All articles by Douglas Blakey
Douglas Blakey
Tesco Bank profits rise 5.6%, mortgage launch in sight
Tesco Bank, the UK-based banking arm of the worlds third-largest retailer, Tesco, has posted a trading profit of £264m ($430.6m) for the 12 months to 26 February.
BancVue launches MoneyIsland online world for kids
US-based financial services provider BancVue, has launched MoneyIsland, an online space geared towards the 8 to 14 year-old age group According to BancVue, MoneyIsland engages children to become financial gurus through adventurous quests to the Eiffel Tower, Atlantis, and other exotic destinations The built-in curriculum, developed by an award-winning educator, teaches kids in three key financial categories: saving and spending, earning & investing, and using credit wisely.
Comerica beats forecasts with Q1 net profit of $103m
Texas-headquartered regional lender, Comerica, has beaten analyst forecasts with a first quarter net profit of $103m, compared with a loss of $71m in the corresponding period last year. But the retail banking unit of Comerica remained in the red and lost $2m for the three months to 31 March, compared with a loss of $7m in the year-ago period. At group level, Comerica was boosted by a fall in provisions for loan losses of 72% to $49 million in the first quarter.
Temenos, Wipro, partner to deliver core banking ASP service
Switzerland-based core banking, Temenos, has entered into a strategic partnership with India-headquartered IT, consulting and outsourcer Wipro, to deliver core banking on an Application Service Provider (ASP) model to European banks Under the agreement, Wipro will provide banks with a solution based on Temenos T24 core banking solution, accessed over the internet and charged based on a per use or monthly fee. Wipro and Temenos decided to launch the service to meet significant and growing demand for an ASP offering from small and medium sized banks and new market entrants.
M&T beats analyst forecasts with 36% rise in Q1 net profit
M&Ts earnings for the three months to 31 March were boosted by higher net interest income, resulting from a widening of the net interest margin up 14 basis points year-on-year to 3.92% -lower credit costs and significantly higher noninterest income.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
First Bank of Nigeria profit rises 144%
First Bank of Nigeria (FirstBank) has posted a profit before tax of NGN43.2bn ($279.6m) for the 12 months to 31 December, a 144% increase from the previous year. Total assets increased by 5.8% year-on-year to NGN3.3trn; customer deposits grew by 7.7% to NGN 1.5trn while net loans rose by 5.5% to NGN1.15trn.
NBK beats forecasts, Q1 profit rises 6%
National Bank of Kuwait (NBK), has posted a first quarter net profit of $291m, up 6% from the corresponding period a year ago and ahead of analyst forecasts. Positive first quarter metrics included a 12 basis point fall in NBKs NPLgross loans ratio from 1.81% a year ago to 1.69%.
HDFC’s FY11 profit rises by 33%
HDFC, Indias third-largest bank after State Bank of India and ICICI, has posted a net profit of INR39.3bn ($883.5m) for the 12 months to 31 March, an increase of 33.1% from the previous year.
Citi’s Q1 profit slumps by 33%
Citigroup (Citi) has reported first quarter net income of $2.99 bn, down almost 33% from the corresponding period a year ago. Citis total revenue in the first quarter fell 22% year-on-year to $19.7bn. The year over year decline was mainly driven by lower revenues in Fixed Income Markets and US-based regional retail banking.
Keycorp back in the black, earns $173m in Q1
Ohio-headquartered Keycorp has posted a first quarter net profit of $173m compared with a net loss of $96m in the corresponding period a year ago. Net charge-offs, were 1.59% of average loans, down from 3.67% a year earlier while non-performing loans fell to 1.82% from 3.69%.