Banking

The European Central Bank (ECB) is searching for ways to stop lenders from profiting unduly as it raises interest rates to combat record inflation. The issue concerns about €2.1 trillion ($2 trillion) of ultra-cheap loans, known as TLTROs, that were granted at the height of the pandemic to keep credit flowing and stave off deflation. While the initiative was successful, ...

UBS Group AG posted a robust quarter on the back of surging rates and cost control, enabling the Swiss bank to confirm a plan to return around $5.5 billion to investors this year. UBS said net income in the three months to September was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue ...

A year after launching Africa’s first digital currency, Nigeria’s central bank is turning to the nation’s three-wheeler taxi operators to speed the adoption of the eNaira, as regulators across the world scrutinise its every move. It’s offering a 5% discount to drivers and passengers of the motorised rickshaws — known locally as Keke Napep — who use the eNaira. It’s ...

The Bank of Canada is set to deliver a fifth — but possibly final — outsized interest-rate hike this week amid signs its inflation-fighting efforts may be dragging the country’s economy into a recession. Markets are pricing in a 75 basis-point increase in the central bank’s rate at its decision in Ottawa. That would bring the benchmark to 4%, a ...

Standard Chartered Plc reaped the benefits of rising rates and market volatility as it reported third-quarter profits ahead of analysts’ estimates, even as it increased provisions to deal with the worsening economic outlook. Retail banking gained from increasing interest rates as Standard Chartered reported an uplift in its net interest income, while its traders’ revenue were boosted by the volatile ...

Barclays Plc plans to hire more than 1,000 staff in the coming weeks to help consumers manage their finances through the looming downturn, according to Chief Executive Officer (CEO) C.S. Venkatakrishnan. The British bank follows similar moves by HSBC Holdings Plc and Virgin Money UK Plc as consumers struggle with the fastest price rises in four decades coupled with high ...

India’s central bank is likely to loosen its recent grip over the rupee, analysts at Citigroup Inc. and Barclays Plc said, leaving the local currency vulnerable to plumb fresh lows against the dollar. Citi expects the rupee to push to 85 to a dollar, while Barclays says that the risk of a short-term overshoot to 84-85 is high. Standard Chartered ...

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 ...