BNP Paribas warns on coronavirus hit to 2020 profit May 5, 2020 BNP Paribas warned this morning that its full-year earnings will be impacted by the “major repercussions” caused by the coronavirus crisis, as profit plunged in the first quarter of the year. The French banking giant said net income for 2020 could be about 15 per cent to 20 per cent lower than last year. Net [...]
Lloyds boss: Coronavirus business loan scheme was ‘painful’ and ‘flawed’ when launched May 4, 2020 The launch of the government’s coronavirus business loan scheme was “painful” and “flawed”, according to one of the top bosses of Lloyds Bank. David Oldfield, group director and chief executive of commercial banking at Lloyds, said today that the government’s emergency loan scheme was “cumbersome and onerous” when it launched. He added that he still [...]
HSBC receives 12,800 applications for ‘bounce-back loans’ in first few hours May 4, 2020 The UK’s biggest banks have been inundated with requests from small businesses for new coronavirus “bounce-back loans”, with HSBC receiving 12,800 applications in the first few hours of the scheme. The government’s newest coronavirus lending scheme launched today and offers the UK’s smallest companies loans worth 25 per cent of turnover, up to £50,000, just [...]
Barclays receiving 35 applications a minute for bounce back loans May 4, 2020 Barclays has received 35 loan applications per minute this morning for the newly launched bounce bank loan scheme, according to the bank’s UK boss. Barclays Bank UK chief executive Matt Hammerstein told a House of Commons committee today that his bank received received 200 applications within minutes of the emergency scheme opening at 8am. The [...]
UK launches 100 per cent state-backed ‘bounce back’ loans May 4, 2020 The UK’s smallest businesses will be able to apply for 100 per cent state-backed so-called bounce back loans worth up to £50,000 from today. The government’s bounce back loans scheme provides micro loans worth 25 per cent of turnover, up to £50,000, just 24 hours after applying for them. The minimum loan amount is £2,000 [...]
Why RBS killed digital bank Bo only five months after launch May 1, 2020 The Royal Bank of Scotland (RBS) has abandoned its challenger bank Bo just five months after launching it. In an already dire update on its first quarter performance today, RBS said it would “wind down Bo as a customer-facing brand” after launching it only in November. The Bo platform will instead be integrated with Mettle, [...]
RBS profit nearly halves due to coronavirus uncertainty May 1, 2020 The Royal Bank of Scotland (RBS) saw its profit nearly halve in the first quarter of 2020 due to the ongoing uncertainty caused by the coronavirus outbreak. Despite the fall, the bank insisted it was in a “strong positon” to deal with a significant economic downturn. Shares in the bank rose 1.6 per cent in [...]
TSB books €7m loss in the first quarter as impact of coronavirus hits April 30, 2020 TSB booked a loss of €7m loss in the first quarter after a €40m in the previous quarter, as parent company Sabadell’s net profit shrinks on coronavirus-related provisions. Sabadell said its first quarter net profit shrunk by almost two-thirds after it braced for coronavirus-led defaults and suspended its guidance for the full year. It reported [...]
Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme April 30, 2020 Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance. Over £1.33bn of loans were approved in the week to 28 April. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 [...]
Societe Generale plunges to first quarter loss on bad loan provisions April 30, 2020 Societe Generale posted a first-quarter loss today, blaming provisions for bad loans which jumped threefold as a response to the coronavirus crisis. The French banking giant said it lost €326m (£283m) during the quarter, compared to a €686m profit last year. Revenue fell 16.5 per cent to €5.17bn and underlying net income fell 90.8 per [...]