Banking

The UK’s chaotic mini-budget prompted HSBC Holdings Plc to increase its loan loss provision by $200 million in the third quarter, another sign of the economic turmoil created by the aborted fiscal statement. The lender took a $279 million charge against its UK unit in the period, according to an analyst presentation on Tuesday. That included “$200 million of additional ...

Workers at Japanese banks aren’t having to rush back to the office, unlike their counterparts on Wall Street, even as the country gradually returns to normal life after the pandemic. The nation’s three largest lenders — Mitsubishi UFJ Financial group, Sumitomo Mitsui Financial group and Mizuho Financial group  — said they are allowing more flexibility, eschewing a minimum number of ...

Abu Dhabi / WAM The Abu Dhabi Commercial Bank PJSC (ADCB) on Monday reported its financial results for the third quarter of 2022 (Q3 2022). Solid earnings growth as UAE economy remains resilient against challenging global backdrop. During Q3 2022 and compared to Q3 2021, the bank recorded a net profit of AED1.591 billion, an increase of 25%, a net ...

Qantas Airways Ltd came within 11 weeks of financial collapse at the height of the pandemic when travel came to a standstill and the airline continued to haemorrhage cash, Chief Executive Officer (CEO) Alan Joyce said. At a lunchtime speech in Sydney on Monday, Joyce said that in early 2020 he was receiving weekly reports from his finance team that ...

Credit Suisse Group AG agreed to pay $234 million to settle a French criminal probe into allegations the bank helped clients stash undeclared funds. The deal brings to an end the investigation into suspicions of laundering of tax fraud proceeds, top financial prosecutor Jean-Francois Bohnert said in court on Monday. Under the terms of the agreement, the Swiss bank makes ...

South Korea is redoubling efforts to shore up the local credit market as yields surge to decade highs and default risks spread, extending efforts to support markets after the country already stepped in earlier this year to slow a tumbling won. Authorities will swiftly resume buying corporate debt via a 1.6 trillion won ($1.1 billion) bond stabilisation fund established at ...

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter. The government earlier this month invited bidders for a 60.72% stake in the Mumbai-listed lender. The valuation target ...

Deutsche Bank AG has given its clearest indication yet of how it plans to deliver on the commitment it made last year to reach net-zero financed emissions by 2050. Germany’s biggest bank said in a statement that it will “significantly” reduce its so-called Scope 3 emissions, which are also known as financed emissions, by 2030 and announced a set of ...

  Bloomberg A surge in bad loans awaits UK banks as higher interest rates saddle homeowners with an estimated £52 billion ($58.6 billion) of added mortgage payments over the next three years, an analyst warned as he downgraded his ratings on several lenders. The jump in costs will help push the personal debt service burden towards about 10% of post-tax ...

Bloomberg Japan’s benchmark yield climbed above the central bank’s policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rises 0.5 basis points to 0.255% as the Bank of Japan (BOJ) held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders ...