06262016Sun
Last update: Sun, 26 Jun 2016 09am

Banking & Finance

Business & Finance - Banking & Finance

Bank of America earnings fall despite lower expenses NEW YORK: Bank of America on Thursday reported a dip in quarterly profits following losses in its real estate and trading divisions despite lower expenses.BofA's earnings for the fourth quarter came in at $3.1 billion, down 11.3 percent from the year-ago level.In its real estate division, the big US bank reported a loss of $397 million, lower than the $1.0 billion loss a year ago. The bank cited a smaller servicing portfolio, offsetting lower litigation costs in this segment.The bank's global markets division lost $72 million in the quarter, bigger than the $47 million loss a year ago. The results were marred by a drop in revenues in bond, currency and commodity trading to $1.5 billion from $1.9 billion a year ago.On the positive side, BofA reported a 17.9 percent drop in non-interest expense to $14.2 billion due to lower litigation costs and reduced personnel spending.BofA reported 2014 profits of ...

Business & Finance - Banking & Finance

Citigroup quarterly earnings down 86pc on legal costs NEW YORK: Citigroup reported an 86 percent drop in fourth-quarter earnings Thursday after paying $3.5 billion in legal charges and repositioning costs.Earnings for the fourth quarter were $350 million, down from $2.5 billion a year earlier. Like other large banks, Citigroup has faced costly government settlements and private litigation over charges that it rigged interest rates and foreign exchange trades. Citi first announced the legal charge in December.Citi's earnings also demonstrated weakness in its fixed ...

Business & Finance - Banking & Finance

India central bank urges banks' auditors to improve monitoring MUMBAI: India's central bank deputy governor S.S. Mundra urged audit committees at domestic lenders to better monitor potential risks, including in loan assessments and in asset quality, to help improve the health of the banking system.Mundra added recent inspections by the central bank had found recurrences of certain violations such as those related to "know your customer" rules as well as discrepancies between assets held and provisioning. He did not provide specific details.The official also ...

Business & Finance - Banking & Finance

Bank Muscat Q4 profit drops in absence of insurance payout DUBAI: Bank Muscat, Oman's largest lender, posted a 26.6 percent decrease in its fourth-quarter net profit on Thursday, missing analysts' estimates and suffering in comparison with a figure boosted by a one-off insurance payment last year.Despite failing to meet expectations, the bank's shares surged to close up 4.7 percent, against a wider market gain of 1.3 percent. Analysts took heart from loan growth and saw the stock as having value after recent fluctuations.Shares in Bank ...

Business & Finance - Banking & Finance

SNB stuns markets by scrapping cap against euro ZURICH: The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago.Minutes after the announcement the franc had soared by almost 30 percent in value against the euro. SNB vice-chairman Jean-Pierre Danthine had said as recently as Monday that the cap would remain the cornerstone of its monetary policy."This is a very risky move. You ...

Business & Finance - Banking & Finance

ICBC to sell $1.8bn of asset-backed securities HONG KONG/SHANGHAI: Industrial and Commercial Bank of China Ltd (ICBC) , the country's largest listed bank, plans to sell 11.3 billion yuan ($1.83 billion) of asset-backed securities (ABS), according to a memo obtained by Reuters.ABS are securities created by packaging together a pool of underlying assets, typically small loans that are difficult to sell individually.China is expanding asset securitisation on an unprecedented scale as the government looks to increase bank liquidity without expanding the money ...

Business & Finance - Banking & Finance

Rate cut a start but we need more, says Indian business MUMBAI/DELHI: Indian businesses, saddled with crippling costs of capital, urged the central bank to move boldly after its rate cut on Thursday, with some demanding easing of a full percentage point in the next six months to fuel a recovery.The Reserve Bank of India lowered interest rates by 25 basis points, in a surprise move weeks ahead of its own bi-monthly meeting and of the Narendra Modi government's maiden annual budget."A further reduction would have ...