All articles by Douglas Blakey
Douglas Blakey
TD kicks off Sunday opening
From 13 February, more than 300 of Toronto Dominions (TD) Canada-based branches will offer Sunday opening from 12 noon to 4 p.m. We’re proud to be the only bank in Canada open on Sunday in hundreds of locations
Mashreq Bank upgrades online platform
UAE-based Mashreq Bank has upgraded its online banking system to make the direct channel safer and more secure, the banks head of distribution said.
Bank of America tops Brand Finance 500 survey
The US largest retail lender, Bank of America, has replaced HSBC as the worlds most valuable bank brand, according to the2011 Brand Finance Banking 500 survey. Wells Fargo ranked second (up from 4th last year), ahead of HSBC, with Santander and Chase (up from 8th) ranking fourth and fifth respectively. Bradesco ranked 6th (9th in 2010), Barclays 7th (10th) with ICBC, Citi (down from 5th) and China Construction Bank rounding off the top 10.
SBI, ICICI target Canadian growth
Indias largest public and private sector lenders, State Bank of India (SBI) and ICICI respectively, are planning to grow their Canada-based businesses.
Millennium beats analyst forecasts with FY net profit of PLN326m
Bank Millennium, the Polish subsidiary of Portugals Banco Comercial Portugues, has posted a net profit of PLN326m ($114.6m) for the 12 months to 31 December, compared with PLN1.5m the previous year. Improved margins the net interest margin increased from 1.59% in 2009 to 2.28% in 2010 helped boost Bank Millenniums net interest income by 46% to PLN1.01bn.
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Banca Transilvania posts 58% rise in full year net income
Romanias fourth-largest bank, Banca Transilvania, has posted a full year net profit for the 12 months to 31 December of RON97.9m ($31.6m), an increase of 58% compared to the prior year. Total assets increased by 11% during fiscal 2010 to RON21.6bn; lending increased by 10% while the banks strong liquidity was highlighted by its loan to deposit ratio of 78% (FY2009: 81%). Successful cost control resulted in a reduction in the Banca Transilvania cost-income ratio to 48% from 55% in the year ago period.
CIBC releases Home Advisor app
Canadian Imperial Bank of Commerce (CIBC) has rolled out CIBC Home Advisor, a smartphone app designed to offer homebuyers access to practical information, tools, and advice. The app is available to customers and non-customers of CIBC and operates on the Apple iPhone and Blackberry smartphone platforms.
Reserve Bank of India backs local incorporation for foreign banks
A discussion paper from the Reserve Bank of India has concluded that local incorporation for international banks provides more effective control in any future banking crisis To encourage lenders to operate wholly owned subsidiaries – instead of operating India-based branches of a foreign bank – the government proposes to exempt conversions to a local subsidiary from capital gains tax.
Canara posts record quarterly net profit
India-based public sector lender, Canara Bank, has posted a record quarterly net profit for the three months to 31 December: INR11.06bn ($241.1m), an increase of 5.1% from the same period a year ago. At the end of the third quarter, deposits had increased 25.4% year-on-year; low cost CASA deposits grew by 27.5%, helping to boost Canaras CASA ratio to 30.5% from 29.5%.
BLOM Bank posts 12.9% rise in FY10 net profit
Lebanon-headquartered BLOM Bank has posted a 12.9% increase in net profit to $330.7m for the 12 months to 31 December. Net interest income increased by 18.2% while net fees and commission income rose by 20.6%.