Tuesday, 30 April 2013 20:18
Posted by Muhammad Iqbal
LONDON: Britain's state-rescued Lloyds bank said on Tuesday that it rebounded into first-quarter net profits on the back of rising income, deep cost-cutting and falling impairment charges.Earnings after taxation hit £1.53 billion ($2.37 billion, 1.81 billion euros) in the three months to the end of March, Lloyds said in a results statement. That contrasted with a slender net loss of £5.0 million in the same part of 2012.Lloyds was boosted by a one-off gain of £394 million from the sale of shares in investment manager St James's Place.Costs fell six percent to £2.408 billion and impairment charges were slashed 40 percent to £1.002 billion.The bank was also lifted because it did not face further provisions to cover product mis-selling in the quarter."We made substantial progress again in the first quarter," said chief executive Antonio Horta-Osorio."Underlying and statutory profits improved significantly, and our core loan book returned to growth earlier than ...
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LONDON: Britain's state-rescued Lloyds bank said on Tuesday that it rebounded into first-quarter net profits on the back of rising income, deep cost-cutting and falling impairment charges.Earnings after taxation hit £1.53 billion ($2.37 billion, 1.81 billion euros) in the three months to the end of March, Lloyds said in a results statement. That contrasted with a slender net loss of £5.0 million in the same part of 2012.Lloyds was boosted by a one-off gain of £394 million from the sale of shares in investment manager St James's Place.Costs fell six percent to £2.408 billion and impairment charges were slashed 40 percent to £1.002 billion.The bank was also lifted because it did not face further provisions to cover product mis-selling in the quarter."We made substantial progress again in the first quarter," said chief executive Antonio Horta-Osorio."Underlying and statutory profits improved significantly, and our core loan book returned to growth earlier than ...
FRANKFURT: Shares in Deutsche Bank soared by more than 7.0 percent on Tuesday after Germany's biggest lender unveiled a 2.8-billion-euro capital hike and a sharp rise in first-quarter profits. Deutsche Bank shares leapt by 7.9 percent to an intraday high of 35.49 euros in early trading on the Frankfurt stock exchange but subsequently fell back slightly to show a gain of 6.25 percent. Late Monday, Deutsche Bank said it would raise around 2.8 billion euros ...
ATHENS: Greece's largest lender National Bank won approval from shareholders to boost its capital with a 9.75 billion euro ($12.70 billion) share offering, aiming to secure enough support from private investors to escape state control.Shoring up the capital adequacy of Greece's top banks is expected to help them regain access to interbank markets and fund the economy out of its six-year recession.The four biggest lenders need 27.5 billion euros in new capital to restore their ...
MADRID: The Spanish banking giant Santander on Monday announced the resignation of chief executive Alfredo Saenz, who was convicted in 2011 for irregularities in a debt-recovery case.He will be replaced by Javier Marin, Santander's current head of insurance, asset management and private banking, said the bank, which is the eurozone's biggest by capitalisation.It gave no reason in its statement for the "voluntary resignation" of Saenz, 70, who had been chief executive since 2002 and had ...
NAIROBI: The Central Bank of Kenya sought to mop up 10 billion shillings ($119.33 million) from the market on Monday using repurchase agreements (repo).The bank uses repo frequently to manage liquidity with a view to keeping the exchange rate stable, through making it slightly more expensive for banks to fund long dollar positions. Copyright Reuters, 2013 ...
LONDON: Britain's state-rescued Lloyds bank said on Monday that it has sold its loss-making Spanish retail banking activities to Spain's Banco Sabadell in a deal worth up to 100 million euros ($131 million).LBG said in a statement that it would receive a 1.8-percent stake in Sabadell, worth about 84 million euros, plus an additional sum of up to 20 million euros over the next five years."Lloyds Banking Group plc is today announcing that it has ...
CAIRO: Egypt's central bank said it would offer $40 million to banks at its auction of foreign currency on Monday.The central bank introduced the foreign exchange auctions at the end of December in an effort to stave off a currency crisis triggered by political unrest. Since then, the pound has lost a tenth of its value against the dollar at official rates. Copyright Reuters, 2013 ...
