All articles by Douglas Blakey
Douglas Blakey
US card debt falls to 8 year low
US credit cardholders debt has fallen to its lowest quarterly level in more than eight years, according to TransUnion, the credit reporting agency. The average combined debt for MasterCard and Visa branded cards fell to $4,951 in the three months ended June 30, down more than 13% from $5,719 in the same period a year ago.
Metro Bank online launch further delayed
Metro Bank co-founder Vernon Hill told RBI on 30 July that the banks internet offering would be up and running during the first week of August. In an interview with RBIs sister title Electronic Payments International, Paul Love, a business solutions consultant at banking technology vendor ACI Worldwide, described Metro Banks decision to open its doors to customers without online banking as crazy.
Reserve Bank of India to grant new banking licences
The Reserve Bank of India has published a discussion paper detailing the basis on which it will issue new banking licences. The report, Discussion Paper on Entry of New Banks in the Private Sector, was released on 11 August and invites feedback from interested parties by the end of September. Indias central bank said that it is minded to grant a limited number of licences to new players.
State Bank of India Q1 profits up 25%
Indias largest lender, State Bank of India (SBI), has beaten analyst forecasts with a 25% rise in first quarter net profits to INR29.1bn ($621.3m). The highlight of SBIs first quarter was a 45.3% increase in net interest income to INR73bn while the banks net interest margin increased to 3.18% from 2.3% in the year-ago quarter.
CBA posts record full year profits of A$6.1bn
Market share increases and a rise in cross-sell metrics helped Commonwealth Bank of Australia (CBA) post record full year net profits of A$6.1bn ($5.46bn), up 42% from the previous year.
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ING Direct UK losses exceed ?0.25bn
ING Directs UK business unit hasreported first half losses before tax of 15m ($19.6m), bringing its accumulated losses to 254m since the division was established in 2003. In 2006, ING told investors that measures are to be taken to reposition the business, among others targeting for less rate-sensitive clients.
RBS swings back into profit
Royal Bank of Scotland (RBS) has reported first half net profits attributable to shareholders of £9m (£14.3m), compared with a net loss of £1.04bn for the year ago period. But according to RBS CEO Stephen Hester, it is too early to say if RBS will make a profit for the full year. RBS said operating profit at its UK retail division increased from £37m a year ago to £416m for the six months to 30 June.
Barclays overtakes RBS to rank UK no.1 by assets
Barclays has become the UKs biggest bank by assets, marginally overtaking Royal Bank of Scotland (RBS) by that measure: £1.587tr($2.54bn)to £1.581tr. Barclays first half pre-tax profits up by 44% from a year ago to £3.95bn highlighted the banks increasing reliance on Barclays Capital,that unit postingpre-tax profits up 32% to £2.55bn.
Santander to rank 4th in UK by branches
Santander will become the UKs fourth-largest bank by branches as a result of its successful bid to acquire 318 branches from Royal Bank of Scotland (RBS). Once the deal is closed, Santanders UK branch network will grow to around 1,640 outlets, leapfrogging the countrys current fourth biggest lender by branches, HSBC and around only 60 units less than third-ranking Barclays (1,700 branches). The branches are being acquired by Santander at a modest premium to net asset value, a total consideration in the expected to be less than 1.5bn.
Retail strength boosts BNP Paribas first half profits
BNP Paribas has posted first half net income of 4.39bn ($5.7bn), up 38.8% from the corresponding period last year, boosted by a strong performance from its retail banking units. BNP Paribas (BNPP) French retail unit posted first half pre-tax profits of 976m; BNPPs Benelux retail unit returned to the black, recording first half pre-tax profits of 391m, compared to a loss of 26m in the year ago period, and