News

FD rates have already started tapering off in April.

India is reportedly aiming to merge Punjab National Bank with up to three other banks.

It will serve as a platform for banks to self-asses and update industry codes of conduct.

The growing popularity of mobile payments is partially to blame.

Mizuho's profits plunged 83% to $877m.

This lender enjoys higher income from its institutional banking and treasury markets units.

The formation of new bad loans in Q1 was the lowest in five years.

UOB was the only weak link as margins shrunk 5bps.

Sumitomo Mitsui projects a net income decrease of 4% to $6.39b in 2019. Bloomberg reported that Japanese megabanks are bracing for another tough year ahead of weakening net income amidst the weakening economy, rising trade tensions, and the sustained monetary easing from the central bank. Also read: Japanese bank woes to persist as ultra-low rates to last until 2020 Whilst both Mizuho and MUFG are expecting profit to increase this year, to $4.3b (JPY470b) and $8.22 (JPY900b),respectively, that’s only after they booked large writedowns that hurt results in the previous period. Meanwhile, Sumitomo Mitsui sees net income slipping about 4% to $6.39b (JPY700b). Net income projections from Sumitomo Mitsui Financial Group (SMFG), Mitsubishi UFJ Financial Group, and Mizuho Financial Group have all missed analysts estimates amidst rising bad loan costs and lesser gains from sales of stock holdings, which used to be its saving grace amidst rock-bottom interest rates. Also read: Japanese banks hit by lower net interest income as loan demand dwindles

Frozen credit cards no longer spark as much annoyance.

And Austrian Post is venturing into branch banking.

Strong gains from trading and lending pushed up earnings.

Banks extended $150.16b in net new yuan loans.

Fines for thefts committed by financial consultants since 2012 hit $2.78m.

The LTV limit of 80% on home loans will cool demand for mortgages.

FR is part of the broader shift towards the smart bank branch model.