Rates of 0.25 per cent would be fine, it’s zero per cent interest we’re worried about, says Barclays July 29, 2016 Barclays is not all that concerned about a 0.25 per cent interest rate. A zero per cent rate, on the other hand, could cause some issues. Slotted away at the back of its half-year results, which were released earlier on today, Barclays has charted the effect movements in interest rates would likely have on its [...]
Here’s why Barclays’ share price is up while its profits are down July 29, 2016 Barclays' share price right now is a little bit confusing. Despite reporting a 21 per cent slump in its pre-tax profits for the first half of 2016, the banking giant's shares are up 6.9 per cent – outpacing the rest of the FTSE 100 by a long shot. Digging deeper into the figure, it's easy [...]
Monte dei Paschi share price bolstered by rescue hopes, after it receives letters from Corrado Passera and UBS July 29, 2016 Struggling Italian bank Monte dei Paschi has been holding out for a hero, and investors are rejoicing as it revealed last night that it may have just found one. Long after the European markets had gone to sleep last night, the bank revealed it had received two letters – one from businessman Corrado Passera and another from [...]
Barclays pre-tax profits slip more than 20pc for the first half of 2016 July 29, 2016 Barclays has reported a slide in pre-tax profits for the first half of the year. The figures Profits before tax at the banking giant plunged to £2.1bn, down 21 per cent on £2.6bn the year before, and attributable profits dropped to £1.1bn, down 31 per cent from £1.6bn for the six months ending June 2015. [...]
As it says it’s in a “strong position to withstand uncertainty”, is Lloyds right to be so bullish after Brexit? July 28, 2016 Laith Khalaf, senior analyst at Hargreaves Lansdown, says Yes. It’s not a great time to be a bank, but the sector is in much better shape than it was going into the financial crisis. In particular Lloyds has simplified its structure to focus on key strengths in the UK retail and commercial banking market. There may [...]
French bank BPCE acquires hot fintech challenger Fidor July 28, 2016 France’s fourth largest bank has gobbled up a fintech startup that specialises in digital banking. BPCE has acquired German challenger Fidor to push forward its digital strategy across Europe. Fidor, named one of Europe’s hottest fintech companies, currently operates in several countries including the UK. Founded in 2009 and with investment from Anthemis Group among others, BPCE has agreed [...]
Rising consumer spending has pushed up MasterCard’s profits July 28, 2016 MasterCard has reported expectation busting second-quarter profit of $983m as customers increasingly use plastic over cash at the till. Profits came in at 89 cents per share, with earnings – adjusted for non-recurring costs – were 96 cents per share. The average earnings estimate of 17 analysts surveyed by Zacks Investment Research was for 90 cents per share. Processed transactions [...]
AIB pay back Irish Government nearly two billion euros during 2016 July 28, 2016 State-owned Allied Irish Banks (AIB) returned €1.8bn to the Irish government in the first half of 2016 it announced today. Revealing results for the first half of 2016, it said it had returned €6.5bn (£5.5bn) to the Irish taxpayer since being bailed-out by the state in 2010. Reflecting on pre-tax profits of €1bn for the first six months, chief executive Bernard Byrne [...]
Credit Suisse swings back into the black for second quarter of the year – but shares fall July 28, 2016 Credit Suisse may have swung back into the black in the second quarter – but investors were still cautious. The figures The banking giant reported income before taxes of CHF 199m (£153m) for the second quarter of 2016, swinging back into profit compared with a loss of CHF 484m for first quarter of the year but down a massive 88 per [...]
Banking bleakness: This is how people reacted to 3,000 further job losses at Lloyds Banking Group July 28, 2016 In its half-year results this morning, Lloyds Banking Group revealed it would be shedding a further 3,000 jobs by 2017. Persistently low interest rates are proving a problem for the banking sector, and the situation could be about to get even worse: many are predicting the Bank of England will choose to cut rates further [...]