Banking

Bloomberg HDFC Bank Ltd.’s quarterly profit rises 18%, buoyed by strong loan growth, as the coronavirus pandemic’s economic fallout waned. Net income for the quarter ended September stood at 88.3 billion rupees ($1.17 billion), compared to 75.1 billion rupees a year ago, according to an exchange filing on Saturday. That beat the average estimate of 86.50 billion rupees by analysts ...

Bloomberg Wells Fargo & Co beat analysts’ expectations for third-quarter profit as Chief Executive Officer Charlie Scharf makes progress on his turnaround efforts, but shares declined as expenses were higher than anticipated and loans fell. The bank reported net income rose to $5.1 billion, padded by a $1.7 billion reserve release, according to a statement. Still, the firm took a ...

Bloomberg Bank of Korea (BOK) Governor Lee Ju-yeol gave his strongest signal yet that a rate hike is likely in the works for November as he flagged worsening financial imbalances, growing inflationary pressures and solid recovery momentum. The central bank’s decision to hold rates at 0.75% was opposed by two members who called for a back-to-back increase following August’s liftoff. Dissension ...

Bloomberg Bank of America Corp (BofA) is giving businesses new ways to transfer money to their customers. The new system, known as Recipient Select, allows consumers to choose among various options for receiving refunds, rebates and other payouts while increasing the speed and efficiency for transferring the funds, Bank of America said in a statement. The digital portal, launched this ...

Bloomberg NatWest Group Plc said it will lend 100 billion pounds ($136 billion) to customers cutting carbon emissions by the end of 2025. The British bank said it will focus on projects that help the UK move towards a net-zero economy with products including sustainability bonds and lending to firms that can show they are mostly low-carbon. NatWest has previously ...

Bloomberg Societe Generale SA expects to cut as many as 3,700 jobs as part of a plan announced last year to merge its domestic retail operations and boost profitability. The reductions will be carried out between 2023 and 2025 and will stem from natural attrition, estimated at 1,500 per year, the bank said in a statement. “The merger will not ...

Bloomberg Singapore’s central bankers are expected to signal a potential tightening of monetary policy next year, while holding steady for now, amid rising inflation risks from supply-chain disruptions and surging energy prices. The Monetary Authority of Singapore (MAS), which uses a currency band as its main tool rather than interest rates, will signal a more hawkish tone when it releases ...

Bloomberg The Reserve Bank of India (RBI) in an unprecedented move suspended an audit firm citing compliance failure related to a shadow lender, a sign the watchdog is doubling down on supervision of a still-fragile corner of the nation’s financial system. Haribhakti & Co. will be barred from auditing any regulated financial entity for two years starting April 1, 2022, ...

Bloomberg UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence (AI) and data analytics to drive the bank’s digitisation. The new team called AI, Data and Analytics, will be lead by the head of the investment bank Rob Karofsky and chief digital and information officer Mike Dargan, according to a ...

Bloomberg China drained the most short-term liquidity from the banking system in a year on a net basis as it reduced support after a week-long holiday. Government bond futures slid by the most since August. The People’s Bank of China (PBOC) offered 10 billion yuan ($1.6 billion) of short-term funds to lenders, resulting in a net liquidity withdrawal of 330 ...