EFG Eurobank with 61% profit decrease
The Greek bank EFG Eurobank announced its profits drop 61 percent in the second quarter on an annual basis. The main reason for this state increased provisions to cover bad loans, says Wall Street Journal. Earnings per second largest Greek bank's assets amounted to EUR 34 million after the second quarter of the year it was 88 million euros. Analysts estimates were for a profit of 31.9 million. The provisions for bad loans rose 21 percent to 346 million, the report shows. Expectations were for a more limited growth to 345.2 million. Net interest income Eurogank EFG for the second quarter fell by 4.9 percent annually to 561 million. Markets, however, expected that this indicator amounted to 568.6 million. In the first half year performance in Central and Eastern Europe is improving, it has achieved a profit of 12 million. For the first half of last year the region has brought loss of 26 million. Earlier this week, the other leading Greek banks also have announced their results. Piraeus has managed to achieve a profit of 3 million, while National Bank of Greece suffered a profit decline of 68 per cent.
Alpha Bank with 62% decrease in the profit for the second quarter
The Greek bank - Alpha Bank announced a significant drop in profit for the second quarter. Degradation results due to increased provisions to cover bad loans and reduced income from dividends from subsidiary banks. The profit financial institution for the second quarter was 48.7 million, down 62% over the same period last year. Earmarked as a provision to cover bad loans, money does have risen by 31% to 221.3 million. Preliminary analyst expectations were for a much weaker results, expected a profit of 33.8 million. In the explanatory notes to the accounts the Executive Director of Alpha Bank Mantsunis Demetrius believes that the bank will be able to cope with much more severe economic conditions. His confidence is based on good performance of the financial institution of stress tests conducted by the European Central Bank. For the first six months of the year profit of Alpha Bank melts with 82.2 per cent to 38.2 million. the bank realized good financial strategy for Remortgage Quotes, but this was not enough for positive financial result.
Net profit of Lukoil jumped with 24% for the half year to 4 billion USD
The net profit of Russian oil company Lukoil jumped by almost 24% for the period January-June 2010 yoy to $ 4 billion, according to U.S. accounting standard. This shows basic data published by the consolidated revenue and expenditure of Lukoil. Only second-quarter profit of Lukoil 1,95 billion dollars. Lukoil revenues for August amounted to 49.76 billion dollars, an increase of 42% annually. For the first half the company Lukoil has charged taxes 14.8 billion, of which 1.1 billion dollars tax. The average cost of production during the period increased by 23% yoy to $ 4 per barrel of oil equivalent, which is determined mainly by the increase in cost of wages, increased energy costs and increasing the rate of the ruble, says report Lukoil. Capital costs of Lukoil for the reporting period amounted to 3.2 billion dollars, an increase of almost 5% yoy. The cost for geological exploration work for the period have doubled year on year to 146 million dollars. The extraction of oil from Lukoil for the first half is over 48 million tons of processing volumes of oil in their refineries Lukoil for the period grew by over 8% to 32.4 million tons, in particular, the increase of the processed oil LUKOIL refineries in Russia is 1.5%, while those outside the country is 26%.
Carrefour with 82 million USD profit for the half year
The French retail chain retail Carrefour has issued a profit in the first half of 2010. This is mainly due to the good performance of emerging markets, which offsets the negative effects seen in Western Europe. Of Carrefour profit was 82 million after the first six months of last year was reported a loss of 58 million. Do sales increased by 5.9 percent to 48.9 billion EUR, reported Wall Street Journal. Operating profit for the first half was 1.1 billion following last year were achieved 1.02 billion. Preliminary expectations were for an operating profit of 1.05 billion. This allows the company, which is the second largest chain of retail sales in the world after the American Wal-Mart, to confirm its forecasts for operating profit in 2010. It is a positive result of 3.1 billion. Over the last six months of Carrefour shares have increased by 1,5 per cent of the exchange in Paris. This presentation is much better than the presentation of the overall market as the main CAC 40 index lost 7.5 per cent for the period.
Anglo Irish Bank with 8.2 billion USD loses
The nationalized Irish Bank - Anglo Irish Bank announced a loss of 8.21 billion for the first half of 2010. Most of the negative result is due to bad loans which the financial institution is transferred to the state. In the first six months of last year Anglo Irish Bank suffered a loss of 3.8 billion. Allocated allowances in the first half were worth 4.85 billion euros, according to figures. With them the bank announced that it would require the raising of new capital and plans to part with 80 percent of their business. The aim of this course is to create a viable bank loan portfolio quality. During the first six months of the financial institution has received 8.6 billion of new aid from the Government of Ireland towards the end of June. The money is part of the European Commission approved a package of aid worth 10 billion. The bank realized bad financial quarter because of the bad loans and bad credits, which was the main reason for the bankruptcy of it. The bank tried to introduce marketing strategy with low online mortgages UK , but unfortunately in the conservative world of Great Britain it was hard job.
Profit for the quarter of Raiffeisen increased triple
The Austrian bank holding company Raiffeisen International Bank Holding announced triple profit growth for the second quarter. However, the results remain well below analyst estimates. Profit of the bank, which operates in 17 countries from Central and Eastern Europe amounted to 71 million after the second quarter of last year the positive result was 22 million. Preliminary expectations were for profit of 99 million. With a major contribution to the growth of profit due to lower provisions for bad loans, which fell by half - from 523 million in the second quarter of last year to 265 million for the same period of this. Net interest income of the bank which shows the difference between received interest on loans and interest on borrowed funds increased by 1.5 percent to 740 million euros. By the financial institution remain uncertain prospects in the global economy in 2011. Significant improvement in the situation, however, observed in Russia and Ukraine, which still gives cause for optimism. When you compare fixed rate mortgage from the bank with another competitors, you will see that the bank is offering good and quality service for credits and loans. This increases its market stake, which was moving the profits up.
Profit of Credit Agricole with 89% increase for the second quarter
The French bank Credit Agricole said its profit growth of 89% in the second quarter on an annual basis. So the result is much stronger than prior analyst expectations. The profit of the financial institution 379 million after the second quarter of last year the positive result was 201 million euros. Analysts had forecast a positive result of 318 million euros. With great credit for the strong results, division of corporate and investment banking. It has brought a profit of 330 million targets after the same period last year its profits were 87 million. Thus the bank has managed to neutralize most of the losses caused by the Greek crisis. That is why it is Credit Agricole derecognition of assets for 418 million related to its possession a Greek bank Emporiki. The financial institution realized good financial results of fixed rate mortgages and good business management. Credit Agricole is among the largest creditors in Greece and having large market stake in this branch.
Lloyds and Standard Chartered with good financial reports
Two more of the leading British banks have shown strong results for first half of 2010. After the best accounts of HSBC and the "bad bank" Northern Rock Asset Management, showed good performance today Standard Chartered and Lloyds Banking Group. Profit before tax of Standard Chartered rose by 10 percent annually for the first half on an annual basis, reaching 3.12 billion dollars. This is a strong result for the financial institution that generates over 80% of their revenues to the Asian market, reports suggests. A key event for the bank in the first half of the year is to raise 537 million dollars from the market in India, was carried listing of depository receipts that can be traded on the exchange. So Standard Chartered became the first foreign company that carried the Indian market. Profits of Lloyds Banking Group for the first six months amounted to 1.6 does billion pounds, which is a significant improvement over last year. Then it was reported a loss of 4 billion pounds. With a major contribution to the good profit of the bank 41 percent owned by taxpayers, is the reduction in appropriations to cover bad debts provisions. They have dropped from 13.4 billion to 6.5 billion pounds.
Adidas with profit increase with the support of the World Cup
The World Cup has had strong support for the results of the German sporting goods company Adidas. Thanks to strong sales during the event, GW has made a profit of 126 million euros for the second quarter. For comparison, in the second quarter of 2009, profits of Adidas was 9 million, Air Force forward. The high gain is achieved due to growth in sales of 13 per cent. Much of what does is the result of contracts of the company that supplied equipment to some of the biggest forces in world football. Among the national teams that wear with Adidas, the world champions are from Spain and Germany, Argentina, France and other big teams. Furthermore the German company is an official partner of Fifa and produces balls that are played in World Cup meetings. During the quarter reached an increase of sales of the company in the U.S. with 16 percent, data show. The company realized good financial policy and repaid 5 Year Fixed Mortgage, which supported the profits for the second quarter of 2010.
Unilever with about 40% growing of the quarterly profit
The net profit of Unilever NV for the second quarter increased by 39 percent annually to 1.15 billion, exceeding analysts' forecasts rather. Revenues from sales of the Dutch manufacturer of consumer goods increased by 12.4 percent to 11.75 billion. The largest share of which are products body care (over 30%), while that of ice cream and beverages is nearly 23%. Analysts interviewed by Thomson Reuters expected profit of 1 billion euros and sales of 10.22 billion. Among the products are teas Unilever Lipton, soap Dove, Rexona deodorants and ice cream Ben & Jerry's. Company trying to boost sales and gain a greater market share in the fight against major rivals Procter & Gamble Co. and Nestle SA by reducing prices. "The results reflect continued investment in our brands, imposition of new markets, successful innovation and better realization of goods," said CEO Paul Poulman Unilever. He expects weak economic growth, particularly in Europe and North America and boost competition. This means that the company will face difficulties in raising their prices even if the expected growth in commodity prices in the second half of the year.