All articles by Farah Halime
Farah Halime
HSBC’s US arm posts first profit since 2007
Falling loan impairment charges helped HSBCs US division post its first quarterly pre-tax profit since 2007, although the UK retail arm recorded only modest growth, according to a statement from the bank
BNPP, SocGen results beat forecasts
French retail banks BNP Paribas (BNPP) and Societe Generale (SocGen) kicked off the year with strong profits, beating analysts expectations. BNPP posted net profits of EUR2.3 billion for the first quarter of 2010, up 46.5 percent from the year-ago quarter, while net profits at rival SocGen jumped to EUR1.06 billion for the first quarter, compared to a loss of EUR278 million in the comparable period in 2009
StanChart posts record first quarter results
Standard Chartered (StanChart), the UK-based but emerging markets focused lender, has earned record profits in the first quarter, according to a market update issued by the bank. The banks consumer banking division recorded double digit growth in the first quarter compared to the corresponding quarter a year ago and continued to underpin momentum with a continued focus on building the StanChart brand The bank kicked-off a global brand campaign, called Here for good (see RBI 629) in March in a drive to boost market share across Asia, Africa and the Middle East
Erste to tap into OMV’s high footfall
Erste Bank, has entered into an agreement with OMV, the Austrian oil and gas group to boost its customer base and branch network Erste customers will be able to top up their card as well as fill up with fuel as part of a launch of 170 new “banking stops” at Austrias OMV petrol stations. The partnership is designed to help us become the largest financial retailer in Austria,” said Peter Bosek, head of retail banking at the bank
UK branches down 20% in past 10 years
The UKs top retail banks are continuing to cut branch numbers, according to research carried out by Farah Halime, but it comes amid further consolidation on the high street following the economic crisis and a flurry of new entrants wishing to take advantage of customers dissatisfaction with their existing lender. Barclays, the UKs second-largest lender by assets, has closed the highest number of branches in nearly a decade 429 branch closures, or a 20% drop since 2000, although there have been fewer closures between 2008 and 2009. The bank was also the worst performer in the RBI survey of 2007 (see RBI 584), but a spokesperson for the bank told RBI the spike in closures was down to the acquisition of the Woolwich in 2007, which subsequently resulted in a closure of 278 branches.
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TD Bank app downloads surge after launch
More than 100,000 customers downloaded Toronto-Dominion Banks (TD) iPhone application within weeks of the bank launching the app The Canada-headquartered bank launched the application, or app, for Apples iPhone on 14 April and saw its app averaging more than 10,000 downloads per day Joan Dal Bianco, vice president of TDs online channel, said: The TD mobile app not only allows customers access to everyday banking at their fingertips, but also delivers ease and convenience.
Japan is Citi’s ‘lab for the world
Citis head of innovation, Chris Kaye, talks to Farah Halime about the banks ambitions to transform its brand into the league of the hugely successful technology giants Apple. Coinciding with an encouraging set of first-quarter results, Citi, the fourth-largest US bank by deposits, has announced plans to roll out “state-of-the-art” retail banking branches in Japan, with the aim of launching 35 branches within a year and up to 100 across the globe.
Sliding loan losses boost Erste’s Q1 results
Austrias Erste Bank has posted a 10 percent rise in first quarter net profitS to 255.2 million ($339.8 million) from 232.1 million in the first quarter of 2009 after a slowing of loan losses Customer deposits increased 3.2 percent to 115.6 billion in the first quarter, while lending rose by only 0.9 percent, helping Erste improve its loan-to-deposit ratio to 112.7 percent from 115.3 percent a year ago.
BoQ pilots free online budgeting service
Australias Bank of Queensland (BoQ) has launched a free online personal financial management(PFM) tool that lets users view and track their finances, spending and savings habits using graphs and charts. The budgeting service, called BoQ My Budget and available at www.boqmybudget.com.au, can be used by anyone, regardless of whether they are customers or not and allows the user to view trends in their finances, categorise transactions and set projected savings goals. BoQ internet banking customers who sign up to the service can automatically upload their transaction history, while non-BoQ users will be required to import their history manually from their bank.
Tesco Bank makes in-roads into UK market
Tesco Bank, the financial services unit of the worlds fourth biggest retailer, has posted a 13% rise in trading profit to £250m ($385m) for the 52 weeks to the end of February 2010 as it prepares to ramp up its efforts to challenge the countrys traditional Big Four retail banks: Lloyds, Royal Bank of Scotland, HSBC and Barclays.