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Tag: profit

Mortgage boom helps Lloyds to third quarter profit

Mortgage boom helps Lloyds to third quarter profit

Business
Lloyds Banking Group has posted a better-than-expected third quarter profit as it reaps the benefits of a boom in demand for mortgages.The bank reported a pre-tax profit of just over £1bn for the period between July and September - almost twice what was expected by analysts. Britain's biggest domestic lender received its biggest quarterly increase in mortgage applications since 2008, arranging new lending of £3.5bn.The increase is mostly due to the busy housing market, as hundreds of thousands of people rush to take advantage of the stamp duty holiday on offer for some properties until the end of March.Housing website Zoopla said earlier this week that 418,000 sales across the UK - worth a total of £112bn - are in the pipeline but are yet to be completed. ...
Sensex falls 477 points from day’s high on profit booking, ends 25 points lower; all eyes on RBI policy outcome

Sensex falls 477 points from day’s high on profit booking, ends 25 points lower; all eyes on RBI policy outcome

Finance
Mumbai: Benchmark equity indices shrugged off strong cues from global peers and wiped off early gains to settle on a flat note on Wednesday, as caution ahead of the RBI policy outcome triggered profit-taking in index heavyweights. The continued rapid surge in coronavirus infections also bothered investors. For the seventh day in a row India registered more than 50,000 new Covid-19 cases, taking the total tally past the 19-lakh mark. “There were only a few stocks participating in the rally in recent times, and those stocks – index heavyweights corrected, dragging the market. It is a fragile market as far as depth of momentum is concerned,” said Deven Choksey, group managing director, KR Choksey Investment Managers. “The RBI MPC is unlikely to cut rates at this time; we will see the status q...
HSBC profit dives 65% as it warns loan losses could hit £10bn

HSBC profit dives 65% as it warns loan losses could hit £10bn

Business
HSBC saw its pre-tax profit plummet by 65% in the first half of the year as the UK's largest bank was forced to hike funds to cover bad loans due to the coronavirus.The lender reported profits of $ 4.3bn (£3.2bn) in the half year to 30 June, down from $ 12.4bn (£9.5bn) for the same period in 2019. HSBC's results reflected the trend of lenders globally increasing their financial buffers to absorb loan losses as companies reel from the impact of the COVID-19 crisis. Image: Unrest in Hong Kong has added to the challenges of the Asia-focused bank In response to the coronavirus pandemic the bank's provision for bad debts in the first-half soared to $ 6.9bn (£5.3bn), compared to $ 1bn (£760m) for the same period a year earlier.It had s...
Nepal SBI post 13 per cent growth in net profit for FY19

Nepal SBI post 13 per cent growth in net profit for FY19

Finance
KATHMANDU: Nepal SBI Bank, a subsidiary of State Bank of India, has posted a Rs 229.25 crore net profit for 2018-19, registering a growth of 13.29 per cent. The bank mobilised total deposit of Rs 9,72.44 crore and extended loans and advances of Rs 8,864.47 crore at the closing of the year, according to a statement issued by the bank ahead of its Annual General Meeting. Speaking at a press briefing, Nepal SBI Managing Director Anukul Bhatnagar said that the banking sector of Nepal should jointly fight against possible cyber attack as leakage of information of one bank could jeopardize the performance of the entire banking system. The bank has decided to distribute 16.84 per cent bonus including 6 per cent bonus share and 10.84 per cent cash dividends from the last year's profit and accum...