All articles by Douglas Blakey
Douglas Blakey
Bank of America first half earnings dip 15%
BofAs retail focussed Deposits unit posted first half net earnings up by 17.8% at $1.35bn while the Global Card Services division returned to the black, posting net profits of $1.75bn (H109 -$3.34bn).
Bank of America rolls out free online checking
Bank of America (BofA) is to launch the eBanking account on 6 August, free of charges for customers who use only the banks internet, mobile and ATM banking channels and give up receiving paper statements. But if customers want branch access or paper statements, the account will charge a monthly fee of $8.95. The new account will replace BofAs existing CollgeEdge checking account aimed at students, which carries no monthly fee
US card write-offs fall but Citi bucks trend
Credit card balances written off as uncollectable fell in June at Bank of America (BofA), Chase, Capital One and American Express, providing further evidence of a recovering US economy. But the US second-largest card issuer, Citigroup, bucked the trend by reporting an increase both in write-offs and late card payments. Citi said credit card write-offs rose by 30 basis points in June to 11.46% from 11.16% in May
RBS offers online Platinum incentive
Royal Bank of Scotland (RBS) and its English-based retail subsidiary, NatWest, are to extend the balance transfer window for their Platinum credit card, to customers who apply for the card online
Citi H1 net income up 21%
Second quarter profits of $2.7bn were down from $4.28bn in the year-ago quarter, when Citi was boosted by a one-off gain arising from the sale of brokerage Smith Barney. Citis regional consumer banking unit posted first half profits up by 80% at $2.2bn.
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First Data flags up bank debit card opportunities
Banks are missing out on major opportunities to improve the profitability of their debit card programmes, according to a report from global payment processors First Data. The multi-country survey, Worldwide Opportunities for Debit, found that banks must apply more energy and innovation to developing their debit card programmes, to make debit usage a more valuable proposition for themselves and their cardholders. In addition, the First Data report recommends growth strategies banks should adopt and warns of impending threats to their ability to take full advantage of the opportunity debit programmes represent.
MBNA launches online comparison tool
The online credit card selector enables new customers to search and compare the 26 products on MBNAs website to find a card that offers low balance transfer rates for those looking to switch cards, low money transfer rates for customers looking to transfer cash into their current account or low purchase rates for those using their credit card frequently for shopping and card purchases.
JPMorgan Chase H1 profits rise 67%
Net income at JPMorgan Chases retail financial services division soared by 86% to $911m while the card division returned to the black, posting first half net profits of $40m, compared to a loss of $1.21bn in the year ago period.
Axis Q1 profits rise by 32%
Indias 18th largest bank by branches Axis network grew to 1,050 units during the quarter posted fees revenue up 19% year-on-year while net interest income grew by 45%. The daily average balances of savings deposits during the quarter grew 39.3% year-on-year while current account deposits increased by 37.3% from a year ago.
Banesto posts H1 profits down 6.8%
First half net profits at Santanders Spanish retail subsidiary, Banesto, fell 6.8% to 381.7m ($484.9m) from 409.5m in the year-ago period, slightly ahead of analyst forecasts. Banesto made extraordinary provisions of 84.8m in the first half, up 57% from the first half of fiscal 2009, while the ratio of bad loans to total loans rose to 3.48% from 2.32% over the same period.