All articles by Duygu Tavan
Duygu Tavan
Kazkommertsbank targets gradual growth
The managing director of Kazkommertsbank has told RBI that the bank is targeting gradual growth in Russia. Although reluctant to confirm speculations about Kazkommertsbanks bid for Expobank, Andrey Timchenko said that the bank was confident about a profitable expansion in Russia. As major Western European banks are retreating from Russian retail banking, Timchenko said that surviving in Russias retail banking business takes more than just funds for acquisitions.
VTB Q111 retail pre-tax profit up 22% YOY
Retail banking pre-tax income at Russias second largest bank by assets, VTB, has risen by more than a fifth year-on-year in the three months to 31 March to RUB8.2bn (290m). Net interest income at the retail banking division rose by 18% in the first quarter over the year-ago period to RUB15.1bn.
Sberbank H111 net profit soars 182.4%
Russia’s largest bank by assets, Sberbank, has almost tripled its half year net income from a year ago to RUB171.3bn ($6.07bn). Provisions for loan impairments continued to fall to RUB635.9bn, representing a 1.6% decline compared with the corresponding period a year ago.
Citi global retail banking net income up 50%
Citigroup generated a 49% year-on-year increase in net profit from global consumer lending operations in its Citicorp portfolio in the six months to end-June to $3.15bn. Net losses from consumer lending in its Citiholding portfolio, improved by 56% from the year-ago period and amounted to $1.35bn.
Citi retail banking earnings highlights: North America
Citi’s net profit from consumer lending in North America soared to $1.23bn in the six months to end-June, up from $67m a year ago. The rise in net income was boosted by an improvement in net credit losses and loan loss provisions: Net credit losses fell by over a third (36%) in the first half of the year compared with the year-ago period to $2.74bn.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
JPMorgan H1 retail financial services net income slumps 60%
JPMorgan Chase has reported a 35% increase in half year group net income to $11bn over the year-ago period. But net income from retail financial services slumped by 60% to $374m in the six months to the end of June over the year-ago period.
Payments Council cancels 2018 target to axe cheques
The chairman of the Payments Council, Richard North, said that the U-turn followed the Council’s appearance before the Treasury Select Committee (TSC) and consultation with banks and stakeholder groups.
TNS names top five banks for affluent customers
Bank of America, Chase Bank, Capital One Bank, TD Bank and Key Bank are the most successful banks in serving and retaining affluent retail banking customers, a study by research agency TNS has found. The study, titled Banking the Affluent Consumer, surveyed 4,600 consumers with $100,000 or more in assets representing so-called mass affluent segment, which account for 90% of the personal financial wealth in the US.
Keynote research: US Bank best for customer experience
US Bank has been named by Keynote as the provider of best customer experience among US retail banks websites US Bank also scored the highest points for brand and acquisition impact and online adoption. The executive vice president and head of US Banks internet and mobile channels, Meheriar Hasan said:
Capital One 1H net income soars 55% YOY
Capital One, the fifth largest bank by assets in the US, has reported a half year net income of $1.93bn, a 55% increase over the corresponding period a year ago.