07252016Mon
Last update: Mon, 25 Jul 2016 04pm

Banking & Finance

Business & Finance - Banking & Finance

Indonesia's Bank Central Asia H1 profit rises 12pc JAKARTA: Indonesia's biggest lender by market value, PT Bank Central Asia Tbk (BCA), reported on Wednesday a 12.1 percent rise in net profit for the first half of 2016, lifted by growth in current and savings accounts as well as lower cost of funds. The bank posted a net profit of 9.6 trillion rupiah ($732.3 million) for the six months ended June 30, up from 8.5 trillion rupiah a year earlier."Solid current and savings accounts growth and reduced cost of funds allowed BCA to maintain a healthy net interest margin even with reduction in interest rates across lending segments," BCA President-Director Jahja Setiaatmadja said in a statement.Oustanding loans at the end of June grew 11.5 percent to 387 trillion rupiah from a year earlier. Non-performing loans however climbed to 1.4 percent from 0.7 percent.Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Greece repays 2.3bn euros to ECB ATHENS: Greece repaid Wednesday 2.3 billion euros ($2.5 billion) to the European Central Bank, a source with knowledge of the matter said.The sum, representing one of Greece's largest debt milestones this year, was repaid thanks to EU bailout cash.Greece last month received 7.5 billion euros from its European creditors, part of a three-year, 86-billion-euro rescue accepted by the leftist government of Prime Minister Alexis Tsipras last year.The 2015 agreement was the product of fraught negotiations ...

Business & Finance - Banking & Finance

Lebanon central bank pledges stability amid political paralysis BEIRUT: Lebanon's central bank chief said he will ensure local banks comply with a US law targeting Hezbollah's finances, weeks after a bomb attack at a major Lebanese lender that had begun closing accounts linked to the militant group. Riad Salameh told Reuters the US law must be enforced to keep Lebanon's banks within the global financial system and stabilise the hugely indebted economy as neighbouring Syria's civil war hits tourism and growth."Of course this ...

Business & Finance - Banking & Finance

Bank of England must respond to Brexit shock: minister LONDON: Britain's new finance minister Philip Hammond declared Tuesday that it was up to the Bank of England to respond to the economic "shock" arising from Brexit."The initial response to this kind of shock must be a monetary response by the Bank of England," Chancellor of the Exchequer Hammond told lawmakers at the House of Commons.The central bank kept its key interest rate at 0.50 percent last Thursday, confounding expectations for a reduction -- but ...

Business & Finance - Banking & Finance

India to infuse $3.4bn in state-run banks NEW DELHI: India will infuse 229.15 billion rupees ($3.41 billion) in 13 state-run banks in the fiscal year ending March 2017, the finance ministry said in a Twitter post on Tuesday. New Delhi has plans to inject 700 billion rupees in state lenders over four years to March 2019. For the current fiscal year, Finance Minister Arun Jaitley has budgeted 250 billion rupees for bank recapitalisation.State-run banks, however, face much bigger capital requirements to meet ...

Business & Finance - Banking & Finance

Swedish central bank says highly prepared to ease policy more if needed STOCKHOLM: The Swedish central bank emphasised its willingness to ease record-low monetary policy even further if needed in the minutes of its latest policy meeting, published on Tuesday. "There is still a high level of preparedness to make monetary policy even more expansionary if this is needed to safeguard the inflation target," the Riksbank said in a statement summarising the minutes.The central bank left its benchmark repo rate unchanged at minus 0.50 percent this month, ...

Business & Finance - Banking & Finance

New Zealand central bank looks to further curb hot housing market WELLINGTON: New Zealand's central bank on Tuesday presented proposed changes to existing mortgage lending rules in order to mitigate risks to financial stability arising from the current boom in house prices. "The Reserve Bank considers a sharp correction in house prices to be a key risk to the financial system, and one that is increasing," it said in the consultation paper. The New Zealand dollar fell to 0.7057 on the statement as it increases the ...