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The second largest bank in the US, Bank of America, following the results of the first quarter, reported on the growth of net profit by 29.6% in annual terms to a record level of 6 billion 920 million dollars. Growth was facilitated by lower expenses. Revenues amounted to 23 billion 125 million dollars, increased by 3.9%. Analysts had expected the figure at the level of 23 billion 60 million dollars. The BofA noted that the tax reform in the US reduced its effective income tax rate by 9 percentage points. Net interest income grew by 4.5% to 11 billion 800 million dollars. The bank in the first quarter reduced expenses to 60% of revenue, which is the best indicator for more than 5 years.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
The Securities and Exchange Commission (SEC) announced on Monday that UBS Financial Services Inc. (UBSG) would pay more than $10 Million to resolve charges regarding certain municipal bond offerings. UBS has agreed to pay the fine after SEC ...
Major Japanese banks saw record demand for the corporate loans that were offered since April as the COVID-19 pandemic continues to have companies rushing in to build up cash reserves, according to a central bank survey on Friday. The figures ...
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