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...The New York-based company estimated it earned net income of about $2.7bn in the quarter, giving it a net profit margin of more than 60 per cent....
...The bank underwrote $101bn of fossil fuel deals in 2021 and 2022, and $71bn of low-carbon deals, according to data from BloombergNEF....
...Citi reported net income of $3.4bn in the quarter, down 25 per cent from a year ago but better than the $2.3bn that analysts had forecast....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Members have committed to achieve emission cuts in their portfolios in a collaborative effort to support the global push for net zero carbon emissions....
...The bank said it continued to expect the metric to average 2.9 per cent this year....
...When I asked EY if it could confirm its commitment to achieve net zero status next year, it declined to do so. Instead, it gave the following statement: EY remains committed to a net zero target....
...Despite the brighter outlook for net interest income, on average across the six banks analysts are anticipating net income for the first three months of 2024 will fall about 14 per cent, according to consensus...
...It has also led to a weak market for initial public offerings and dealmaking, which has forced some buyout groups to turn to novel forms of debt including so-called net asset value financing, where a portfolio...
...US-listed digital bank Nubank — also known as Nu Holdings — suggests that when you get fintech products right you can make huge profits....
...The bank reported a 2 per cent rise in net income to $3.5bn. Revenues rose almost 9 per cent to $20.1bn....
...However, if the European Central Bank and Bank of England begin cutting rates later this year, as is expected, “net interest income” — the difference between the interest that banks pay on deposits and receive...
...Ireland’s largest bank said net lending rose €1.3bn, not including acquisitions, reflecting a strong performance in mortgage lending....
...But the bank’s guidance for net interest income disappointed investors, and its shares closed down 6.5 per cent, their biggest one-day drop since June 2020....
...The bank booked a net profit of S$1.6bn (US$1.2bn) for the October-December quarter, up 12 per cent from the same period in 2022, even as the lender expects “low single-digit loan growth” in 2024....
...Net interest income, the difference between what banks have to pay depositors and what they can charge borrowers, makes up the bulk of profits for regional lenders....
...In all, BofA’s net profit fell to $6.7bn in the first three months of the year from $8.2bn a year earlier, the Charlotte-based lender said. Revenues in the period slipped 1 per cent to just below $26bn....
...The bank’s profit was hit by a drop in net interest income — the difference between what banks pay on deposits and what they earn from loans and other assets — and a surge of cash put aside for bad debts...
...Indeed, net interest income is expected to be flat this year, says Jefferies....
...JPMorgan did not provide any revenue or net income projections for its new venture. It does not need to. The bank made nearly $50bn in net income on $158bn of revenue last year....
...Lloyds’ net interest margin (NIM) — the difference between the interest it charges on loans and the rate it pays on customer deposits — fell to 2.95 per cent from 2.98 per cent in the previous quarter....
...The hit to bonuses illustrates the twin effects of higher interest rates on many lenders, which have reported a surge in net interest income over the past two years while their investment banking businesses...
...The UK, Spain and Portugal drove its performance in Europe — a region that contributed €1.3bn to net profit — thanks to strong net interest income, the difference between lending and deposit rates.But the...
...Sberbank, Russia’s largest bank, will pay all-time record dividends of $8bn, chief executive Herman Gref said on Tuesday....
...Even accounting for a significant rise in share buybacks in fiscal year 2023, and excluding financial groups, Japanese companies have 49 per cent cash on their balance sheets as a proportion of net assets...
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