Tesco ‘considering sale’ of Tesco Bank, according to reports February 20, 2023 Tesco is considering selling Tesco Bank, according to Sky News which has reported that the supermarket giant has started a review process for its banking arm. The review is at a very early stage, according to insiders, and may not lead to a formal sale process. A partial sale or joint venture may also be [...]
Lloyds Bank profit poised to be held back by setting aside millions to cope with cost of living defaults February 20, 2023 A build up of reserves to cope with an expected jump in loan defaults and a slow down in the mortgage market is expected to have held back profits at Lloyds Bank last year, results out on Wednesday could show. Britain’s biggest mortgage lender is poised to be the latest bank to underwhelm markets in [...]
FTSE 100 close: Record-breaking week ends with a whimper February 17, 2023 Although it broke records this week the FTSE100, slipped back from the highs, weighed down by underperformance in the banking sector, which has acted as a bit of a deadweight. The blue chip index was at 7,994.94 down17.59 points or 0.22 per cent. The FTSE 250 was down 20,073.69, off 107.76 points. There was also some weakness [...]
NatWest shares dive six per cent as £1.3bn profits fail expectations and fear grows of banking ‘slump’ February 17, 2023 NatWest became the second FTSE 100 bank to take a beating as its forward guidance disappointed investors and analysts alike. NatWest’s share price was trading more than six per cent lower this afternoon, despite delivering its biggest profits since the financial crisis in 2022, as it forecast a difficult 2023. “The outlook for this year [...]
End of cash… and cards? Barclays says record 91 per cent of transactions were contactless last year February 17, 2023 Just over nine in 10 (91.2 per cent ) card transactions made last year where paying by contactless would have been an option did use this technology, according to data from Barclays. The bank said this is the highest proportion it has seen, with 85.6 per cent of eligible card transactions being contactless in 2021. [...]
NatWest quarter profits almost triple to £1.3bn as higher interest rates offset bad loan provision February 17, 2023 NatWest recorded bumper profits in the final quarter of last year as the boost from higher interest rates outweighed funds set aside to cope with bad loans. Profits at the bank increased to £1.3bn in the final quarter, in line with market expectations and doubling compared to last year. This brought yearly profits to £3.6bn, [...]
FTSE 100 close: London index pulls further away from record 8,000 point threshold as British Gas owner surges February 16, 2023 London’s FTSE 100 scaled further above the 8,000 point mark today driven by investors piling into British Gas owner Centrica after it posted record profits of more than £3bn last year. The capital’s premier index jumped 0.18 per cent to 8,012.53 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the [...]
‘Substantial reduction’ in bonuses at Deutsche Bank and Barclays as fallout from WhatsApp scandal continues February 16, 2023 Deutsche Bank and Barclays have both cut bonuses for senior staff that inappropriately used WhatsApp as the fallout from an industry-wide crackdown on the use of private messaging services continues. According to Bloomberg, employees at Deutsche Bank who were found to be in severe breach of policies will see a “substantial reduction” in their bonus. [...]
FTSE 100 close: London index breaches 8,000 mark for first time ever despite Barclays tumbling February 15, 2023 London’s FTSE 100 today breached the 8,000 point mark for the first time ever despite Britain’s biggest banks tanking after Barclays posted a big profits drop. Today’s move higher crystalises the premier index’s bullish start to 2023 that has seen it surged more than seven per cent. The new year rally builds on advances that [...]
Barclays shares slump to bottom of FTSE 100 as investors take fright at profit drop February 15, 2023 Barclays shares tanked nearly eight per cent today, sending them to the bottom London’s FTSE 100 index, driven by investors fretting over the bank announcing today weaker than expected profits. The firm’s profit in the three months to December last year fell eight per cent to £1.3bn despite a £800m revenue bump, taking the lender’s [...]