All articles by Douglas Blakey
Douglas Blakey
Metro Bank agrees 5 year deal with MasterCard
Metro Bank, the UK-based retail bank founded by celebrated US entrepreneur Vernon Hill, will exclusively use MasterCard payment products when it opens for business on 29 July.
PNC posts H1 net income up by 100%
First half earnings at PNC Financial Services Group (PNC) have doubled to $1.47 bn from the first half of fiscal 2009, beating analyst forecasts. Second quarter net earnings of $803m soared from $207m in the year ago quarter, boosted by lower credit costs. While total deposits declined in the first half by 6.1% to $178.8bn from $190.4bn a year ago, PNC remained core funded with a loan to deposit ratio of 86%.
US Bank posts H1 profits up 45%
US Bank, the countrys fifth-largest bank by assets, has posted an analyst-beating first half set of results, with net income up 43.5% year-on-year to $1.43bn. Second quarter net profits of $766m represented a 63% increase from the second quarter last year. Boosted by recent acquisitions, US Banks total deposits increased by 13% from the first half of fiscal 2009, to $182.9bn; excluding deposits from acquisitions, average total deposits increased by 4.1%.
Punjab National Q1 profits up by 28.4%
Punjab National Bank (PNB), Indias third largest bank by assets, has reported first quarter net profits of INR10.68bn ($226.6m), up 28.4% from the corresponding period last year, boosted by a 45.4% increase in net interest income.
Fiserv scores m-banking hit
Global financial services technology solutions provider, Fiserv, has announced that 150 credit unions have chosen to implement its Mobile Money solution, including 84 that are already live
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KeyBank rolls out Key Coverage Checking
Cleveland-headquartered regional lender, KeyCorp, has launched Key Coverage Checking, a packaged current account offering flexible overdraft fee options and ID Theft protection
H1 retail profits drop 20% at Wells Fargo
First half net profits of $3.22bn at Wells Fargos retail focused Community Banking unit, are down 20.2% from the first half of fiscal 2009. On a positive note, Wells Fargo said credit problems would diminish for the rest of fiscal 2010 and disbursed $500 million from its accounts for future loan losses that it said would no longer be required.
Customer loyalty, profitability still falling
Average retail banking customer profitability remains below pre-crisis levels, while customers price-sensitivity and inclination to shop around have increased, according to a report from the consultants Accenture. Almost half of the bank executives surveyed by Accenture (46%) have seen their average customer profitability decline by 5% to 15% since the financial crisis
Tesco Bank selects TSYS processing platform
Tesco Bank, the financial services arm of the worlds fourth-largest retailer, is to deploy TSYS TS2 processing platform to support its credit card business. Tescos credit card portfolio has been processed on the TS2 platform since 2001 through Royal Bank of Scotland, former joint-owners of Tesco Bank
Standard Bank targets women with MyCard
South Africas Standard Bank, the countrys largest credit card provider, has launched MyCard, a credit card designed and conceived especially for women. Today, women influence the majority of financial decisions in households, from decisions on new homes, food, vacations and even bank accounts,” said Leila Fourie, director of the Standard Bank Card Division.