Natwest chair Howard Davies WILL stay on after Nigel Farage Coutts scandal July 28, 2023 Natwest chair Howard Davies said he would stay on as boss of the bank’s board while the lender tries to recover from the scandal involving Nigel Farage’s Coutts bank account. Speaking to reporters after the bank published its results, Davies said “my intention is to continue to lead the board and ensure that the bank [...]
Natwest: Alison Rose signs off with bumper profit even as bad loan provisions double July 28, 2023 Natwest announced a new share buyback scheme after beating expectations in the second quarter, but cut its guidance as customers increasingly seek out higher rates on their deposits.
Standard Chartered announces $1bn buyback scheme after profits soar on rising rates July 28, 2023 Standard Chartered announced a further $1bn (£780m) share buyback after recording better than expected results in the second quarter on the back of rising interest rates. Pretax profit at the bank climbed 18 per cent to $1.5bn, higher than the $1.4bn predicted by analysts. This came thanks to a 29 per cent increase in net [...]
Nationwide and TSB join HSBC in reducing rates on mortgage deals July 27, 2023 Nationwide and TSB joined HSBC in reducing rates on a range of mortgage products today, as rates on mortgages continued to come down after last week’s inflation reading. Nationwide announced that it would be reducing fixed rates by up to 0.35 per cent while it would reduce rates available on its tracker products by 0.2 [...]
Coutts boss Peter Flavel resigns over Farage account closure July 27, 2023 The boss of private bank Coutts has resigned for his part in the closure of Nigel Farage’s bank account. Peter Flavel’s resignation follows the departure of Natwest boss Dame Alison Rose in the early hours of Wednesday morning and comes as pressure grows on other members of the Natwest board to step down over the [...]
BNP Paribas beats estimates on debt financing and cost management July 27, 2023 BNP Paribas, the euro zone’s biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading. The French lender’s second-quarter net income fell 4.9 per cent on a reported basis to €2.8bn (£2.4bn), beating the €2.5bn analyst consensus compiled by the [...]
TSB Bank profits up 45 per cent on rising rates as impairment charges soar too July 27, 2023 TSB Bank’s profits were lifted by rising interest rates, but the bank flagged challenges ahead as impairment charges soared by 54 per cent on last year. In the first half of the year pretax profit climbed 45 per cent to £147.9m, up from £102.9m in the same period last year. The lender noted this was [...]
Banks dish out £7.8bn in dividends as rising interest rates boost profits July 27, 2023 UK banks have dished out bumper payouts to investors over the past three months as lenders rake in profits on the back of rising interest rates, according to new research. Banks hiked their dividends to shareholders by 61 per cent to some £7.8bn to investors in the three months to the end of June, despite [...]
Barclays shares slide after lowering interest guidance for full year despite beating expectations July 27, 2023 Barclays shares dropped after the lender said it expects the tailwind from rising interest rates to be slowing, despite beating expectations in the second quarter. In the three months to June, Barclays’ profit rose 31 per cent to nearly £2bn, slightly higher than the £1.9bn analysts had predicted. On the back of the results, Barclays [...]
Bankenheimer: Number of banks shunning nuclear weapons jumps 10 per cent July 27, 2023 As Christopher Nolan’s epic about Oppenheimer, Godfather of the atomic bomb, hits cinema screens, new research shows banks globally are pulling back from funding nuclear weapons. According to a new report from Don’t Bank on the Bomb, 109 financial firms worldwide have published policies restricting investment in nuclear weapon producers. This was roughly 10 per [...]