week. Despite the peso's losses, the central bank said that the inflation outlook had improved in the short term. But it also noted that ...

Mazda profit beats estimates as strong China, US sales cushion FX loss, costs TOKYO: Japan's Mazda Motor Corp said quarterly profit fell 5.4 percent, but still beat estimates as higher auto sales in China and the United States cushioned the blow of foreign exchange losses and costs booked for new plants in Mexico and Thailand.Shares in Japan's fifth-biggest automaker rose more than 5 percent after it said on Thursday April-June operating profit was 53.32 billion yen ($430 million). That was down from 56.38 billion yen a year ago, ...

Lufthansa sees challenging second half, prices still under pressure BERLIN: German airline Lufthansa said it saw no let-up in pressure on ticket prices due to competition from low-cost rivals and the second half year would be more challenging than the first, even as lower fuel costs boosted quarterly profit.Europe's largest aviation group by revenue is in the midst of a restructuring as it tries to remain competitive against fast-growing budget rivals in Europe as well as carriers such as Emirates and Turkish on long-haul ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln