Profit nearly halves at Nationwide as it books expected coronavirus losses May 29, 2020 Building society Nationwide’s annual profit nearly halved it said today as it warned of rising loan losses due to the coronavirus pandemic. The lender also said it was abandoning some of its member benefit targets in response to the crisis. Nationwide booked a £101m hit from expected credit losses and said it will focus on [...]
Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Co-operative Bank takes £12m hit from coronavirus as losses continue May 6, 2020 The Co-operative Bank booked a loss in the first quarter as it took a £12m hit from coronavirus, it has said in a trading update. The challenger bank said today that it made an underlying loss of £14.2m in the first three months of the year. This was down from a loss of £5.1m in [...]
Lloyds first quarter profit crashes 95 per cent on coronavirus April 30, 2020 Lloyds Banking Group posted a huge 95 per cent fall in profit for the first quarter of 2020 today as the coronavirus crisis took hold in the UK. Profit before tax slumped to £74m from £1.6bn the previous year as Lloyds took a massive impairment charge of £1.43bn as it expects bad loans to mount [...]
Barclays’ first quarter profit falls by £600m amid coronavirus disruption April 29, 2020 Barclays’ profit has tumbled to £923m in the first quarter, down from £1.54bn in the same period last year, due to the coronavirus pandemic. it revealed today. The bank also booked an impairment charge of £2.1bn, which it said reflected its “initial estimates of the impact of the pandemic”. However, Barclays’ shares jumped five per [...]
HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
It’s official: Coronavirus killed UK house prices’ Brexit recovery April 22, 2020 Signs of recovery in UK house prices at the start of the year have been brought to an abrupt halt by the coronavirus crisis. Figures from the Land Registry and the ONS show inflation fell back to 1.1 per cent in February after climbing to an eight-month high of 1.5 per cent in January. The [...]
Coronavirus: UK economy could shrink by 35 per cent in second quarter April 14, 2020 The UK economy could shrink by 35 per cent in the second quarter of this year and unemployment could hit 10 per cent as coronavirus lockdown measures take a devastating toll, Britain’s budget watchdog has warned. The Office for Budget Responsibility (OBR) said such a slowdown could send the budget deficit to its highest level [...]
JP Morgan’s profit dives on coronavirus credit provisions April 14, 2020 JP Morgan said today that its profit for the first quarter was 68 per cent down on a year previously after it set aside $6.8bn (£5.4bn) in coronavirus-related credit provisions. The bank reported net earnings of $2.9bn, down from $9.2bn for the same period last year. JP Morgan said reported revenue for the quarter was [...]
Coronavirus: City watchdog proposes credit card payment freeze April 2, 2020 The UK’s financial watchdog has proposed that banks freeze loan and credit card bills and cancel overdraft interest payments for people hit financially by coronavirus. The Financial Conduct Authority (FCA) said it will carry out a “brief consultation” on the plans. If accepted, they will come into force on 9 April. The FCA made a [...]