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(Bloomberg) -- Barclays reported CIB revenue for the second
quarter that missed the average analyst estimate.
SECOND QUARTER RESULTS
* CIB revenue GBP2.98 billion, estimate GBP3.04 billion
(Bloomberg Consensus)
** CIB Markets income GBP1.67 billion, estimate GBP1.67 billion
(Bloomberg Consensus)
* Total income GBP5.42 billion, estimate GBP5.32 billion
(range GBP5.06 billion to GBP5.72 billion) (Bloomberg Consensus)
* Net interest income GBP2.05 billion, estimate GBP2.01
billion (Bloomberg Consensus)
* Net operating income GBP6.21 billion, company-compiled
estimate GBP5.37 billion
* Pretax profit GBP2.58 billion
* Adjusted operating expenses GBP3.65 billion
* Common equity Tier 1 ratio 15.1%, estimate 14.8%
(Bloomberg Consensus)
FIRST HALF RESULTS
* Interim dividend per share 2.0p
LONDON, July 28 (Reuters) – Barclays reported first half profits nearly trebled as it followed Wall Street rivals in reaping bumper investment banking fees from frenzied dealmaking, while COVID-19 pandemic-related bad loan charges remained low.
Barclays on Wednesday reported profit before tax of 5 billion pounds ($6.94 billion) for the six months ended June 30, well above the consensus forecast of 4.1 billion pounds from analysts polled by the bank and up from 1.3 billion a year ago.
The results were further boosted by the bank releasing $700 million in cash set aside for bad debt charges that so far have yet to materialise, as government support measures prop up the economy.
The British lender said it would pay an interim dividend of 2 pence per share, after the Bank of England in July scrapped its pandemic curbs on payouts since its stress tests showed they could cope with COVID's impact on the economy. ...
It also said it would buy back 500 million pounds of its own shares, as it forecast bad loan charges would remain below historical levels due to the improved economic outlook and low default rates on unsecured lending.
https://www.thesun.co.uk/money/15681857/lloyds-customers-pay-packaged-bank-accounts/
https://www.yahoo.com/finance/news/lloyds-lyg-upgraded-buy-heres-160004383.html
MASSIVE BUY 1,608,123 @ 40P
UPDATE 1 – endBank of England scraps pandemic – era curbs on bank divids
08:28
(Adds more detail)
By Huw Jones and David Milliken
LONDON, July 13 (Reuters) – The Bank of England scrapped pandemic-era curbs on dividends from HSBC, Barclays and other top lenders with immediate effect on Tuesday, saying its stress test showed the sector is well capitalised to cope with the fallout from COVID on the economy.
Bank of England Governor Andrew Bailey said that in recent months, the rapid rollout of the UK's vaccination programme has led to an improvement in the UK economic outlook.
"But risks to the recovery remain. Households and businesses are likely to need continuing support from the financial system as the economy recovers and the government's support measures unwind over the coming months," Bailey said.
As Britain entered its first lockdown in March last year to fight COVID-19, the BoE told lenders to suspend dividends and share buy-backs until the end of 2020. It also recommended scrapping bonuses for senior staff.
The aim was to make sure that banks had sufficient capital to maintain lending to businesses hit by the worst economic downturn in 300 years as pandemic unfolded.
The BoE eased its curbs last December as the pandemic's fallout became clearer, saying payouts could continue within "guardrails".
The BoE's Financial Policy Committee (FPC) said on Tuesday that the "extraordinary guardrails on shareholder distributions are no longer necessary and judges that the interim results of the 2021 solvency stress test, together with the central outlook, are consistent with this decision".
The U.S. Federal Reserve said in June that large banks would no longer face pandemic-era restrictions on how much they can spend buying back stock and paying dividends.
The European Central Bank's top banking supervisor Andrea Enria said this month the ECB plans to let euro zone lenders resume payouts to shareholders from October, barring a new economic slump.
"The FPC expects banks to use all elements of their capital buffers as necessary to support the economy through the recovery," the BoE said in its twice-yearly Financial Stability Report.
The committee decided to maintain the so-called counter-cyclical capital buffer at zero percent until at least December, meaning any subsequent increase would not take effect until the end of 2022 at the earliest.
Italy court annuls antitrust fine on telecom groups over billing practices
16:30
ROME, July 12 (Reuters) – An Italian court has annulled a fine of 228 million euros ($271 million) slapped on Italy's top four phone operators last year over a breach of competition rules for collectively agreeing to raise their prices.
Italy's competition watchdog had claimed Telecom Italia , Vodafone , CK Hutchison’s unit Wind Tre and Swisscom’s Fastweb had agreed to raise tariffs after being forced to scrap a billing scheme based on 28 days rather than a full month.
But a Rome-based administrative court said in a series of rulings published on Monday, and seen by Reuters, that the companies had been acting within their rights.
TIM declined to comment. The other companies were not immediately available for a comment.
Hardide should next month get results of the tests from Leonardo, this has been a very long awaited test dur to the special rig required for this test.
https://hardide.com/wp-content/uploads/2021/06/HDD-Interims_May2021_Final1.pdf
https://hardide.com/aerospace-industry-bracing-for-take-off/