Latest news with #Euribor
Yahoo
12-06-2025
- Business
- Yahoo
Bigbank AS Results for May 2025
May was a stable month for Bigbank – both the loan and deposit portfolios grew at a steady pace, and profitability remained at a solid level. The loan portfolio increased by a total of 43 million euros in May. The largest contributions came from business loans and home loans, which grew by 22 million and 15 million euros, respectively. The consumer loan portfolio grew by 6 million euros. The deposit portfolio grew by a total of 26 million euros in May. In a declining interest rate environment, the savings deposit product became more attractive to customers, with its portfolio increasing by 18 million euros during the month. The term deposit portfolio also returned to growth, increasing by 8 million euros. It is encouraging that despite falling interest rates, Bigbank has increased its net interest income during the first five months of 2025. The strong growth of the loan portfolio, along with maintaining the deposit portfolio at an optimal volume and pricing level, has offset the decline in interest income caused by the drop in Euribor and the upward pressure on interest expenses resulting from the growth of the deposit portfolio. As of the end of May, net interest income for 2025 exceeded the result for the same period in 2024 by 1 million euros. A positive development was the continued decline in net allowances for expected credit losses and provision expenses compared to 2024. In May, the expense amounted to 0.9 million euros, bringing the total for the five-month period to 6.7 million euros – 4.4 million euros, or 40%, less than in the same period last year. This improvement was primarily driven by better repayment behaviour in the consumer loan segment across all three Baltic countries. Net profit for May was 3.4 million euros, representing a strong result. In addition to the increase in net interest income and the decline in net expected credit losses, net fee and commission income rose by 0.5 million euros over the five-month period, while administrative expenses decreased by 0.4 million euros. Behind the bank's growth and profitability is a strong team, which had grown to 600 employees by the end of May. The expansion of the team, combined with salary increases, led to a 2.2 million euro rise in personnel expenses over the five-month period. A negative development was the 1.3 million euro increase in income tax expenses over the same period, mainly due to higher income tax rates introduced in Estonia and Lithuania at the beginning of 2025. Bigbank's key financial indicators for May 2025: Customer deposits and loans received increased by 357 million euros over the year, reaching 2.57 billion euros (+16%). Loans to customers grew by 564 million euros year-on-year, reaching 2.41 billion euros (+31%). Net interest income totalled 8.8 million euros in May; the five-month total reached 42.8 million euros. Compared to the same period last year, net interest income increased by 1.0 million euros (+2%). Net allowance for expected credit losses and provision expenses totalled 6.7 million euros in the first five months of the year, down 4.4 million euros or 40% year-on-year. Net profit in May was 3.4 million euros. Cumulative profit for the first five months amounted to 16.3 million euros, an increase of 2.9 million euros or 22% compared to the same period in 2024. Return on equity in May was 14.7%. Income statement, in thousands of euros May 2025 YTD25 YTD24 Difference YoY Total net operating income, incl. 9,480 47,716 45,983 1,733 +4% Net interest income 8,827 42,785 41,747 1,038 +2% Net fee and commission income 820 4,197 3,652 544 +15% Total expenses, incl. -4,377 -20,862 -18,922 -1,940 +10% Salaries and associated charges -2,749 -12,742 -10,542 -2,199 +21% Administrative expenses -919 -4,569 -4,938 369 -7% Profit before loss allowances 5,103 26,853 27,060 -207 -1% Net allowance for expected credit losses and provision expenses -866 -6,679 -11,076 4,397 -40% Income tax expense -844 -3,882 -2,615 -1,267 +48% Profit for the period from continuing operations 3,392 16,292 13,369 2,923 +22% Profit or loss before tax from discounted operations 0 0 29 -29 Profit for the period 3,392 16,292 13,398 2,894 +22% Business volumes, in thousands of euros May 2025 YTD25 YTD24 Difference YoY Customer deposits and loans received 2,574,153 2,574,153 2,216,907 357,246 +16% Loans to customers 2,413,543 2,413,543 1,849,189 564,354 +31% Key figures May 2025 YTD25 YTD24 Difference YoY ROE 14.7% 14.3% 13.0% +1.3pp Cost / income ratio (C/I) 46.2% 43.7% 41.2% +2.6pp Net promoter score (NPS) 55 58 58 +0 Compared to the financial results published for May 2024, the net interest income and the net allowance for expected credit losses for the prior period have been adjusted, both reduced by 1.1 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure rather than on a net basis. This correction does not impact the net profit for May 2024. Bigbank AS ( with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 May 2025, the bank's total assets amounted to 3.0 billion euros, with equity of 278 million euros. Operating in nine countries, the bank serves more than 172,000 active customers and employs 600 people. The credit rating agency Moody's has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2. Argo KiltsmannMember of the Management BoardTelephone: +372 5393 0833Email: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Independent
11-06-2025
- Business
- Irish Independent
New mortgage rates fall for the third month in a row
Meanwhile Pepper, the largest servicer of mortgages on behalf of vulture funds, has promised more rate reduction for 'mortgage prisoners' trapped with it. Overall new mortgage rates fell to 3.72pc in April, down from 3.77pc in March, Central Bank of Ireland statistics show. Mortgage rates are now at their lowest level in just over two years. The Eurozone average rate increased marginally to 3.34pc. However, rates varied hugely across the currency bloc. They are as low as 1.69pc in Malta to as high as 4.40pc in Latvia. Ireland had the fifth highest rates in the Eurozone. This is a vast improvement on a few years ago when mortgage rates in this country were among the highest in the area. Also falling, but at a faster rate, are the interest rates banks are paying savers. The Central Bank of Ireland figures show that the average interest rate on household deposits with a fixed maturity fell from 2.26pc to 1.95pc. This reflects the fact that the European Central Bank cut rates for the eighth time last week putting pressure on savings and deposit rates. One more rate cut is expected by the money markets, possibly in September. Daragh Cassidy, head of communications at mortgage broker said the gap between Irish mortgage rates and European ones was narrowing fast. 'Although we now have the fourth highest rates in the Eurozone, the 0.38 percentage point gap between the average Eurozone rate and the average Irish rate is actually the smallest it's been in 10 months.' He said the ECB cut rates again this month, and is likely to cut rates once more before the end of the year. This should lead to mortgage rates in Ireland continuing to creep a bit lower over the coming months. The lowest rate in the market is currently just under 3pc, which is with Avant Money's new tracker-like variable product which tracks the Euribor, Mr Cassidy said. ADVERTISEMENT Learn more AIB and PTSB both offer fixed rates as low as 3pc, but homeowners much have a Building Energy Rating of B3 or better. Mr Cassidy said: 'We could see a fixed rate slightly under 3pc on offer by the end of the year for mortgage customers with big deposits. However, the sub-2pc rates we saw as recently as 2022 don't look like returning any time soon.' He said this is particularly relevant for some of those coming off fixed rates in the next year or so. Despite the overall decline in rates, some may still be facing higher repayments than those they have been used to when they come to re-fix, he added. And asked if it has plans to pass on the latest ECB rate cut to its customers, Pepper Advantage said it expects to pass this on. 'Pepper Advantage recently cut rates in April and anticipates further reductions for customers in the near future. Pepper Advantage continues to monitor ECB interest rate changes with a view to passing them on to customers.' People whose mortgages are serviced by the likes of Pepper Advantage on behalf of vulture funds are known as 'mortgage prisoners'. This is because they are only offered very high variable rates and are unable to fix. They are unable to move their mortgage to another lender as many of them are either in arrears or fell behind on their payments in the past.
Irish Times
05-06-2025
- Business
- Irish Times
Avant Money cuts interest rate to below 3% ahead of expected ECB cut
Avant Money has cut its mortgage rates to below 3 per cent, ahead of an expected reduction by the European Central Bank . The lender said interest rates on its new Flex Mortgage product will now start from 2.98 per cent, due to the continued fall in the 12-month Euribor rate. Avant Money introduced the Flex Mortgage in March, linking its interest rate to the 12-month Euribor. The rates are automatically adjusted annually. Avant Money's head of mortgages Brian Lande said the company's Flex Mortgage was a 'game-changer' for borrowers. READ MORE 'By aligning with the 12-month Euribor, it offers a level of transparency and responsiveness you won't find in traditional variable rate products here in Ireland,' he said. 'Customers benefit from a clear link to European market rates, with annual rate updates they can plan for, and the freedom to manage their mortgage on their own terms. This is another step in our mission to give people in Ireland more control, more clarity and more choice when it comes to their home loan.' The new rate will be effective from drawdowns on the Flex Mortgage product from June 10th. The ECB is expected to expected to cut interest rates by a further quarter point today as inflation continues to cool and amid a slowdown in global trade from US tariffs. Avant Money, led by chief executive Niall Corbett, officially became a branch of Bankinter at the start of April. It plans to initially focus on expanding its product range this year to deposits.
RTÉ News
05-06-2025
- Business
- RTÉ News
Avant Money cuts its Flex Mortgage rate below 3%
Avant Money has announced interest rate reductions on its new Flex Mortgage product, with rates now starting from just 2.98%. The company said this reflects the continued fall in the 12-month Euribor rate, the European benchmark on which the Flex Mortgage is based and is the first time mortgage rates have fallen under 3% since 2022. Introduced in March, Avant Money said its Flex Mortgage rate is now 0.77% lower than the next best available variable rate from other lenders. This equates to a minimum saving of €122.87 per month on the typical mortgage of €300,000 at <80% loan to value and 25 years remaining. With Flex Mortgage rates changing monthly, these new rates are effective from drawdowns on the Flex Mortgage product from 10th June 2025. Brian Lande, Head of Mortgages, at Avant Money, described the product as a game changer for Irish borrowers. "By aligning with the 12-month Euribor, it offers a level of transparency and responsiveness you won't find in traditional variable rate products here in Ireland. Customers benefit from a clear link to European market rates, with annual rate updates they can plan for, and the freedom to manage their mortgage on their own terms."
Yahoo
04-06-2025
- Business
- Yahoo
Intercontinental Exchange Reports May Statistics
ATLANTA & NEW YORK, June 04, 2025--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported May 2025 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at in the Monthly Statistics Tracking spreadsheet. May highlights include: Total average daily volume (ADV) up 13% y/y; open interest (OI) up 8% y/y, including record OI of 104.6M lots on May 23 Energy ADV up 10% y/y; OI up 6% y/y, including record futures of 40.0M lots on May 26 Total Oil ADV up 16% y/y; OI up 18% y/y, including record futures of 10.9M lots on May 29 Brent ADV up 13% y/y; OI up 14% y/y, including record futures of 3.0M lots on May 8 WTI* ADV up 14% y/y; OI up 43% y/y, including record OI of 1.8M lots on May 9 Midland WTI ADV up 91% y/y; OI up 71% y/y Gasoil ADV up 26% y/y; OI up 28% y/y, including record OI of 1.4M lots on May 30 Other Crude & Refined products ADV up 14% y/y; OI up 16% y/y, including record OI of 7.8M lots on May 29 Dubai ADV up 11% y/y; OI up 14% y/y Murban ADV up 110% y/y; OI up 89% y/y, including record OI of 85k lots on May 29 Total Natural Gas OI up 2% y/y TTF Gas ADV up 7% y/y; OI up 2% y/y, including record futures of 2.3M on May 26 Asia Gas ADV up 9% y/y; OI up 42% y/y, including record OI of 184k lots on May 14 Total Environmentals OI up 9% y/y Sugar ADV up 8% y/y Cotton OI up 8% y/y Financials ADV up 21% y/y; OI up 15% y/y Interest Rates ADV up 24% y/y; OI up 20% y/y Euribor ADV up 18% y/y; OI up 9% y/y SONIA ADV up 37% y/y; OI up 29% y/y, including record OI of 9.9M lots on May 15 Gilts OI up 61% y/y MSCI ADV up 16% y/y; OI up 11% y/y NYSE Cash Equities ADV up 33% y/y * Combined OI and volumes of WTI and ICE HOU About Intercontinental Exchange Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE's futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world's largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)." Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025. Category: Corporate SOURCE: Intercontinental Exchange ICE-CORP View source version on Contacts ICE Investor Relations Contact:Katia Gonzalez+1 678 981 investors@ ICE Media Contact:Rebecca Mitchell+44 207 065 media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
