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Kenya Commercial Bank (KCB) has announced its interim results for the third quarter of the year.
The firm made pre-tax profits of KSh5.3bn, a 1% increase from the Q3 2009 figure of KSh5.2bn.
In the first half of the year the firm enjoyed a larger rise in pre-tax profits, which rose by 4% to KSh3.64bn.
Operating profits (before taxes or provisions), increased more, up 18% from KSh4.99bn to KSh5.9bn.
Group Chairman Peter Muthoka has stated that the firm’s performance is due to the commitment of its staff and its resilience, allowing continuing rises in profitability des
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pite the difficult operating environment.
Group Chief Executive Martin Oduor-Otieno added that the surge in operating income was due to an increase in interest income and foreign exchange business.
In a trading update, Standard Chartered has reported good progress during the third quarter of 2009, building on record income and profits in the first half of the year.
The group’s wholesale banking business saw client income broadly in line with the first half and loan-impairment charges for the three months were low, although the bank says it continues to monitor a number of situations “where uncertainty remains”.
Furthermore, loan impairment charges for the retail side of the business were “some tens of millions” better than the $300 million expecte
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Transaction banking, especially trade finance, remained strong with growth in both trade and cash management volumes.
Corporate finance also turned in an impressive performance during the third quarter “on the back of a strong deal pipeline”.
Mortgages performed well, especially in Hong Kong, Korea, Singapore and India where, in general, margins continued to improve.
Summing up third-quarter trading, group chief executive, Peter Sands, said: “Although economic data and the underlying environment are improving, it remains too early to call a sustained recovery and we remain cautious on the outlook.”
He added: “However, it is ever clearer that our markets in Asia, Africa and the Middle East are emerging more quickly and stronger than a number of markets in the West.”
The group has also revealed that it is actively considering a listing in India and in China.
Royal Bank of Scotland (RBS) has suspended two executives suspected of misdemeanours in its overseas mortgage department.
Both members of staff are alleged to have taken backhanders in return for referring UK borrowers to foreign estate agents, continuing their activities long after RBS was rescued by the Government.
According to The Daily Telegraph, mortgages were arranged for people interested in investing in second homes in popular European locations, such as France and Spain.
The RBS executives then directed the bank’s customers to selected agents who would help them f
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ind a property.
The newspaper suggests that the alleged scam could involve hundreds of thousands of pounds with loans being made for properties bought off plan and developers never receiving the full “purchase” price.
RBS says it is carrying out an internal inquiry and will be establishing whether the allegations involve the two suspended employees only, or are more widespread.
The rich have become cautious about putting money into alternative investments, after promises of high returns came up empty.

Lloyds Banking Group is reported to be proposing to pay the Government £2.5 billion to avoid participation in the Treasury’s Asset Protection Scheme (APS).
The sum represents a fee for an implicit guarantee given for the £260 billion in bad loans that Lloyds originally said it would place in the APS, back in March.
According to Sky News, Chancellor of the Exchequer, Alistair Darling, will announce the arrangement formally next week but only if the bank’s plans for a £21 billion fundraising receive official approval.
Shunning the APS would allow Lloyds to remain 43
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% state-owned rather than increasing the taxpayers’ stake in the business to 62% by formally taking up the scheme.
Last month it emerged that the Financial Services Authority was stress-testing Lloyds’ plans for a record breaking rights issue.
The regulator was reportedly scrutinising the proposals against the backdrop of a worsening recession and a surge in the level of the group’s bad debts.
National Australia Bank (NAB) has announced its quarterly results, including group revenue of $16.9bn, a rise of 9.7% made despite an economic backdrop of weakness.
Cash earnings declined compared to the same period in 2008 by 1.9% to $3.8bn, a fall attributed to an increased charge for bad debts, which rose by $2.3bn to $3.8bn.
However, underlying profit has risen by 14.6% to $9.3bn.
Net profit slumped to $2.6bn, a decline of 42.9%, a fall for which legal and tax proceedings have been cited as the primary cause.
Group Chief Executive Officer Cameron Clyne has described the
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result as solid, and stated that the National Australia Bank has moved to strengthen its capital and funding position.
Clyne went on to say that the bank’s focus in the near term was to conservatively manage capital and funding, tightly control costs and to pursue growth in Australia, and, in the longterm, internationally.
The bank has also been mentioned as a potential bidder, alongside Virgin for part of Northern Rock, which the UK Government intends to break into good and bad parts, selling the former prior to the forthcoming General Election.
Deutsche Bank has announced its financial results for the last nine months and Q3 of 2009.
The firm made net income of €1.4bn for the quarter, more than triple the €414m profit made in Q3 2008, and also a significant improvement on the €1.1bn net income recorded for the previous quarter.
The net income matches the forecast the bank made earlier in the month, when it correctly predicted a €1.4bn net income.
Diluted earnings per share stood at €2.10, up from €0.83 from the corresponding period last year.
Total net income for the first nine months of the year was â
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‚¬3.6bn, more than threefold the net income for the first three quarters of 2008 which stood at €918m.
Similarly the nine month diluted earnings per share rose from €1.85 to €5.62 from 2008 to 2009.
Chairman Dr. Josef Ackermann has welcomed the continuing profitability of the bank, which has strengthened its capital position whilst increasing its net income once again.
As part of a legal settlement, a consortium will set up a system to help determine reimbursements for patients using out-of-network doctors.