News

PSBank has been granted approval by the Philippine's central bank to invest up to 40 percent or approximately $38 billion in a joint venture with Sumitomo Corp.

Despite expecting 3 percent to 5 percent growth in loans this year, SCB executive chairman Vichit Suraphongchai studies ways to upgrade the bank's core system.

Yet despite his 6 percent salary rise, CBA chief Ralph Norris' short-term incentives were cut by 10 percent due to the bank's 1 percent slide in net profit.

The transaction aims to help ING pay its US$14.25 billion debt from the Dutch government.

Banco De Oro Unibank has the highest assets under management at the end of June 2009, accounting for 25.15 percent of the total or US$8.56 billion. This was an increase of 22.7 percent from the end-December 2008 level of US$6.97 billion.

CIMB Group CEO Datuk Seri Nazir Tun Razak said the banks was now at "day one" with the brand change from Bumiputra Commerce complete for all 36,000 employees.

With high net worth individuals set to double by 2012, Stanchart wants to double its AUM.

Personalised service to Sri Lankan overseas workers allowed Seylan Bank to disburse US$110.48 million in remittances in the first semester.

ICBC introduced 320 varieties of new financial products during the first half of this year to increase its incomes in investment banking, debt financing tool underwriting and corporate financing.

Increased earnings from fixed income securities and customer deposits pushed Hatton National Bank's net interest income up by 18 percent to US$61.67 million.

By extending its overseas operating institutions to 15 countries, ICBC's overseas operating assets as of end of June grew to US$46 billion, increasing 15 percent from the beginning of 2009. So far the Industrial and Commercial Bank of China had set up and owns 143 overseas branch institutions and banks and established agency relationships with 1378 banks in 125 countries and regions.

BPI turned in a net income of US$49 million in the second quarter 2009, bringing the first semester total to US$108 million, 38.4 percent over 2008. Return on equity and return on assets stood at 16.5 percent and 1.7 percent, respectively.

Increase in loan portfolio and deposit base pushed Security Bank's Return on Equity to 20.76 percent. This is significantly higher than the Bank's 19.23 percent ROE for the full year 2008.

Alliance Financial Group recorded a quarter on quarter improvement of 21 percent with an operating profit of US$33.2 million for the second quarter. This is an increase of US$5.67 million or 21 percent from the last quarter ended 31 March 2009.

UnionBank credits its treasury business and interest earnings for the 83 percent surge in its first half income. The bank registered a profit of US$45.5 million from US$24.82 million in the same period last year.

Provisions for bad loans almost trebled USD$310 million as chairman Wee Ee Hong said he was more upbeat.