Month: July 2022

BNP Paribas reported higher second-quarter profits on July 29, helped by rising income across all its divisions as it took advantage of higher net interest and fee income. The French lender said its net profit rose to 3.18 billion euros from 2.91 billion euros in the same period a year earlier. Revenue reached €12.78 billion, up 8.5% on the year in reported terms amid higher net interest and fee income, but down 3.3% compared to first quarter, the company said. The numbers beat consensus expectations of 2.8 billion euros in net profit and 12.36 billion euros in revenue, according to…

Standard Chartered’s second-quarter profit rose 6.5% year-on-year on stronger interest income as it announced a new share buyback program of 500 millions of dollars. The Asia-focused bank reported a second-quarter pretax profit of $1.32 billion on July 29. Operating income rose 6.5% to $3.93 billion, driven by higher net interest income as central banks raised interest rates aggressively to combat high inflation . Its net interest income rose 8.2% to $1.85 billion, while its net interest margin rose 0.13 percentage points to 1.35%. TO READ Banks face Russia fury after law firm exodus During the first half, credit impairments were…

Bank of America strategists do not believe in the stock market rally in July and believe that the point is approaching where it will be time to sell. The S&P 500 is up 7.6% this month as bond yields have fallen, corporate earnings haven’t been as bad as feared and enthusiasm has grown that the Federal Reserve needn’t be so tight. aggressive going forward in its efforts to pull down. inflation But BofA’s equity team warned Thursday that more trouble could be ahead. “We still believe this is a bearish rally,” Michael Hartnett, the bank’s chief investment strategist, said in…

Bottles of Tide detergent, a product of Procter & Gamble, go on sale at a drug store on July 30, 2020 in Los Angeles, California. Mario Tama | Getty Images Procter & Gamble reported mixed quarterly results on Friday as the consumer products giant grappled with rising raw material costs and warned it expects those headwinds to persist into its 2023 fiscal year. The Cincinnati-based maker of products including Pampers, Pantene and Tide said higher prices in its fiscal fourth quarter offset a decline in sales volume, which it attributed mainly to pandemic-related lockdowns in China and the reduction of…

ExxonMobil and Chevron posted record profits in the second quarter as rising energy prices that followed Russia’s invasion of Ukraine dealt a windfall to US oil majors. The huge gains come as consumers reel from skyrocketing fuel costs that have helped drive inflation to levels not seen in decades in the United States and Europe, threatening a political backlash against energy companies. Exxon’s second-quarter net profit was $17.9 billion, beating analysts’ estimates of $16.9 billion, according to data compiled by S&P Capital IQ. The company’s previous record quarterly profit was $15.9 billion in 2012, another year of high oil prices….

A gauge of inflation that the Federal Reserve uses as its main barometer jumped in June to its biggest 12-month gain in more than 40 years, the Bureau of Economic Analysis reported Friday. The personal consumption expenditure price index rose 6.8%, the biggest move in 12 months since a 6.9% rise in January 1982. The index rose 1% from in May, tying its biggest monthly gain since February 1981. Excluding food and energy, so-called core PCE rose 4.8% from a year ago, up a tenth from May, but below the recent peak of 5.3% reached in February. On a monthly…