business-banking
Top StoriesHungary’s Otp to Step up Lending to Farmers in War-Torn Ukraine
Top StoriesJPMorgan Targets More of Germany’s Mittelstand Economic Engine
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BankingStepping Out in Front: How Innovative Climate Benefits Are Giving Banks a Competitive Advantage in a Crowded Marketplace
HSBC Launches $1 Billion Lending Fund for Female Entrepreneurs
Date: May 12, 2022
SINGAPORE (Reuters) -HSBC Holdings said on Thursday it was launching a $1 billion lending fund to invest in female-owned businesses over the next 12 months. “The level of funding received over time by female-led businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected,”...
Beyond Cigarettes: Philip Morris Lights up Race With Swedish Match Bid
Date: May 12, 2022
By Richa Naidu LONDON (Reuters) -Philip Morris International’s $16 billion bid for smaller rival Swedish Match highlights the urgency among cigarette makers to tap new and potentially less harmful alternatives as regulation and health concerns snuff out traditional smokes. Marlboro maker Philip Morris agreed on Wednesday to buy Swedish Match, one of the world’s biggest...
Virgin Money Raises Annual Net Interest Margin Forecast as Profit Jumps
Date: May 5, 2022
(Reuters) -British challenger bank Virgin Money UK Plc raised its annual net interest margin forecast on Thursday, boosted by strong credit card spending by customers and rising interest rates. The lender, born out of the merger of CYBG and Virgin Money, said it remained “prudently” provisioned due to the uncertain macroeconomic outlook and increased cost...
NatWest Profit Jumps as Cost-Of-Living Crisis Looms
Date: April 29, 2022
By Iain Withers and Lawrence White LONDON (Reuters) – British lender NatWest posted a 41% jump in first-quarter profit on Friday, as rising rates boosted income even as they threaten to further squeeze household incomes. While banks have benefitted from the end of COVID-19 lockdowns and higher benchmark rates, NatWest CEO Alison Rose said she...
Sabadell’s Q1 Hits Profitability Target After Lower Costs, Provisions
Date: April 28, 2022
By Jesús Aguado MADRID (Reuters) – Spain’s Sabadell on Thursday hit its profitability target of more than 6% earlier than expected following cost savings, lower provisions and a positive contribution from its British unit TSB. The country’s fourth-largest bank in terms of total assets reported a net profit of 213 million euros ($224.5 million) in...
Wells Fargo Profit Beats as Reserve Release Blunts Hit From Weak Mortgage Lending
Date: April 14, 2022
By Sohini Podder and Elizabeth Dilts Marshall (Reuters) -Wells Fargo & Co posted a 21% drop in first-quarter profit but beat Wall Street expectations on Thursday, as the release of funds set aside to cover potential pandemic-related loan losses cushioned a decline in mortgage lending. Overall average loans grew 3% in the quarter, largely helped...