by bondevalue | May 3, 2021 | Financial Institutions
Barclays reported a record quarterly group profit before tax in 1Q2021 of £2.4bn ($2.8bn) vs. £900mn ($1.2bn) in the same period last year. Profits were benefitted by a significant decrease in credit impairment charges of just £55mn ($76mn) vs. £2.1bn ($2.9bn)n in the...
by bondevalue | May 2, 2021 | Financial Institutions
BNP Paribas reported first-quarter net income of €1.8bn ($2.18bn), up 38% YoY. Its investment banking division reported strong revenue growth, up 25% YoY while its FICC revenues dropped 16%. “It’s a quarter where basically all lights are green”, CFO Lars Machenil...
by bondevalue | Apr 30, 2021 | Financial Institutions, Investment Grade Bonds
Standard Chartered reported its 1Q2021 results with net profits more than doubling to $1.1bn vs. $517mn a year ago. Like its peers, profits were helped by a sharp reduction in credit impairments of $20mn vs. $936mn YoY. Wealth Management reported a record $641mn...
by bondevalue | Apr 30, 2021 | China, Financial Institutions
China’s large state-owned banks reported earnings in-line with estimates: China Construction Bank (CCB) led profit growth, up 2.8% YoY, reporting a net income of CNY 83.1bn ($12.9bn). Impairment losses rose to CNY 52.3bn ($8.1bn). The lender reported an NPL ratio of...
by bondevalue | Apr 28, 2021 | Financial Institutions
Lloyds reported pre-tax profits of £1.9bn ($2.6bn) in Q1 vs £100mn ($139mn) in the same period last year while revenues fell 7% YoY to £3.7bn ($5.1bn). Profits were boosted with a reduction in provisions with the bank reporting a net impairment credit of £323mn...
by bondevalue | Apr 28, 2021 | Financial Institutions
Citigroup raised $5.5bn via a three-part offering. It raised: $500mn via a 4NC3 Floating Rate Note (FRN) at SOFR + 66.9bp as compared to initial guidance of SOFR equivalent $2bn via a 4NC3 bond at a yield of 0.981%, 17bp inside initial guidance of T+80bp area $3bn via...
