Proactive’s Post

Lloyds Banking Group PLC (LSE:LLOY) profits declined in the fourth quarter of 2023 and it made a £450 million provision to cover potential costs of a motor finance probe, but the dividend was hiked 15% and a £2 billion share buyback is planned after a strong year.  The UK’s largest lender reported underlying pre-tax profits of £1.75 billion for the final quarter of the year, down 14% from the third quarter but in line with City estimates. With the provision made to cover the potential impact of the recently announced Financial Conduct Authority review into motor finance commission arrangements, total provisions were £675 million in the year. Impairments of £308 million were made, much lower than the £1.5 billion a year ago after improvements to the economic outlook and the repayment of a large debt. More at #Proactive #ProactiveInvestors http://ow.ly/K9bw105jnag

Lloyds Banking Group has reported an uptick in annual profits on the back of higher interest rates while setting aside £450m for an FCA motor finance probe. The group also announced it was planning an up to £2bn share buyback, which together with a 1.84p per share final dividend would see £3.8bn returned to shareholders. Britain’s largest domestic banking group – which owns Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows – posted a pretax profit of £7.5bn for 2023, up 57 per cent from £4.8bn in 2022 and an all-time high for the lender. Analysts had expected a figure of £7.4bn. The bank’s net interest income rose to £13.8bn in 2023, from £13.2bn in 2022. However, its net interest margin narrowed by 0.1 per cent to 2.98 per cent between the third and fourth quarters as the group faced pressure to offer savers better deals and interest rates have likely peaked. Read the full story here ⬇️ https://lnkd.in/e9-hbytj #banking #bank #lloyds #interestrates #annualreport #cityam

#insightful #article on Interest rates on small finance bank FDs in India.. #smallfinancebanks #microfinance #fd #interestrates #interestrate #savings #fixeddeposits #mutualfunds #roi #savingsbank #investors

“After more than tripling its asset base since the end of 2007, the US credit union industry is experiencing slower growth. Total assets increased just 0.6% from June 30 to Sept. 30, which was the fourth-weakest growth rate in the last 40 quarters. In the second quarter, the industry recorded the first linked-quarter asset-decline in a decade. Bank acquisitions could be a catalyst for accelerated growth. The number of credit union-bank deals reached an all-time high this year, and those deals are bigger in terms of assets sold compared to prior years.” https://lnkd.in/eKHGC_tX

Interest rates on small finance bank FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%. Our Partner, Alay Razvi shares his views with The Economic Times in an article titled, "Will this bank continue to offer 9.2% interest on fixed deposit post-merger? Know what changes for FD investors." Read more at :- https://lnkd.in/g7a9SaHy #knowledgesharing #opinion #personalfinance #fixeddeposit #banking #lawfirm

Private credit secondaries has seen one of the largest increases in pricing amid a relatively flat picture overall among most other asset classes, a report has found. Read the story here to learn more: https://okt.to/5ihj2I #PDI #PrivateDebt #DirectLending #Secondaries

“Net loss attributable to shareholders was 143 million euros ($155.1 million), against an LSEG poll of analysts which had predicted a loss of 145 million euros. Germany’s biggest bank had previously flagged it would take a hit in the quarter on the back of the Postbank provision, which it confirmed Wednesday would amount to 1.3 billion euros. The long-running lawsuit by investors alleges Deutsche Bank underpaid to take over the retail banking giant in 2010. The bank said it remained on track with its distribution commitment to shareholders, which it has previously stated is for a sum in excess of 8 billion euros in share buybacks across the 2021-2025 financial year period. (…) The lender reported net revenue was up 2% to 7.6 billion euros in the second quarter, while efficiency savings reached 1.5 billion euros. Revenue reports varied across the business. At its investment bank division, a recent area of strength, they jumped 10% year-on-year to 2.6 billion euros — but fell 3% to 2.1 billion euros in fixed income and currencies. Revenue in corporate banking was nearly flat at 1.9 billion euros. Other highlights included: - Profit before tax excluding the Postbank provision was 1.7 billion euros, up from 1.4 billion euros in the second quarter of 2023. - Provision for credit losses was 476 million euros, up from 401 million euros a year ago. - CET 1 capital ratio, a measure of bank solvency, nudged up to 13.5% from 13.4% in the first quarter of the year.”

San Miguel Corporation (SMC) affiliate Bank of Commerce (BankCom) posted an unaudited net income of P2.21 billion as of 30 September 2024, up 10% year-on-year mainly due to higher revenues. This translated to a return on equity (ROE) and return on asset (ROA) of 9.27% and 1.26%, respectively. #renewableenergy #reit #retail #informationtechnology #manufacturing #insurance #banking #bonds #stockmarket #stocks #realestate #finance #Business #Corporate #Corporation #Entrepreneur #Philippines #Financial #PersonalFinance #AI #GoNegosyo #Invest #Investment #investingtips

Anatomy of a takeover: Inside ANZ’s battle to buy Suncorp In a transaction 14 years in the making, ANZ and Suncorp tried to show the ACCC the world for banking had changed Date lodged: 2 December 2022 Status: Completed ; Outcome: Denied Decision date: 4 August 2023 " https://lnkd.in/gTPri8Vi) " On 25 August 2023, each of ANZ and Suncorp notified the ACCC that they have applied for review of the ACCC’s decision by the Australian Competition Tribunal. Further information about the Australian Competition Tribunal’s review will be available on the Australian Competition Tribunal’s website: " https://lnkd.in/gXsc48wG " NAB decided to find more scale by acquiring Citigroup’s consumer business in a $1.2 billion deal announced that August. Westpac had also been interested in Suncorp, but management had their hands full recovering from the AUSTRAC money-laundering case and subsequent blows dealt by APRA during an inquiry into its corporate governance. With CBA too dominant a player to get any deal past the regulators, it would be ANZ that again seemed to be the most likely buyer of Suncorp Bank. Agitating things further was the intervention of another regional lender, Bendigo & Adelaide Bank, which put its hand up as the logical alternative acquirer. Suncorp has spent months rubbishing any deal with Bendigo – or any other regional bank for that matter. A smaller bank would not be able to afford to pay the same price tag as ANZ, and a deal may only be able to be funded with scrip – less attractive to Suncorp than cash. " https://lnkd.in/gHxeXsVK "

People First Bank has recorded healthy financial results for the FY2024 year, including a 6.2% rise in total loans and advances to $20.3 billion. Growing partnerships with the broker channel contributed to the strong performance, with third-party loans up 15.8% to $3.1 billion. The number of these loans also rose by 9.2% These are the first full year financial results following the merger of Heritage Bank and People's Choice Credit Union. People First Bank CEO Steve Laidlaw said the results, which include a 29% increase in net profit after tax to $41.4 million, highlight the strength of the merger and “the strategy guiding us forward”. Read the full article here: https://lnkd.in/gZGJzCJa #bankingindustry #customerownedbank #thirdpartychannel #mortgageindustry #mortgagebrokers