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French bank Societe Generale to cut costs despite rising profits PARIS: French bank Societe Generale unveiled Wednesday a new cost cutting plan of 850 million euros ($925 million) to compensate for higher regulatory costs, despite a jump in profits.Net profit at the bank jumped by 25 percent for the April through June period from the same quarter last year to 1.35 billion euros, considerably higher than the average of 856 million expected by analysts surveyed by the financial news service FactSet.The result includes a new provision of 200 million euros for litigation, taking the total to 1.3 billion euros.Societe Generale did not specify what the provision was for, but its French rival Credit Agricole saw its shares plummet 10 percent on Tuesday after increasing its provisions by 350 million euros as it was in advanced talks with US authorities for violating rules for dollar transactions with countries under US embargoes.Societe Generale has also been caught up in that US probe, ...

India's central bank keeps interest rates unchanged MUMBAI: India's central bank kept its key interest rate on hold Tuesday as analysts had expected, resisting government pressure for a fourth cut of the year. The Reserve Bank of India (RBI) said the benchmark repo rate -- the level at which it lends to commercial banks -- would remain at 7.25 percent."It is prudent to keep the policy rate unchanged at the current juncture while maintaining the accommodative stance of monetary policy," RBI governor ...
Credit Suisse, Jive raise largest Brazil distressed asset fund SAO PAULO: Credit Suisse Group AG and Jive Investments Holding Ltd raised Brazil's largest-ever distressed asset fund, underscoring growing interest in an asset class that has become the flavor of the month as Latin America's largest economy slips into recession.So Paulo-based Jive raised 500 million reais ($145 million) from Credit Suisse's private-banking clients in Brazil seeking to diversify into toxic credit and real estate assets, Jive said in a statement. The fund will be called ...
UK to start selling RBS shares with 5.2pc stake LONDON: Britain is to start selling off its shares in the Royal Bank of Scotland by disposing of 5.2 percent of the state-rescued institution, the Treasury announced Monday.RBS was bailed out with public money at a cost of £45.5 billion ($70.9 billion, 64.7 billion euros) following the 2008 global financial crisis and the British government holds 78.3 percent of the bank's shares.The Treasury owns its stake in RBS through UK Financial Investments and finance minister ...
Mexico central bank sells $200mn in currency auction MEXICO CITY: The central bank of Mexico sold $200 million on Monday at an average price of 16.0991 pesos per dollar, the bank said, part of an auction program to boost foreign exchange liquidity following a slump in the peso. Copyright Reuters, 2015 ...
Turkey's Vakifbank Q2 net profit misses forecast ANKARA: Turkey's Vakifbank posted a net profit of 386.3 million lira ($139.21 million)in the second quarter, missing expectations of 402 million lira in a Reuters poll. The bank posted its results on the Istanbul Stock Exchange. Copyright Reuters, 2015 ...
Kenya's central bank to lift interest rates to 12pc on Aug. 5 JOHANNESBURG: Kenya's central bank will lift interest rates on Wednesday, according to a slim majority of economists in a Reuters poll, as authorities look to support the shilling against a resilient US dollar.Despite last month's reprieve in inflation, the median forecast from the poll of 11 analysts, taken in the past week, suggested the central bank would lift interest rates by 50 basis points to 12 percent. However, five said there would be no change ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln