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26th of July 2011
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News Tag: results

July 15, 2011

EU stress test results due today

by Kay Mitchell
”EU
The European Banking Authority (EBA) will reveal the results of stress tests of 90 banks across Europe later today. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as recession. However, according to a recent report ...




May 11, 2011

HSBC unveils cost-cutting measures

by Kay Mitchell
’HSBC
HSBC has today revealed it will embark on a massive cost-cutting exercise, just two days after it unveiled its first quarter results. The bank, which is Europe's largest, is looking to save up to $3.5 billion (£2 billion) by streamlining its IT operations and cutting back on its wealth management and retail divisions. However, the number of job losses was not disclosed. In a statement, chief ...




May 9, 2011

HSBC reports rise in net profit

by Kay Mitchell
’HSBC
Banking giant HSBC has today said net profits grew 58% to $4.153 billion in the three months to 31 March on lower taxes and bad debt charges. However, the bank, which is Europe's largest, said the group's pre-tax gains were driven down by rises in other exceptional costs – such as the £269 million it has set aside in compensation for customers ...




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 26, 2011

UBS announces first quarter results

by Kay Mitchell
’UBS
Swiss banking giant UBS has today reported a net profit of SwFr1.8 billion (£1.2 billion) in the first quarter of the year. However, this represented an 18% fall on the same period a year ago but 7% higher than the final quarter of 2010. The bank, which is Switzerland’s largest, was among one of the worst hit victims of the credit crunch due to ...




February 13, 2011

Banks to reveal bonus payouts and results

by Kay Mitchell
”Banks
British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying a large amount of bonuses in special ...




November 10, 2010

Sainsbury’s half-year profits in line with expectations

by Kay Mitchell
...




November 1, 2010

RBS hires bonus dealmaker

by Kay Mitchell
”RBS
The Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, is set to reignite its dispute over bonuses after hiring John McIntyre. Mr McIntyre, the former Lehman Brothers banker, is a renowned figure in the City after successfully suing his former employer, Dresdner Kleinwort, for a £2 million bonus. He will join RBS as head of corporate finance. However, it is ...




October 28, 2010

Shell continues to benefit from higher oil and gas prices

by Kay Mitchell
”Shell
Oil giant Royal Dutch Shell has today announced third quarter profits rose 7% to $3.5 billion (£2.2 billion) - up from $3 billion last year. However, the group said net earnings dived 21% in the three month period, compared with the previous quarter. The company said it produced 3.058 million barrels of oil per day in the ...




October 18, 2010

Citigroup unveils Q3 results

by Kay Mitchell
Citigroup unveils Q3 results
US banking giant Citigroup has today revealed a third quarter profit of $2.2 billion (£1.4 billion) - beating market forecasts and compares with $101 million in the same period a year ago. Meanwhile, provisions for bad loans fell to $5.9 billion for the July to September period compared with $6.7 billion in the second quarter - this represented the lowest since prior to ...




September 16, 2010

John Lewis reports 28% rise in H1 profits

by Kay Mitchell
”John
The John Lewis Partnership, which is regarded as a barometer of British retailing, has today posted a 28% rise in first half profits. The renowned employee-owned department store said pre-tax profit came in at £111.2 million, compared with the £24.2 million in the same period a year ago. Meanwhile, sales grew 12.4% to £3.81 billion in the six months ending 31 ...




August 18, 2010

Coventry Building Society announces record results

by Kay Mitchell
”Coventry
Coventry Building Society, which is scheduled to finalise its merger with smaller rival Stroud & Swindon next month, has today announced record results for the six months ending June 30. The UK's third largest building society said pre-tax profit grew by 20% to £43.5 million - compared with £36.2 million in the same period a year ago. In the meantime, net mortgage lending ...




August 12, 2010

Travel chaos looming as BAA votes for strike action

by Kay Mitchell
’Travel
Holidaymakers could be facing further travel chaos after it emerged that airport operator, BAA, has voted for strike action. The results of the ballot are expected later today and Unite members who include fire-fighters, security staff and ground staff at airports, are in a dispute over pay. BAA, which is majority owned by Spain’s Ferrovial, owns six airports: Heathrow, Stansted, ...




August 9, 2010

Companies making “real progress” in profit rebuilding

by Kay Mitchell
Companies making “real progress” in profit rebuilding
According to a study by professional services firm Deloitte, 76% of companies in the UK, US and Europe have exceeded City forecasts when reporting their second quarter profits. As a result of the findings of the study which looked at 543 firms, Deloitte said companies are making "real progress" but warned that consumer incomes and spending are lagging behind. The good performance ...




August 6, 2010

RBS ready to sell WorldPay

by Kay Mitchell
RBS ready to sell WorldPay
As part of its restructuring plan, the Royal Bank of Scotland (RBS) is preparing to sell its payment processing company, WorldPay, just days after it announced the sale of its Williams & Glyn’s branch network. Private equity firms, Advent International and Bain Capital, have been in talks to buy WorldPay since last month, according to sources. The deal, which could bring RBS £2.5 billion, ...




August 2, 2010

HSBC kicks off banking reporting season with doubling of profits

by Kay Mitchell
”HSBC
The UK’s banking reporting season has got off to a flying start today after banking giant HSBC reported profits more than doubled, exceeding analysts expectations. Europe's largest bank has today announced a pre-tax profit of $11.1 billion (£7 billion) for the six months to the end of June, compared with $5 billion in the same period a year ...




August 1, 2010

Banking results season kicks off this week

by Kay Mitchell
”Banking
British banks will unveil their first-half profits this week with the five biggest banks expected to reveal they are back in the black. Banking giant HSBC will kick off the reporting season tomorrow, with Lloyds Banking Group and Standard Chartered announcing their results on Wednesday, Barclays on Thursday and Royal Bank of Scotland (RBS) on Friday. They are expected to report combined ...




July 23, 2010

Results of European bank stress tests to be unveiled today

by Kay Mitchell
Results of European bank stress tests to be unveiled today
The results of the European banking stress tests are to be published today. The stress tests were conducted to ease increasing anxiety over Europe’s finance sector. A total of 91 banks from across Europe have been tested and regulators have assessed whether banks are strong enough to cope with any future economic crises, or to establish whether they require ...




July 21, 2010

Morgan Stanley shares up on results

by Kay Mitchell
Morgan Stanley shares up on results
US banking giant Morgan Stanley has today reported its second quarter results with net profit totalling $1.4 billion (£917 million), compared with a loss of $138 million in the same period a year ago. The Wall Street firm also said it saw a 53% increase in revenues of $7.95 billion compared with the same period last year. Chief executive James Gorman said: "While ...




July 20, 2010

Triodos and Charity Bank on track for record lending

by David Masters
Triodos and Charity Bank on track for record lending
Mid-year figures from Charity Bank and Triodos Bank show both lenders are on track for a record year of lending. During the first six months of this year, Charity bank agreed £20.9 million of new loans. This is compared to a total of £22.9 million for the whole of 2009. Figures from Triodos show new lending for the first ...




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