Banking

  AFP Russia’s largest lender Sberbank on Thursday announced it almost tripled its profits in the second quarter and predicted further stabilisation of the economy this year despite credit growth slowing. The majority state-controlled bank made a net profit of 145.4 billion rubles ($2.23 billion, 1.98 billion euros) in the second quarter, up 166.3 percent on the same period last ...

  Bloomberg China’s central bank injected cash into the financial system using 14-day reverse-repurchase agreements for the first time since February amid speculation policy makers are looking to increase the use of more expensive, longer-term funding to cool a bond rally. The People’s Bank of China auctioned 50 billion yuan ($7.5 billion) of the contracts in open-market operations at 2.4 ...

  Bloomberg Royal Bank of Canada beat analysts’ profit estimates as the City National purchase in the U.S. bolstered wealth management and capital markets earnings surged. Canada’s biggest bank raised its dividend 2.5 percent to 83 cents a share. Profit for the quarter ended July 31 climbed 7.5 percent to $2.06 billion, or C$1.72 a share after excluding gains from ...

  AFP The Central Bank of Iceland on Wednesday cut its benchmark interest rate by half a percentage point to 5.25 percent, saying inflation remained low despite rising wages and strong growth. “Inflation has remained below target for two-and-a-half years. In July it measured 1.1 percent, the lowest inflation rate since the beginning of 2015,” the bank said. “The krona ...

  AFP The European Central Bank (ECB) may be forced to bolster its monetary stimulus programmes if governments fail to act to boost their economies, board member Benoit Coeure said on Tuesday. “If there is not much taking place on the structural reform front, if there’s not much taking place on the fiscal policy front… then the ECB will do ...

  AFP World Bank chief Jim Yong Kim will seek a second term of office, the global development lender said as it announced the start of a selection process for the presidency. Kim’s bid to remain as president comes in the face a rare public rebuke from the Bank’s rank-and-file, who earlier this month declared that the institution faced a ...

  Bloomberg Bank of Montreal, Canada’s fourth-largest lender, posted earnings that beat analysts’ estimates as US banking and capital markets trading revenue rose. Net income for the period ended July 31 climbed 4.4 percent to C$1.25 billion ($964 million), or C$1.86 a share, from C$1.19 billion, or C$1.80, a year earlier, the Toronto-based bank said in a statement on Tuesday. ...

  Emirates Business Saxo Bank, the online investment and trading specialist, announces on Sunday two senior appointments as it continues to grow and invest in its retail and institutional functions across the Middle East, reflecting the region’s importance as a growth hub for both Saxo’s retail and institutional business. Mario Camara has joined the company as Head of Saxo Dubai. An ...

  Emirates Business RAKBANK on Sunday launched – “Home in One” – a first of its kind Home Loan facility in the GCC that not only offers customers competitive interest rates that start at 3.49% per year, but also helps them pay off their mortgage loan much sooner. Home in One is a Combo product that brings together a customer’s ...

  AFP Turkey’s central bank on Tuesday cut its main interest rate by 25 basis points, defying a sharp jump in inflation following the failed July 15 coup. The central bank said the overnight lending rate was trimmed to 8.5 percent from 8.75 percent and its one-week repurchasing rate remained stable at 7.5 percent. The overnight borrowing rate also remained ...