Friday, 10 May 2013 18:54
Posted by Muhammad Iqbal
MILAN: Italy's biggest bank by assets, UniCredit, returned to profit in the first quarter of 2013 thanks to lower loan-loss provisions and strong trading income.UniCredit, the first Italian retail bank to release its results for the quarter, said on Friday its net profit came in at 449 million euros ($587.97 million) after a loss of 553 million euros in the last three months of 2012.The figure easily beat an analyst consensus distributed by the bank, which had forecast a 156 million euros profit.In the fourth quarter of last year UniCredit had posted a 553 million euro loss.Like other Italian banks, UniCredit has been struggling to keep a lid on mounting bad debts as the euro zone's third biggest economy struggles with its longest recession in 20 years.After setting aside nearly 10 billion euros for souring loans in 2012, it benefited from lower loan-loss provisions in the first three months of ...
18
MILAN: Italy's biggest bank by assets, UniCredit, returned to profit in the first quarter of 2013 thanks to lower loan-loss provisions and strong trading income.UniCredit, the first Italian retail bank to release its results for the quarter, said on Friday its net profit came in at 449 million euros ($587.97 million) after a loss of 553 million euros in the last three months of 2012.The figure easily beat an analyst consensus distributed by the bank, which had forecast a 156 million euros profit.In the fourth quarter of last year UniCredit had posted a 553 million euro loss.Like other Italian banks, UniCredit has been struggling to keep a lid on mounting bad debts as the euro zone's third biggest economy struggles with its longest recession in 20 years.After setting aside nearly 10 billion euros for souring loans in 2012, it benefited from lower loan-loss provisions in the first three months of ...
ISTANBUL: Turkey's Central Bank injected 500 million lira ($278 million) in a one-month repo auction on Friday at an average simple rate of 5.04 percent, bank data showed.Total bids for the repo, maturing on June 7, amounted to 2.2 billion lira.The bank also injected 6.5 billion lira into the market in a one-week repo auction at a fixed simple rate of 5 percent. Bids stood at 14.151 billion lira for the repo, which will mature ...
LONDON: Lloyds Banking Group L> has sold a portfolio of soured property loans to US private equity firm Cerberus Global Investments for 325 million pounds ($504 million), as the state-backed bank continues to purge its balance sheet of bad debt.The price tag reflects a 38 percent discount to the face value of the loans, the bank said on Friday.British banks Lloyds and RBS have both shed portfolios of bad property loans in recent years as ...
COLOMBO: Sri Lanka's central bank Friday cut benchmark lending rates by 50 basis points, saying the move was to designed to encourage growth amid sluggish economic activity this year.The Monetary Board of the Central Bank of Sri Lanka reduced its key lending rate from 9.5 percent to 9.0 percent and reduced deposit rates from 7.5 to 7.0 percent in the second easing in six months."The Board has been somewhat concerned by the slower than expected ...
SYDNEY: Australia's central bank scaled back its inflation and growth forecasts Friday, warning of a "subdued" outlook as the commodities-driven economy transitions away from mining.The Reserve Bank of Australia said it expected growth of 2.5 percent and inflation of 2.25 percent for the year ended December 31, compared with previous forecasts published in February of up to 3.0 percent for both."Overall, the subdued outlook over the next year or so continues to reflect the approaching ...
NEW YORK: Citigroup is prepping a US$439.8m single-borrower commercial mortgage bond underpinned by a loan on 375 Park Avenue, an office building located in midtown Manhattan.Kroll Bond Ratings considers the building to be among a handful of premiere office buildings in New York City due to its location and design. The asset, which is also known as the Seagram Building, was constructed in 1958 to serve as the 38-story world headquarters building for Joseph E. ...
ISLAMABAD: The total liquid foreign reserves held by the country stood at $ 11,863.1 million on May 3.Giving the break-up of the foreign reserves position a statement of the State Bank said that Foreign reserves held by the it stood at $ 6,772.4 million while the net foreign reserves held by banks (other than SBP) stood at $ 5,090.7 million. Copyright APP (Associated Press of Pakistan), 2013 ...
