Banking

Bloomberg Standard Chartered Plc shares fall as it set out a return to growth after the Covid-19 pandemic that was slower than some of its rivals. The London-based lender said it continues to expect earnings to be little changed on the full year but that growth should reach its expected range of 5% to 7% in 2022. Rivals such as ...

Bloomberg Shares in State Bank of India reached a record after profit at the nation’s largest lender beat estimates, helped by write-backs and fewer provisions for bad loans. Net income in the second quarter jumped 67% to 76.3 billion rupees ($1.02 billion) in the quarter ending September, according to a statement on Wednesday. That exceeded the average estimate of 66.5 ...

Bloomberg UBS Group AG is starting a digital wealth manager in the US to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in ...

Bloomberg South Korea’s won has regained some ground after a dismal third quarter and a coming interest-rate hike could give it another boost. The won could rise as high as 1,120 per dollar this quarter from around 1,182 now as the Bank of Korea (BOK) moves to normalise policy and uncertainties surrounding the Fed’s tapering eases, according to Kiwoom Securities ...

Bloomberg Bank of America Corp (BofA) is planning to apply to set up a securities firm in China, playing catchup to rivals including JPMorgan Chase & Co and Goldman Sachs Group Inc. in an expansion into the $54 trillion financial market. The bank aims to apply for regulatory approval early next year. It plans to submit applications for licenses allowing ...

Bloomberg Bank of England (BOE) policy makers are heading into their meeting this week knowing that failure to deliver a once-unthinkable interest-rate hike would now raise serious questions over their credibility with markets. Investors are almost fully pricing in a 15-basis point increase in the benchmark lending rate on November 4, while economists increasingly share that view, even as they ...

Bloomberg Westpac Banking Corp shares dropped more than 5% in Sydney trading after delivering a smaller share buyback than many had expected and amid concern margins remain under pressure. The lender unveiled a record share buyback of up to A$3.5 billion ($2.6 billion), while cash earnings of A$5.35 billion fell short of analyst expectations of A$5.42 billion in the year ...

Bloomberg European lenders are boosting shareholder payouts a month after pandemic-related restrictions expired, with more than $5 billion in buybacks. Spain’s Banco Bilbao Vizcaya Argentaria SA said it obtained regulatory approval to repurchase 3.5 billion euros ($4.1 billion) of shares. BNP Paribas SA will start repurchasing 900 million euros of stock next month. In total, the biggest banks in the ...

Bloomberg Nomura Holdings Inc shares fall after earnings plunged and Japan’s largest brokerage took a $341 million provision for an ongoing legal case. The stock declined 7.1% in Tokyo on Monday. The firm said it’s set aside 39 billion yen for the transaction in the US that dates back to before the global financial crisis, after reporting a 95% slide ...

Bloomberg UK high street banks start raising mortgage costs ahead of the Bank of England’s interest-rate decision next week amid signs of resurgent inflation. Barclays Plc is increasing a 2-year fixed rate by 0.35 percentage point, which follows similar moves by lenders including HSBC Holdings Plc, NatWest Plc and Lloyds Banking Group Plc. The increase in borrowing costs threatens a ...