All articles by Douglas Blakey
Douglas Blakey
ICICI full year net income rises by 28%
Indias second-largest lender, ICICI, has posted a net profit of INR51.51bn ($1.16bn) for the 12 months to 31 March, up 28% year-on-year. In the fourth quarter, ICICIs net income rose by 44% from the year ago quarter to INR14.52bn. But ICICIs retail banking unit remained in the red: although losses fell by 61%, the division posted a loss before tax of INR5.14bn.
US: retail banking customer satisfaction on the up
It reported that overall satisfaction of retail banking customers in the US averaged 752 on 1,000-point scale up from 748 in 2010
ING Vysya posts 32% rise in FY net profit
India-based ING Vysya has posted a net profit of INR3.19bn ($71.9m)for the 12 months to 31 March, an increase of 32% from the previous year. ING Vysyas net interest income increased by 21% year-on-year to INR10.07bn, boosted by a 4 basis point improvement in the net interest margin to 3.25%
ABSA to enhance the branch experience with allen international
Barclays’ South Africa-based subsidiary, ABSA, has awarded UK-headquarteredallen international with the brief to create an innovative retail space that will enhance the banks core brand values while using state of the art technology to reinvent the relationship with existing and prospective customers. Using its experience in best practice retail design and knowledge of market leading digital technologies, allen international will work with ABSA to design a new and vibrant space where customer interaction takes the lead. Enhanced by alternative channel positioning and the creation of differentiated offerings, the aim is to offer the optimum expression of retail design strategy, providing customers with what the consultancy described as an immersive brand experience.
Down the drain: $16bn worth of loyalty points each year in US not cashed in
US consumers accumulate approximately $48bn in rewards points and miles annually, but at least one-third, representing $16bn in value, goes unredeemed, according to a report from Colloquy and Swift Exchange The survey estimated that the average US household that is active in loyalty programmes earns $622 a year, but does not redeem $205 of those rewards. The report, titled 2011 Forecast of US Consumer Loyalty Program Points Value, comprises consumer-oriented reward programmes from a host of merchants, including those from financial services, travel, retail and hospitality.
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PPI: Court blow for UK banks
UK banks have lost the latest round of the ongoing legaldispute relating to the alleged mis-selling of payment protection insurance (PPI). To the obviousdelight of a bank-bashing UK popular press, the High Court in London ruled on 20 April that UK banks must re-examine old cases from consumers claiming compensation for mis-sold PPI policies. On behalf of the industry, the British Bankers Association (BBA) had sought a judicial review of a Financial Services Authority (FSA) – the UK regulator – policy statementon PPI complaints and guidance published by the Financial Ombudsman Service (FOS).
Wells Fargo posts record quarterly net income of $3.8bn
Wells Fargo has matched rival JPMorgan Chase by posting a record quarterly net income for the three months to 31 March Wells recorded a net profit of $3.8 bn for the first quarter, an increase of 52% from the corresponding period a year ago.
IndusInd FY net profit soars by 65%
Indian regional lender, IndusInd Bank, has posted a net profit of INR5.77bn ($129.7m) for the 12 months to 31 December, an increase of 65% from the previous year
IDBI posts FY 60% rise in net profit
Indian-lender IDBI Bank has posted a net profit of INR16.5bn ($370.9m)for the 12 months to 31 March, an increase of 60% year-on-year.IDBIs highlights included:Net interest income increased by 92% to INR43.3bn;Deposits increased by 7.6% to INR1.80trn;IDBIs low cost deposits CASA ratio improved from 14.59% to 20.88%;Advances grew by 13.7% to INR1.57trn;Total assets increased by 8.5% to INR2.53trn;An increase in the net interest margin by 53 basis points to 2.1%;An improvement by more than 5 percentage points in the cost-income ratio, down from 40.18% to 35.16%, andProfits before tax at IDBIs retail banking unit increased by 42% to INR2.74bn;IDBI ended the financial year with a distribution network of 816branches and 1,372 ATMs serving a retail customer base of over 5m, up from 720 units and 1,210 ATMs respectively as at March 2010
Zions posts first quarterly profit for 2 years
In the three months to 31 March, Zions earned a net profit of $14.8m, compared with a loss of $86.5m in the corresponding period a year ago.