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09th of August 2011
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News Tag: profits

August 4, 2011

Lloyds Banking Group profits lower on PPI costs

by Kay Mitchell
”Lloyds
Banking giant Lloyds Banking Group has today said its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were ...




August 3, 2011

Standard Chartered reports rise in H1 profits

by Kay Mitchell
”Standard
London-based emerging markets bank, Standard Chartered, has today posted half-year pre-tax profits of $3.6 billion (£2.2 billion) – a rise of 17% compared with the same period a year ago. The figures represented its ninth consecutive first half of record profits and beat expectations of $3.47 billion. The bank, which has a strong presence in Asia, said profits were higher in all ...




August 2, 2011

Barclays profits fall, cuts jobs

by Kay Mitchell
”Barclays
Banking giant Barclays is the latest bank to report its half-year profits and announce job losses. The bank said pre-tax profits came in at £2.6 billion for the six months to the end of June, down one third from the same period a year ago. However, chief executive Bob Diamond said he was pleased with the bank’s performance, despite describing the economic environment as ...




August 1, 2011

HSBC to reduce headcount by 25,000

by Kay Mitchell
”HSBC
Banking giant HSBC has today announced plans to shed 25,000 jobs by 2013 after reporting a rise in half-year profits. The bank, which is Europe’s largest, has already unveiled 5,000 job cuts, 700 of which are in the UK. HSBC has a global workforce of 335,000 worldwide, with 52,000 in the UK. It said the majority of the 25,000 job losses will be ...




July 27, 2011

Santander H1 profits lower on PPI costs

by Kay Mitchell
”Santander
Spanish banking giant Santander has today revealed its first half profits were hit by costs relating to its mis-selling of payment protection insurance (PPI). The controversial insurance has been a hot topic for some time now and the Financial Services Authority (FSA) introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were received. Under a ...




July 18, 2011

Citigroup Q2 profits surge 24%

by Kay Mitchell
”Citigroup
US banking giant Citigroup reported a 24% rise in second quarter profits as losses were reduced from bad loans. The bank, which is in the third largest in the US, reported net income of $3.34 billion (£2.07 billion) in the three month period to the end of June. The results beat market forecasts and represented the sixth consecutive quarterly profit. However, turnover was 7% lower ...




July 14, 2011

JP Morgan profits up 13%

by Kay Mitchell
”JP
The US banking reporting season has got off to a good start today after JP Morgan reported a 13% increase in profits to $5.4 billion (£3.3 billion) – exceeding analysts’ expectations. Furthermore, revenues were 7% higher in the three months to the end of June at $27.4 billion. The good performance comes despite losses from bad mortgage debt. Meanwhile, net profits at its investment bank ...




June 30, 2011

HMV profits and sales fall

by Kay Mitchell
”HMV
Music, books and games retailer HMV has today reported a pre-tax profit of £28.9 million in the 12 months to the end of April – a fall of 61% compared with the £74.2 million in the same period a year earlier. Furthermore, like-for-like sales have dived 11% over the past year as it struggles with tough competition from supermarkets and internet companies, such ...




June 28, 2011

Carpetright profits hit by challenging conditions

by Kay Mitchell
”Carpetright
Carpetright has today added to the doom and gloom surrounding the retail sector by announcing a 70% fall in annual profits. The company blamed "very challenging trading conditions” after profits for the year to 30 April came in at £6.6 million – down from £22.3 million a year ago. Meanwhile, annual revenues were down 6% at £486.8 million. The figures come on the same ...




June 6, 2011

Airline profits continue to be hit by higher oil costs

by Kay Mitchell
”Airline
The International Air Transport Association (IATA) has again revised its forecasts for the airline industry. The forecasts have been revised on the back of surging oil prices, according to the industry body, and could force some airlines out of business. Many airlines went bust when fuel prices rose in 2008. Oil prices reached a peak of $147 a barrel ...




June 1, 2011

Wolseley Q3 profit up on US trading

by Kay Mitchell
”Wolseley
Wolseley, which is the world’s largest supplier of plumbing and heating equipment, today reported a 30% rise in third quarter operating profit. The company, which was badly hit by the housing market downturn, said strong revenue growth in the US helped to offset weaker trading in the UK. The plumbers’ merchant said profits for the three months to 30 April were ...




May 24, 2011

M&S profits up but is cautious about consumer spending pressures

by Kay Mitchell
”M&S
British retailing giant Marks & Spencer (M&S;) has today reported a 13% rise in annual profits to £714.3 million. Meanwhile, international sales grew 6.1%, while sales in the online operation rose 31%. However, despite the positive figures, the 127-year-old retailer which sells clothes, food and homewares, said the coming year will be challenging due to rising inflation and the ...




May 13, 2011

Catastrophes cost Lloyd’s of London

by Kay Mitchell
Catastrophes cost Lloyd's of London
The Lloyd’s of London insurance market today said natural disasters will cost it in the region of £2.4 billion ($3.8 billion). The recent catastrophes including the flooding in Australia, the New Zealand earthquake, the Japanese earthquake and tsunami, means insurance prices will soar as claims eat into the industry's capital reserves. The company said the tornadoes in the US have not been included in ...




May 11, 2011

Sainsbury’s profits up on record customer numbers

by Kay Mitchell
...




May 10, 2011

easyJet losses swell amid higher fuel costs

by Kay Mitchell
easyJet losses swell amid higher fuel costs
Budget airline easyJet has today revealed pre-tax losses for the six months to 31 March swelled to £153 million, compared with a loss of £79 million in the same period a year earlier. The no-frills airline attributed the loss to rising fuel costs and the challenging economic environment. Jet fuel costs continue to rise due to the political unrest in the Middle ...




April 27, 2011

Barclays report fall in Q1 profits

by Kay Mitchell
Barclays report fall in Q1 profits
British banking giant Barclays has today announced a fall in pre-tax profits for the first quarter. The bank said profits were 9% lower at £1.66 billion due to a 15% fall in revenues at Barclays Capital. Today's results were lower than analysts expectations. However, profits from its retail and business banking operations rose by 21% to £692 million – boosted by a 39% fall in ...




April 20, 2011

Home Retail Group announces fall in profits

by Kay Mitchell
Home Retail Group announces fall in profits
Home Retail Group, owner of Argos and Homebase, has today reported a 9.5% fall in pre-tax profits as conditions on the High Street remain challenging. Profits fell to £265.2 million in the 12 months to 26 February compared with £293 million in the same period a year ago. Meanwhile, revenue was almost 3% lower on an annual basis at £5.85 billion, with the ...




April 19, 2011

Goldman Sachs profits down 21%

by Kay Mitchell
Goldman Sachs profits down 21%
Goldman Sachs, which is the fifth largest US bank, today reported first quarter profits were 21% lower compared with a year ago. The banking giant said net income dropped to $2.74 billion (£1.7 billion) from $3.46 billion a year earlier. However, the results were better than analysts expected. In other news today, Bank of New York Mellon said net profits came in at $625 million ...




April 16, 2011

Bank of America reports sharp fall in profits

by Kay Mitchell
Bank of America reports sharp fall in profits
Bank of America, which is the largest in the US by assets, has posted a 38% decline in profits for the first quarter. The bank said profits came in at $2 billion (£1.23 billion), a sharp fall compared with a year ago. Furthermore, its home loans business lost $2.39 billion, as debts were not repaid. Rising unemployment and a drop in ...




March 30, 2011

Bellway reports encouraging start to 2011

by Kay Mitchell
Bellway reports encouraging start to 2011
Newcastle-based housebuilder Bellway has today reported a 26% rise in first-half profit and experienced strong activity in home buying since the start of 2011. The housebuilder, which is the fifth largest by market value, said pre-tax profits came in at £24 million for the six month period to the end of January - compared with £19 million in the same period a ...




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