Tag: 2010

Bank of Ireland’s losses less than expected

Bank of Ireland’s losses less than expected

The Bank of Ireland has today reported its losses narrowed - surprising analysts. The country’s biggest lender said net losses for 2010 totalled €609 million (£5.44 million) - analysts had expected at least double due to the problems in Ireland’s banking sector. The bank performed well under recent stress tests and its shares were up [...]

April 14, 2011 | 0 Comments More
Allied Irish Banks unveils losses and job cuts

Allied Irish Banks unveils losses and job cuts

Allied Irish Banks (AIB), which was the fourth Irish bank to be nationalised, has today revealed a loss of €10.16 billion (£9 billion) for the 2010 year, compared with a loss of €2.3 billion the previous year. Meanwhile, the bank also announced it would axe more than 2,000 jobs in 2011 and 2012 in order [...]

April 12, 2011 | 0 Comments More
Borrowers pay back more of their mortgages

Borrowers pay back more of their mortgages

Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year. According to the Bank, homeowners paid back more than £24 billion to lenders last year - the highest since records began in 1970. Meanwhile, £7 billion was paid back in the [...]

April 4, 2011 | 0 Comments More
Northern Rock bad bank returns to profit

Northern Rock bad bank returns to profit

Northern Rock Asset Management (NRAM), the so-called bad bank, returned to profit in 2010, it was reported today. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the 2010 year were £200.1 million, against a £166.5 million loss in 2009. At the start of 2010, Northern Rock was [...]

April 1, 2011 | 0 Comments More
Co-operative Group reports record 2010 performance

Co-operative Group reports record 2010 performance

Britain’s largest mutually-owned retailer, the Co-operative Group, has today posted “record” results for the 2010 year. The group said underlying operating profits before significant items surged 48% to £545.7 million compared with £367.9 million the year before. Group sales were 10% higher at £13.7 billion. Earnings at the group have been boosted by its acquisition [...]

March 30, 2011 | 0 Comments More
Card fraud continues to fall

Card fraud continues to fall

The UK Cards Association has today revealed that credit and debit card fraud continues to decline. According to the Association, fraud losses on UK credit and debit cards totalled £365.4 million in the 2010 year - a drop of 17% compared with 2009. The figure represented a 10-year low and compares with the record high [...]

March 9, 2011 | 0 Comments More
Barclays chief exec to receive £6.5m bonus

Barclays chief exec to receive £6.5m bonus

It has been revealed that Bob Diamond, chief executive of Barclays, will be awarded a bonus of £6.5 million for the 2010 year. While the figure is lower than a reported bonus of £9 million, Mr Diamond, who was appointed chief executive earlier this year, is already paid a £250,000 annual salary. The bonus and [...]

March 7, 2011 | 0 Comments More
Financial complaints rise in second half

Financial complaints rise in second half

The Financial Ombudsman Service (FOS) has today said complaints rose in the second half 2010. According to the FOS, it received 97,237 new complaints between 1 July and 31 December – a rise of 15% compared with the first half of 2010. This list only covers those complaints which required mediation. Lloyds Banking Group, which [...]

February 28, 2011 | 0 Comments More
Lloyds reports first annual profit since bailout

Lloyds reports first annual profit since bailout

Banking giant Lloyds has today reported it has returned to profit - its first since the bank had to be rescued by the Government at the height of the financial crisis in autumn 2008. Lloyds Banking Group, which is 41% owned by the taxpayer, posted pre-tax profits of £2.2 billion, compared with a £6.3 billion [...]

February 25, 2011 | 0 Comments More
Lloyds sees rise in complaints

Lloyds sees rise in complaints

Lloyds Banking Group, which is 43% owned by the taxpayer, has revealed a rise in customer complaints in the second half of 2010. The banking giant, which runs the Halifax and Bank of Scotland, received 329,761 complaints in the six month period - a 14% rise compared with the same period a year earlier. According [...]

February 24, 2011 | 0 Comments More
RBS posts 2010 loss of £1.13bn

RBS posts 2010 loss of £1.13bn

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 [...]

February 24, 2011 | 0 Comments More
Hong Kong’s economy performs strongly in 2010

Hong Kong’s economy performs strongly in 2010

Official figures have today revealed Hong Kong’s economy grew by 6.8% in 2010 - boosted by business ties with mainland China. As a result, Hong Kong’s Financial Secretary John Tsang, expects the economy to expand by between 4% and 5% this year. According to analysts, Hong Kong has been benefiting from an increasing number of [...]

February 23, 2011 | 0 Comments More
National shop vacancies rise to record high

National shop vacancies rise to record high

A new report has revealed the British High Street is suffering after shop vacancies rose to a record high in 2010. According to the Local Data Company, the number of vacant shops in Britain increased to 14.5% at the end of last year, up from 12% at the end of 2009 and compares with 5% [...]

February 16, 2011 | 0 Comments More
Barclays annual profits beat expectations

Barclays annual profits beat expectations

British banking giant Barclays has today kicked off the reporting season by announcing better profits than analysts had forecast. The bank posted pre-tax profits of £6.07 billion for the 2010 year - a rise of 32% compared with £4.59 billion in the previous year. Meanwhile, the bank said it lent over £43 billion to UK [...]

February 15, 2011 | 0 Comments More
Spanish economic growth edges higher in Q4

Spanish economic growth edges higher in Q4

Provisional estimates have revealed Spain’s economy grew 0.2% in the fourth quarter of 2010. However, the economy contracted 0.1% during 2010, the National Statistics Institute (INE) said today. The news is a further blow to the economy which has the highest unemployment rate in the industrialised world - at more than 20%. The country has [...]

February 11, 2011 | 0 Comments More
UBS returns to full-year profit

UBS returns to full-year profit

Swiss banking giant has posted its first annual profit since 2006. The bank, which is Switzerland’s largest, has today reported a net profit of SwFr7.2 billion (£4.7 billion) for the 2010 year - this compares with a loss of SwFr2.7 billion in 2009. However, the bank still has a long way to go after full-year [...]

February 8, 2011 | 0 Comments More
Indonesia’s economy expands at fastest rate since 2004

Indonesia’s economy expands at fastest rate since 2004

Indonesia, which is Southeast Asia’s largest economy, experienced growth of 6.1% in 2010 compared with the previous year. This represented the fastest annual rate for six years - boosted by consumer spending and investment. The figures made it among the best performers in the G20 developing countries and the economy is now on track to [...]

February 7, 2011 | 0 Comments More
Personal insolvencies hit record high in 2010

Personal insolvencies hit record high in 2010

Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 - a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]

February 4, 2011 | 0 Comments More
Santander reports fall in net profits

Santander reports fall in net profits

Spanish banking giant Santander has today reported a fall in 2010 net profits, due to changes on bad loan provisions. The bank, which is the euro zone’s largest, said net income fell to €2.1 billion from €2.2 billion a year earlier. Before the changes to one-off provisions, which were put in place as a precautionary [...]

February 3, 2011 | 0 Comments More
Shell posts 90% rise in annual profits

Shell posts 90% rise in annual profits

Oil giant Royal Dutch Shell has today reported an almost doubling in profits for the 2010 year. The Anglo-Dutch firm, which is Britain’s second largest oil company, said profits soared 90% to $18.6 billion (£11.5 billion) compared with $9.8 billion in 2009. The rise was attributed to higher oil prices and rising output. Production levels [...]

February 3, 2011 | 0 Comments More