HSBC launches $2bn share buyback after rising rates helps bank beat expectations August 1, 2023 HSBC launched a new $2bn (£1.56bn) share buyback programme after comfortably beating expectations in the second quarter. In the three months to June, pretax profit hit $8.8bn (£6.86bn) – over $4bn higher than last year and surpassing the $8bn predicted by analysts. The strong performance reflected the impact of rising interest rates around the world [...]
Bank of England interest rate rises yet to pass fully through economy as borrowing ticks up July 31, 2023 The effects of the Bank of England’s aggressive interest rate rises have yet to fully feed through the UK economy as Brits continue to borrow and look to get on the property ladder, official data out today shows. A clutch of numbers released by the Bank of England today revealed consumers are not yet being [...]
Bank of England to hike interest rates for 14th time in a row to 2008 high of 5.25 per cent July 31, 2023 The Bank of England this week is tipped to hike interest rates for the 14th time in a row as it extends its fight against roaring inflation. Members of the nine-strong monetary policy committee (MPC) are expected on Thursday to back a 25 basis point increase to the UK’s official interest rate, which would send [...]
Interest rate boost slowing for banks as changing customer behaviour cuts margins July 30, 2023 The UK’s high street banks have warned that the boon from rising interest rates might be coming to an end as changing customer behaviour and an increasingly competitive mortgage market hits margins. Natwest, Barclays and Lloyds recorded bumper profits last week, but investors were dismayed by the more cautious outlook. Both Natwest and Barclays UK [...]
Co-op Bank has 10th straight quarter of profitability as net interest income rises July 28, 2023 Rising rates helped the Co-operative Bank record a tenth consecutive quarter of profitability, as the lender considers its options regarding a potential sale. Although it recorded a significant increase in net interest income, which rose to £245.1m from £108.2m last year, the Co-op bank profit remained roughly flat at £61.8m due to increased expenditure. Operating [...]
Rising mortgage rates sends demand for homes down 18 per cent, new data shows July 28, 2023 Rising mortgage rates has reduced demand for homes by 18 per cent, Zoopla’s latest House Price Index revealed today. This weaker demand, coupled with rising supply, saw UK house price growth shrink to 0.6 per cent for June, down from 9.6 per cent for the same month last year. The estate agent said it expects [...]
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 [...]
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 [...]
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 [...]