05052016Thu
Last update: Thu, 05 May 2016 09pm

Banking & Finance

Business & Finance - Banking & Finance

Italian subordinated bonds take knock after Vicenza flop LONDON: Italian banks' subordinated debt took a hit on Tuesday as the after-effects of the failed Vicenza IPO started to filter through to the debt markets. A 200m 9.5% 2025 Tier 2 bullet from Banca Popolare di Vicenza has lost over three points since the end of last week and was quoted at a 92.56 cash price on Tuesday, according to Eikon. A 200m 9.5% Tier 2 2025 deal callable in 2020 from Veneto Banca has not fared much better, dropping from 92.8 at the open to 90.1 by lunchtime. Popolare di Vicenza's 1.5bn share issue failed to gain traction with private investors buying only 7.7% of the shares, leaving Atlante, Italy's bank rescue fund, to purchase the remainder. "This is a bit scary," said a syndicate banker. "This fund was created to deal with Italy's non-performing loan problem. However, with what they've spent on Vicenza and what they will ...

Business & Finance - Banking & Finance

ANZ Bank profit slumps, repositions for future SYDNEY: ANZ Bank's interim net profit slumped 22 percent Tuesday on the back of impairment and restructuring charges, but the result was welcomed by the market as the lender repositions for a challenging future.The Australia and New Zealand Banking Group's result for the six months to March 31 came in at Aus$2.73 billion (US$2.0 billion), while cash profit, which strips out one-off and other items, was Aus$2.78 billion.The drop was largely down to Aus$717 million ...

Business & Finance - Banking & Finance

UBS posts Q1 profit slump, but net new client assets well ahead of f'cast ZURICH: Swiss bank UBS kicked off 2016 with a near two-thirds drop in net profit after a tough quarter for investment banking, plagued by volatile markets, which has also cut into earnings at US rivals. UBS, Switzerland's biggest bank and the world's largest wealth manager, said on Tuesday net profit for the first three months of 2016 tumbled to 707 million Swiss francs ($741.2 million).This was roughly in line with the average estimate of 704 ...

Business & Finance - Banking & Finance

Economic recovery helps BNP Paribas buck trend with net profit rise PARIS: BNP Paribas said first-quarter net income rose 10.1 percent as lower provisions for bad loans on the back of a gradual economic recovery in Europe helped offset a slump in its corporate and institutional bank, hit by market volatility. BNP Paribas' net income of 1.814 billion euros ($2.09 billion) beat the average estimate in a Reuters poll of analysts, as did revenue, which slipped 2 percent to 10.844 billion. The profit rise bucked the ...

Business & Finance - Banking & Finance

Commerzbank says low interest rates, market turbulence hit profits FRANKFURT: Commerzbank, Germany's second biggest lender, said Tuesday that low interest rates and the difficult market environment weighed on profits in the first three months. Commerzbank said in a statement that its net profit fell to 163 million euros ($188 million) in the period from January to March from 388 million euros a year earlier.And underlying, or operating, profit dropped to 273 million euros from 670 million euros on a 16.9-percent decline in revenues to ...

Business & Finance - Banking & Finance

HSBC Q1 net profit down 18 percent at $4.3bn HONG KONG: HSBC's net profit was down 18 percent at $4.3 billion in the first quarter, the bank said Tuesday, affected by "extreme levels" of market volatility early in the year. "Our first quarter performance was resilient in tough market conditions that affected the entire banking sector," said group chief executive Stuart Gulliver.Falling oil prices and fears over China's economic slowdown contributed to a stocks rout in Asia early 2016 -- Hong Kong's Hang Seng ...

Business & Finance - Banking & Finance

BoJ's Kuroda: Strengthening yen may hurt Japan's economy FRANKFURT: Bank of Japan Governor Haruhiko Kuroda said on Monday the yen's recent gains may hurt the country's economy, stressing his readiness to expand monetary stimulus if the risks threaten to keep the central bank from hitting its 2 percent inflation target."The kind of yen rises we're seeing now could have undesirable effects on the economy. We are closely watching how such market developments could affect Japan's economy and prices," Kuroda said after arriving in ...