Latest news with #Bank
Business Standard
2 hours ago
- Business
- Business Standard
City Union Bank Independent Director ceases
W.e.f. 19 June 2025City Union Bank announced that Shri. Narayanan Subramaniam Independent Director of the Bank vacated his office as an Independent Director from the close of business hours on June L9, 2025 on account of completion of his 8 years tenure in terms of Section 10(2AXi) of the Banking Regulation Act, by Capital Market - Live News
Scottish Sun
12 hours ago
- Business
- Scottish Sun
Bank of England keeps interest rates unchanged leaving home-buyers to wait for loan cuts
STAYING PUT Bank of England keeps interest rates unchanged leaving home-buyers to wait for loan cuts Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HOME-buyers were made to wait for loan cuts as Bank chiefs held steady on interest rates. Borrowing costs were kept at 4.25 per cent yesterday as oil prices rise because of the Israel-Iran conflict and inflation remains stubbornly high. Sign up for Scottish Sun newsletter Sign up 1 The Bank of England has chosen to keep interest rates unchanged (pictured Andrew Bailey, Governor of the Bank of England) Credit: Reuters Businesses were also found to be increasingly reluctant to hire staff. Six members of the Bank of England Monetary Policy Committee voted to stick with the same rate, with the other three calling for a cut of 0.25 per cent. Bank Governor Andrew Bailey said: 'Interest rates remain on a gradual downward path, although we've left them on hold today. "The world is highly unpredictable.' Mr Bailey added: 'In the UK we are seeing signs of softening in the labour market. "We will be looking carefully at the extent to which those signs feed through to consumer price inflation.' The Tories last night said interest rates are staying higher for longer due to Labour's Jobs Tax and borrowing which is driving up inflation and killing growth. Shadow Chancellor Mel Stride: 'To plug the hole they have created, we now know Rachel Reeves has a secret plan to raise taxes. "Make no mistake – more taxes are coming." Chancellor Rachel Reeves told The Times CEO Summit that she wants the Bank to set the right policy for bringing down inflation to the 2 per cent target. She added that double-digit inflation seen a few years ago 'was so challenging for businesses, but also family finances, which also has a knock on impact on business'. What is the Bank of England base rate and how does it affect me? Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club.
South Wales Guardian
16 hours ago
- Business
- South Wales Guardian
UK interest rates kept on hold with Bank alert to ‘highly unpredictable' world
The Bank's Monetary Policy Committee (MPC) decided to keep rates unchanged at 4.25%. In a split vote, with six members opting to hold and three preferring to cut, the MPC said a 'gradual and careful approach' to reducing borrowing costs continued to be the right course of action. Bank governor Andrew Bailey said: 'Interest rates remain on a gradual downward path, although we've left them on hold today. 'The world is highly unpredictable.' He added that there were 'signs of softening in the labour market' – referring to indicators including slower hiring and wage growth easing – which were being closely watched to see how far they feed into UK inflation. The committee said it was alert to concerns about conflict in the Middle East, which has escalated in recent days with attacks between Israel and Iran. In the minutes of the MPC's meeting, it noted that there had been 'rapid geopolitical developments', adding: 'Energy prices had risen owing to an escalation of the conflict in the Middle East. 'The committee would remain vigilant about these developments and their potential impact on the UK economy.' It echoes similar remarks made by the US's central bank which also opted to keep interest rates on hold on Wednesday. Global oil and natural gas prices have surged in recent weeks, which threatens to push up energy costs in the UK. Furthermore, the MPC noted that Donald Trump's tariff policy was posing risks to global trade and continuing to create uncertainty. But it said that deals struck between the US and other countries, including the UK, meant that the direct impact of the 'trade shock' on global growth could be smaller than it had forecast last month. Meanwhile, the decision to keep rates on hold came as UK Consumer Price Index (CPI) inflation remained above the Bank's 2% target level, coming in at 3.4% last month. The jobs market was also starting to cool, with the rate of unemployment ticking up and pay growth starting to ease. The Bank said its network of agents had found that cost pressures from the beginning of April – including national insurance contributions rising – had put pressure on firms to recover them by raising prices. As well as price hikes, it noted that businesses had been leaning on other actions to mitigate costs, including reducing their workforce, staff hours, salaries, and absorbing into profits. The Monetary Policy Committee voted by a majority of 6-3 to keep interest rates at 4.25% Find out more: — Bank of England (@bankofengland) June 19, 2025 It also pointed to waning business sentiment amid weak growth in the UK economy, with demand not expected to recover until 2026. Signs of a weakening jobs market and economic growth indicates that a rate cut could be on the table when the committee next meets in August. Matt Swannell, chief economic adviser to the EY Item Club, said three MPC members voting for a cut was 'probably a sign that the MPC has become slightly more concerned about the labour market than it was in May'. 'This only raises the bar for the MPC to break from its cut-hold tempo at its August meeting and opens the door slightly to rate cuts potentially speeding up in the latter half of this year,' he said. Other experts pointed out that the Bank was having to weigh up a cooling labour market with growing pressures on inflation stemming from global developments. James Smith, developed market economist for ING, said some policymakers had a 'beady eye' on oil prices and were 'wary of a repeat of 2022, where a rise in energy prices turned into a much wider and more persistent services-driven inflation episode'. He is nonetheless forecasting a reduction in rates in August and again in November. Rachel Reeves said the Government respected the Bank's decision as she spoke at The Times CEO Summit. Speaking in central London, the Chancellor said: 'We respect independent economic institutions, and the Bank has got an incredibly important but difficult job to do. 'We want them to set the monetary policy that is appropriate for meeting the inflation target, because we also saw in the last parliament a double-digit inflation which was so challenging for businesses, but also family finances, which also has a knock on impact on business.' Ms Reeves, a former economist at the Bank, insisted the four interest rates cuts made under Labour were 'a world away from the previous parliament, when interest rates went up so sharply because of the poor economic mismanagement of prime ministers and chancellors'.
Kuwait Times
18 hours ago
- Business
- Kuwait Times
ABK Kuwait-Egypt reports strong results for first quarter of 2025
Over the course of our operational journey, the Bank succeeded in achieving robust growth rates across all financial indicators and managed to demonstrate its strong presence. KUWAIT: Al Ahli Bank of Kuwait – Egypt (ABK-Egypt), reported strong Q1 2025 financial results with Net Profit standing at EGP 1.3 billion, reflecting an increase of 42.3 percent for March 31, 2025 compared to same period last year after excluding foreign exchange revaluation impact. Net Interest Income grew 26.2 percent to reach EGP 1.8 billion compared to EGP 1.4 billion in the same period of the last year. Despite the challenging economic landscape, the Bank managed to further expand its total footings with Total Assets recording a 10.2 percent increase in the end of the Q1 2025 to reach EGP 156 billion compared to EGP 141.6 billion in December 2024. Customer Deposits grew by 12 percent to reach EGP 134.1 billion compared to EGP 119.9 billion in December 2024. Furthermore, the Bank's Total Gross Loans Portfolio grew by 15.8 percent to reach EGP 80.2 billion compared to EGP 69.3 billion in December 2024. Non-Performing Loans (NPL) ratio recorded 2.04 percent at the end of March 2025 compared to 1.74 percent at the end of December 2024. Commenting on the results, Ali Marafi, Chairman of ABK-Egypt stated, 'Over the course of our operational journey that is close to ten years in the Egyptian market, the Bank succeeded in achieving robust growth rates across all financial indicators and managed to demonstrate its strong presence, whilst carefully adhering to all risk management practices to best navigate challenging market conditions and ensure achieving its sustainable success and expansion goals.' Marafi also confirmed that ABK-Egypt has always been keen on prioritizing corporate social responsibility as an integral part of its well-articulated strategy. Since it started operating in Egypt, the Bank has proactively played a leading role in supporting the communities in which it operates through various social initiatives that support the development of the education and healthcare sectors in addition to providing financial relief to the underprivileged. The Bank has also made various contributions to help integrate individuals with disabilities and improve the lives of children, women and families in need. Marafi noted that ABK-Egypt will continue to support development plans in Egypt in cooperation with the relevant authorities. He added that the Bank remains committed to providing the necessary financing to assist individual and corporate clients in carrying out their operations and expanding their activities. This thereby strengthens trust in the Bank as a preferred banking partner in the Egyptian banking sector. Marafi added that ABK-Egypt enjoys the trust of numerous international organizations and institutions, as reflected by the many awards it has received, which affirm its ability to meet the needs of all customers and keep pace with developments in the banking industry. This, in turn, helps the Bank strengthen its competitive position within the banking sector. He expressed his gratitude to the Central Bank of Egypt and the Egyptian government for their continued support of the Bank and the banking sector as a whole, affirming the Bank's full commitment to contributing to the success of future plans aimed at enhancing economic activity and achieving Egypt Vision 2030 across various sectors. Stability and flexibility In the same context, Khaled El Salawy, Chief Executive Officer & Managing Director of ABK-Egypt, affirmed that these results reflect ABK-Egypt's underlying strength and its emphasis on achieving steady, profitable growth. It also underscores the resilience of the Bank's financial position, the agility of its operational frameworks, and the strength of its risk management practices. Adding that the Bank will continue to focus on its digital transformation agenda as one of the chief drivers of sustainable growth. He also expressed his gratitude for the combined efforts of the entire team and their commitment to delivering very strong results through diversifying revenue streams, which led to achieving EGP 1.7 billion Profit Before Tax excluding foreign exchange revaluation impact. El Salawy further elaborated, 'As we continue working on our plans towards fortifying ABK-Egypt's position in the Egyptian market and playing an active role in supporting the Egyptian economy, our vision will remain focused on providing experiences that simplify and enrich people's lives through our range of innovative and secure banking solutions that serve all customer segments. Moreover, we maintain a positive outlook regarding market conditions and will continue to support all endeavors led by the Egyptian government and the Central Bank of Egypt that pave the way for a brighter future.' El Salawy additionally stated that, in line with the Bank's ambitious growth strategy and plans to expand its geographical presence to best cater for its growing customer base in Egypt, ABK-Egypt recently opened its new branch located in Palm Hills, 6th of October. This recent opening brings the Bank's network to 46 branches covering 18 governorates across the country. Furthermore, the Bank will continue to prioritize the enhancement of its suite of offerings and upgrading its service quality to ensure a distinguished banking experience across all channels and to maximize value for its customers. International Certification It is worth mentioning that ABK-Egypt recently obtained the Payment Card Industry Data Security Standard (PCI DSS) certification V4.0.1, a globally recognized benchmark that guarantees the highest standards in payment cards data protection. The Bank was certified after successfully passing a full audit process and a comprehensive review on Bank's systems and technical procedures related to electronic payment cards data processing. Obtaining this certification reflects the Bank's full commitment to the regulations and directives of the Central Bank of Egypt and will further strengthen its ongoing efforts to implement global best practices in information security and the protection of customer data from threats or breaches. The PCI DSS certification marks an important milestone in the Bank's journey to solidify its credibility in the Egyptian banking market and support its strategy aimed at developing digital services while ensuring the highest levels of security in banking transactions - offering customers a safe and reliable experience. This achievement is the result of effective collaboration across various divisions within the bank, as well as the presence of highly qualified personnel with the technical expertise and skills required to implement advanced security solutions. Previously, ABK-Egypt had also obtained the ISO/IEC 27001:2013 certification in Information Security Management Systems, making it one of the few Egyptian banks to earn this international accreditation. This stands as further proof of its excellence in applying security governance standards and ensuring data confidentiality and professional handling. Our vision will remain focused on providing experiences that simplify and enrich people's lives through our range of innovative and secure banking solutions that serve all customer segments.
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Scotsman
20 hours ago
- Business
- Scotsman
Bank of England move today could make a mortgage more costly
The rate decision offers little relief as bills stay high and pressure on households grows 💸 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Bank of England holds interest rates at 4.25% amid economic uncertainty Inflation has eased but remains above the 2% target at 3.4% Rising global energy prices risk pushing household bills higher again Mortgage, loan and credit card costs stay high for now A rate cut could come as soon as August if the economy continues to slow The Bank of England has kept interest rates steady at 4.25%, despite growing pressure to lower them. With the cost of living still high and signs the UK economy is weakening, many households are wondering: when will borrowing get cheaper – and will you end up with more or less money in your pocket? Advertisement Hide Ad Advertisement Hide Ad The Bank of England uses interest rates to control inflation – the rate at which prices rise. When inflation is high, they raise rates to encourage saving and make borrowing more expensive, which should slow spending. (Photo: SUSANNAH IRELAND/AFP via Getty Images) | AFP via Getty Images When the economy is struggling or inflation falls, they cut rates to stimulate growth. At 3.4%, inflation is still above the Bank's 2% target, but it's come down a lot from its double-digit peak in 2022. That's why many expected a cut soon – especially with signs that the jobs market is cooling, such as slower wage growth and rising unemployment. But for now, the Bank has decided to hold. Six members of the Monetary Policy Committee voted to keep rates on pause, while three wanted to cut. It shows there's growing division – and that rate cuts may not be far off. Advertisement Hide Ad Advertisement Hide Ad What does it mean for your finances? Mortgages and rent If you have a variable or tracker mortgage, your monthly repayments won't fall just yet. People coming off fixed-rate deals will still face higher costs than a few years ago, though they might find slightly better deals than last year. For renters, it's a mixed picture. Many landlords face higher mortgage costs, which can lead to rent hikes. A cut in interest rates could ease this pressure – but that relief is not here yet. Loans, credit cards and debt Interest rates influence how much you pay to borrow. With the Bank rate still at 4.25%, borrowing remains expensive. Whether you're using a credit card, car finance, or a personal loan, repayments stay higher for now. Wages and jobs Advertisement Hide Ad Advertisement Hide Ad The Bank pointed to a 'softening' jobs market – meaning employers are hiring less, pay rises are slowing, and unemployment is starting to rise. That could mean fewer opportunities or smaller pay packets in the months ahead. Prices in the shops Energy prices are rising again globally due to conflict in the Middle East and oil market instability. That could push up household bills later this year, especially if it feeds into wider price increases, like we saw in 2022. But weaker demand at home – and businesses cutting costs – may help balance that out. Many firms are trying to avoid price hikes by trimming staff hours, reducing salaries, or accepting lower profits. Will interest rates eventually fall? The Bank hasn't ruled out a cut at its next meeting in August, especially if inflation continues to fall and the economy keeps slowing. In fact, three members already voted for a cut this time – a clear signal that change is on the horizon. Advertisement Hide Ad Advertisement Hide Ad Experts believe we may see one or two cuts before the end of the year – with some predicting rates could drop in both August and November. But uncertainty overseas – such as oil price shocks, war in the Middle East, and the second Trump presidency affecting global trade – could delay the timeline.
