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$30bn hit looms for Indian banks on new rule

Bloomberg India’s lenders, already struggling with $210 billion of stressed assets, may have to prepare for another hit as early as the coming financial year if new accounting norms kick in as planned on April 1. The IndAS — based on the IFRS9 standards created in the aftermath of the financial crisis — would require banks to make provisions for ...

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ECB can’t yet declare victory in inflation fight: Draghi

Bloomberg Mario Draghi said that the European Central Bank still can’t claim success in its struggle to restore inflation, and defended its policies from complaints that they widen inequalities. “While our confidence that inflation will converge towards our aim of below, but close to, 2 percent has strengthened, we cannot yet declare victory on this front,” the ECB president said ...

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Saudi NCB profit up 11.8% as expenses, impairments drop

DUBAI / Reuters Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender, reported an 11.8 percent rise in fourth-quarter net profit, helped by a drop in expenses and lower impairment charges. The bank made a net profit of 2.56 billion riyals ($683 million) in the three months to Dec. 31, up from 2.29 billion riyals in the same period ...

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