05012016Sun
Last update: Sun, 01 May 2016 10pm

Banking & Finance

Business & Finance - Banking & Finance

Deutsche Bank posts surprise profit, aims to speed up cuts FRANKFURT: Deutsche Bank posted a surprise net profit in the first quarter that was helped by lower litigation costs, lifting its shares, and said it saw 2016 as the peak of a restructuring drive. Germany's flagship lender said on Thursday its quarterly net income fell 58 percent to 236 million euros ($268 million) after a slump by its investment bank in volatile markets and its departure from certain businesses. But that beat analysts' average expectation for a net loss of 249 million euros, and the bank's shares rose 2.6 percent in a market that was down by 1.2 percent. "On an operating basis, the year is looking in line. The first couple of months were very slow, especially compared with how they normally are," Chief Executive John Cryan said during an analyst call. But he said an acceleration of legal settlements and restructuring could lead to higher costs in the ...

Business & Finance - Banking & Finance

Spain's BBVA bank sees Q1 profit plummet MADRID: Spain's second largest bank BBVA said Thursday its first quarter net profit plunged 53.8 percent to 709 million euros ($805 million), hit in part by unfavourable exchange rates like many of its peers.Shares in the financial giant were down 5.58 percent at 6.36 euros mid-morning as analysts did not expect such a sharp drop in profits."First-quarter results where highly influenced by... the lack of corporate operations (in contrast to the previous year) and the ...

Business & Finance - Banking & Finance

Deutsche Bank halves profits in first quarter FRANKFURT: Deutsche Bank, Germany's biggest lender, said Thursday that its profits were more than halved in the first quarter as the slowing global economy weighed on client activity.But the bank's first-quarter performance still largely beat analysts' expectations. Deutsche Bank said in a statement that net profit fell to 214 million euros ($243 million) in the period from January to March, down from 544 million euros a year earlier. That represented a drop of 58 percent, ...

Business & Finance - Banking & Finance

Lloyds bank posts 45pc drop in quarterly net profits LONDON: Lloyds Banking Group on Thursday announced a 45-percent drop in first quarter net profit on expected costs linked to the repurchasing of bonds launched after the financial crisis.Underlying pre-tax profits were largely stable and chief executive Antonio Horta-Osorio said the first three months of the year had delivered "a robust financial performance" and left the group with a strong balance sheet.LBG, which has been returned almost fully to the private sector after a state-bailout ...

Business & Finance - Banking & Finance

Barclays reveals profits dip, move to sell French unit LONDON: Troubled British bank Barclays posted sliding profits Wednesday, hit by losses in non-core assets flagged for disposal, adding it was in exclusive talks to sell its French retail division.Earnings after taxation declined seven percent to £433 million ($630 million, 558 million euros) in the three months to March, Barclays said in a results statement. That compared with net profit of £465 million last time around.Revenues slid 13 percent to £4.6 billion in the reporting ...

Business & Finance - Banking & Finance

Dubai Islamic Bank Q1 net attributable profit rises 7.2pc DUBAI: Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 7.2 percent increase in first-quarter net profit on Wednesday on the back of higher revenue and setting aside less cash for bad debts.The bank made an attributable profit of 875.3 million dirhams ($238.3 million) in the three months to March 31, it said in a statement. This compares with a profit of 816.7 million dirhams in the corresponding period of 2015.EFG ...

Business & Finance - Banking & Finance

Egypt central bank seen holding interest rates steady on Thursday CAIRO: The Egyptian central bank's monetary policy committee is expected to hold interest rates steady on Thursday as it continues to assess the impact of last month's rate hike of 150 basis points, a Reuters poll showed.Eight out of 10 contributors to the Reuters poll said they expect the committee to keep rates unchanged on April 28.Egypt has been facing a foreign currency shortage since the 2011 uprising drove away tourists and foreign investors, both ...