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Paragon Banking Group reports a 27% decline in full-year profit

In an announcement on Thursday, Paragon Banking Group plc (LON: PAG) said its annual profit came in 27% lower on a year over year basis. The company attributed the decline to the ongoing Coronavirus pandemic that disrupted lending in the recently concluded financial year. Paragon said: “The pipelines across the key business lines have rebuilt to pre-COVID-19 levels and, in
Economy Europe Finance & banking Industries Services Stocks & shares UK World

Phoenix Group’s full-year cash generation tops bumped-up estimates

Phoenix Group Holdings (LON: PHNX) valued its annual cash generation at £1.7 billion on Thursday, that represents an over 100% growth as compared to last year. Cash generation, it added, also topped its own upwardly revised estimates for the recently concluded financial year. Phoenix Group opened about 0.5% up on Thursday but lost the entire intraday gain in the next hour.
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National Bank, Royal Bank of Canada report better than expected profit in Q4

National Bank of Canada (TSE: NA) and Royal Bank of Canada (TSE: RY) said on Wednesday that their profit in the fiscal fourth quarter came in better than expected on lower provisions for potential loan losses. Canada’s largest lender, Royal Bank of Canada, valued its provisions for credit losses in the quarter that concluded in October at £247.57 million that represents a
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S&P Global to acquire IHS Markit for £32.97 billion

S&P Global Inc. (NYSE: SPGI) said on Monday that it will buy IHS Markit Ltd (NYSE: INFO) for £32.97 billion. The all-stock deal will mark the largest corporate acquisition this year. The two companies were negotiating the mega-deal for the past few months. Following approval from antitrust regulators, the deal is expected to close next year in the second half. CEO
Economy Europe Finance & banking Industries Stocks & shares UK World

Lloyds Banking Group names Charlie Nunn as its next CEO

Lloyds Banking Group (LON: LLOY) named Charlie Nunn as its next Chief Executive Officer on Monday. Nunn is currently serving at HSBC as the head of wealth and personal banking. Nunn will fill the shoes for Antonio Horta-Osorio at Lloyds. Antonio expressed plans of stepping down in July and is now scheduled to exit the role in 2021 after a 10-year tenure. Lloyds Banking
Economy Europe Finance & banking Industries Stocks & shares UK World

HSBC to quit retail banking in the United States

HSBC Holdings plc (LON: HSBA) has been struggling to compete well with the big fish in the United States for a while. In a report on Saturday, Financial Times said that the largest European bank was now planning on quitting retail banking completely in the United States. At £4.04 per share, HSBC is currently more than 30% down year to date in the stock market. Shares of
Dividend Economy Europe Finance & banking Industries Stocks & shares UK World

Aviva reinstates dividend for H1 as trading shows resilience in the first nine months

Aviva reinstates dividend for H1 as trading shows resilience in the first nine months. The insurance firm expects to pay 21 pence per share of total dividend this year. The British multinational's solvency II ratio is expected at 195% as of 30th September. Aviva plc (LON: AV) said on Thursday that trading remained robust in the first three quarters despite the ongoing
Economy Europe Finance & banking Industries Stocks & shares UK World

Virgin Money’s full-year pre-tax loss shrinks to £168 million

Virgin Money’s full-year pre-tax loss shrinks to £168 million. The British firm values its credit impairment charge at £501 million. Virgin Money’s statutory ROTE jumps to negative 6.2%. In a report on Wednesday, Virgin Money UK plc (LON: VMUK) said that it booked a sizable impairment charge in fiscal 2021 but concluded the financial year with a pre-tax loss that was
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Intuit says its net income jumped over 200% in the fiscal first quarter

Intuit says its net income jumped over 200% in the fiscal first quarter. The financial software company reports a 14% increase in its revenue. Intuit forecasts up to £1.39 billion of revenue for the second quarter. Intuit Inc. (NASDAQ: INTU) said on Thursday that its revenue in the fiscal first quarter came in 14% higher on a year over year basis. At £149.24 million, its