05062016Fri
Last update: Fri, 06 May 2016 09pm

Banking & Finance

Business & Finance - Banking & Finance

Italian bank Intesa Sanpaolo beats expectations in first quarter MILAN: Italian bank Intesa Sanpaolo on Friday reported earnings ahead of market expectations as bad loan risks on its books diminished.Net profit fell 24.2 percent in the first quarter to 806 million euros ($920.4 million), which compares with forecasts by analysts of around 708 million.Operating profit dropped on the back of falling interest income and earnings from fees and commissions.But Intesa said it made significant cuts in provisions against risky loans, "reflecting an improving credit trend".Loan loss provisions fell by a quarter to 694 million euros in the first quarter from the previous three months, taking them to their lowest level since 2011.Intesa said that a new private fund, Atlante, created to help Italian banks with their bad loans will help it reduce risky loans even further.Chairman Carlo Messina told analysts in a conference call that the fund would in fact help stabilise the entire Italian banking sector, which has ...

Business & Finance - Banking & Finance

China central bank pledges policy fine-tuning, yuan flexibility BEIJING: China's central bank said on Friday that it will fine tune policy in a pre-emptive and timely way, as the economy still faces downward pressure despite signs of steadying. The People's Bank of China will stick to its long-standing prudent stance and keep the yuan currency basically stable, the bank said in its first-quarter monetary policy implementation report.The central bank said it would create "an appropriate monetary and financial environment for structural adjustments, transformation ...

Business & Finance - Banking & Finance

Nigerian interbank rate climbs marginally on central bank debits LAGOS: Nigeria's overnight interbank rate rose marginally to an average of 3.5 percent on Friday from 3 percent last week after banking system liquidity declined because the central bank debited banks in line with the cash reserves ratio (CRR), traders said. Traders said about 21.6 billion naira ($108.54 million) in CRR was withdrawn by the central bank from the banking system on Thursday, sinking system liquidity and pushing up the cost of borrowing among commercial ...

Business & Finance - Banking & Finance

Malaysia's central bank reserves fall slightly to $97bn at end-April KUALA LUMPUR: Malaysia's central bank said on Friday that reserves as of April 29 were $97 billion, slightly lower than what it reported as of April 15.Bank Negara Malaysia (BNM) said reserves were sufficient to finance 7.9 months of retained imports.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Poland's central bank keeps rates flat, as expected WARSAW: Poland's central bank on Friday kept its benchmark interest rate unchanged at a record low of 1.50 percent, in line with the expectations of analysts polled by Reuters.The central bank, which ended an easing cycle in March last year, also kept its lombard rate flat at 2.50 percent, the deposit rate at 0.50 percent and the rediscount rate at 1.75 percent.The bank's rate-setting Monetary Policy Council will hold a news conference at 1400 GMT. ...

Business & Finance - Banking & Finance

Union details BNP's French job cuts in investment banking PARIS: BNP Paribas's plan to cut over 10 percent of its investment banking jobs in France will affect IT and operations staff along with corporate trade and treasury, financing, advisory and global markets, among others, the CGT union said.BNP Paribas announced earlier in April a voluntary redundancy plan that calls for up to 675 job cuts at its corporate and institutional bank (CIB) in France which employs 6,000 staff.The bank said in February it planned ...

Business & Finance - Banking & Finance

Deutsche Bank says cooperates with Italian authorities on bond sale investigation FRANKFURT: Deutsche Bank said on Friday it is cooperating with authorities in Italy in an inquiry regarding the sale of Italian sovereign bonds in 2011."In 2011 we responded to a related inquiry made by (Italian market regulator) Consob, and we provided information and relevant documents at that time," Deutsche Bank said in a statement.A source had told Reuters earlier on Friday that Deutsche Bank is under investigation over the sale of 7 billion euros ($7.99 ...