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Pemex Trims Q1 Loss by 93% to $1.8bn
Mexican oil company Petroleos Mexicanos (Pemex) released its Q1 numbers where it reported its fifth consecutive month of growth in oil production. The company reported sales of MXN 317.55bn ($15.7bn) in the quarter, up 11.8% YoY. The oil company was subject to a 11.3%...
Barclays’ Profits Boosted by Significantly Lower Impairment
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...
ADIB Profits More Than Double to $166mn
Abu Dhabi Islamic Bank reported Q1 net profits of AED 608mn ($165mn), up 125% YoY with a revenue increase of 3.3% YoY to AED 1.336bn ($363 mn) and a non-funding income growth of 30%. The bank said it reduced operating expenses by 7% YoY and that total assets rose...
Ping An to Lead $11.3bn PUFG Restructuring Plan
Ping An Insurance Group through its Ping An Life unit will lead the restructuring of Peking University Founder Group (PUFG) along with two municipal governments in the southern province of Guangdong. PUFG is a state owned conglomerate founded by Peking University that...
Huarong Says Rating Downgrades “Have No Factual Basis”; Has Ample Liquidity
China Huarong's vice president Xu Yongli said that there was no factual basis for the credit rating downgrades by rating agencies last week and asserted that the company is well prepared to make bond payments. According to Xu, the company has adequate liquidity to pay...
Westpac Reports Strong Earnings; Announces Cost Cutting Plan
Australia’s Westpac reported strong results with first half 2021 net profits up 189% YoY to A$3.4bn ($2.6bn) and cash earnings at A$3.5bn ($2.7bn), up 256%. The rise in cash earnings also contributed to an increase in their CET1 ratio to 12.34%, up 153bp as per the...
Fosun, JD.com Among Suitors for HNA Assets
Chinese conglomerate Fosun Group and a unit of JD.com are among the potential suitors that are mulling an investment in distressed HNA Group, as per people familiar with the matter. Further, Ping An Insurance Group Co., Juneyao Airlines Co. and Air China Ltd. are also...
Verizon Mulls Sale of Media Arm to Apollo for ~$5bn
American telecom operator Verizon Communications is said to be in the process of completing the sale of its media division to Apollo Global Management Inc., as per people familiar with the matter. The sources added that the transaction could be announced as soon as...
BNP, BBVA and Sabadell Report Better Q1 Results
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...
