Banking

  Bloomberg ICICI Bank Ltd posted a 59% rise in profit in the March quarter, helped by a drop in bad loans and growth in income from lending. Net income stood at 70.2 billion rupees ($918 million) for the three months ended March, compared with 44 billion rupees a year ago, according to an exchange filing. That beat the average ...

  Bloomberg Credit Suisse Group AG said it expects to post a first-quarter loss due to a $210 million hit to revenues from Russia’s invasion of Ukraine, and a previously-indicated increase in legal provisions. The Zurich-based lender said that its results, due next week, would be negatively affected by its exposure to the war both with respect to counterparty and ...

  Bloomberg The Bank of Japan (BOJ) reiterated its ultra-loose monetary policy with four days of unscheduled bond buying as the widening interest rate gap with the US puts upward pressure on bond yields and weakens yen. The move comes as Japan’s benchmark 10-year yield stayed elevated at the 0.25% upper limit of the BOJ’s tolerated trading band despite announcing ...

  Bloomberg Credit Suisse Group AG’s chief executive officer (CEO) at its securities venture in China is stepping aside after less than two years on the job, becoming the second top banker at a major foreign lender in the nation to quit this month. Tim Tu informed management that he decided to pursue other opportunities within Credit Suisse, according to ...

Bloomberg Barclays Plc has sold a 7.4% stake in former African unit Absa Group Ltd for 526 million pounds ($687 million), cutting its holding by half. The firm priced an accelerated placing of 63 million shares at 164 rand each ($10.88), according to a statement. That was a 7.3% discount to the Johannesburg-listed stock’s Wednesday close. Barclays gathered enough investor ...

  Bloomberg BDO Unibank Inc, the Philippines’ largest lender by assets, wants the country’s next president to be tough against the cybercrimes. Financial service providers that are outside the scope of central bank regulations have proliferated, and “for the health of the industry and the public, they should look at how these entities should be managed relative to banks” which ...

  Bloomberg Governor Tiff Macklem acknowledged there’s potential for even larger increases to borrowing costs as the Bank of Canada (BOC) aggressively wrestles inflation down from a three decade high. Macklem and his officials delivered the first 50-basis-point increase in interest rates among Group of Seven nations last week and signalled more hikes to come. This week, annual consumer price gains ...

  Bloomberg Traders are betting the European Central Bank (ECB) will raise rates above zero this year for the first time since 2012, after a string of hawkish comments from policy makers spurred speculation the bank is priming the market for faster-than-expected monetary tightening. Money markets are pricing 75 basis points of interest-rate hikes by the ECB’s December decision, according ...

  Bloomberg A senior BNP Paribas SA banker who denies terrorizing subordinates on the trading floor is claiming $4 million compensation for the unfair dismissal. Omar Alami, the then head of BNP’s equity derivatives sales for Switzerland, Belgium and Luxembourg, was fired in 2019 after an internal report revealed that a rant at a trader he allegedly called “useless” and ...

Bloomberg The Bitcoin exchange-traded fund (ETF) bandwagon is coming to Australia as regulators finalise approvals for products offering direct exposure to digital assets. Cosmos Asset Management said it’s preparing to launch the Cosmos Purpose Bitcoin Access ETF in coming days. It will invest in the Purpose Bitcoin ETF, a Toronto-listed fund with assets of about C$1.6 billion ($1.3 billion). “We ...