All articles by Douglas Blakey
Douglas Blakey
Akbank Q3 earning slip 35%, miss analyst forecasts
Akbank, the Turkish based lender part-owned by Citigroup, has posted a third quarter net profit of TRY439.2m ($303.6m), down 35% from the same period last year. The results missed analyst forecasts as a declining net interest margin in the third quarter it fell to 2.3% from 4.2% and 5.5% in the previous two quarters – more than offset strong loan growth.
Cornèrcard to debut Visa’s CodeSure card
Cornrcard, the cards division of Swiss regional lender Cornr Bank, will become the first card issuer to offer Visas CodeSure interactive payment card, complete with an embedded PIN pad. The card incorporates an eight digit alpha-numeric display, a 12-button keypad with a battery embedded in the card, which is designed to last for three years. The card enables cardholders to generate a passcode by typing their PIN number directly onto the card, which Visa said makes ‘Verified by Visa’ online transactions more secure
US bank failures rise to 146
Another three US banks have bitten the dust, bringing the 2010 year-to-date US bank failures total to 146 (the figure for all of 2009 was 140). The three banks to close Darby Bank & Trust and Tifton Banking Co., both based in Georgia and Copper Star Bank, Arizona – had combined assets of $1 billion
Retail focus pays off for Yapi Kredi
Turkish-based Yapi Kredi has posted a net profit for the first three quarters of fiscal 2010 of TRY1.87bn ($1.31bn), up 46% from the same period last year. Yapi Kredi reported above sector deposit growth of 14% in the nine months to 30 September; in the same period lending grew by 23%.
St.George blazes m-banking trail with Torch app
Westpac subsidiary St.George Bank has become the first bank in Australia to launch an m-banking app for the Blackberry Torch smart phone. Were really excited that weve already created a mobile banking application for users of the Blackberry Torch said Dhiren Kulkarni, St.George Banks chief information officer.
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Over 50% of top 100 US banks offer m-banking
As of September, 54 of the largest 100 US banks by deposits offer some form of mobile banking services Of the Top 100, 43% offer access via mobile web, while 32% offer SMS banking andor alerts and 32% offer apps, according to a report from consultants First Annapolis.
Retail profits soar at Deutsche Postbank
Deutsche Postbank has reported a rise in retail banking pre-tax profits of 33% to 616m ($844m) for the first nine months of 2010. The increase was mainly due to a rise in net interest income up by 11.1% to 1.77bn – and a small decrease in administrative costs. Net fee and commission income fell by 14 million year-on-year in the first nine months to 803 million
Lower provisions boost Commerzbank
German-based Commerzbank has reported a third quarter net profit of 113m ($157m) compared to a loss of 1.1bn in the same period a year ago. For the year to date, Commerzbank posted a net profit of 1.13bn, having reported a loss of 2.68bn in the first three quarters last year Commerzbanks retail focused Private Customers unit returned to the black, with a pre-tax profit of 72m for the year to date, compared to a loss of 143m for the corresponding period last year.
SBI miss analyst forecasts, provisions soar
State Bank of India (SBI), the countrys biggest lender, has posted a first half net profit of INR54.1bn ($1.22bn), a 12.3% increase on the same period last year. But SBI missed analyst forecasts on higher provisions – total provisions soared by 90% year-on-year to INR70.7bn for the first six months of fiscal 2011 and warned that provisions will remain elevated in the coming quarters. Positive metrics included an increase of 87 basis points in SBIs net interest margin to 3.3% from 2.43% in the first half last year.
NAB full year retail earnings slip 15%
National Australia Banks (NAB) full year domestic retail net profits fell 15% from a year ago to A$743m ($727m) due to the ongoing fees price war, kicked off by the bank last year. Group wide, NAB posted a full-year net profit of A$4.22bn, up 63.2% from the previous year, with bad and doubtful debts 40.7% lower at A$2.3bn.