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Credit Suisse reports big loss amid sour market conditions
– canadianbusiness.com
GENEVA – Swiss bank Credit Suisse reported Tuesday a loss of 302 million Swiss francs ($310 million) for the first quarter, when market volatility discouraged client activity, while pressing apace with planned staff reductions.
The loss compared with a profit of 1.05 billion francs a year earlier. Revenues plunged 30 per cent to 4.64 billion francs.
Still, the loss was not as bad as investors had feared, and the shares rose 3.7 per cent to 13.93 francs in Zurich.
The bank said that during the quarter it achieved over half of its 2016 target for 1.4 billion francs in net cost savings, and has reduced 3,500 positions of a total 6,000 planned reductions this year.
Chief Executive Tidjane Thiam pointed to the bank’s “good progress” in speeding up cost and headcount reductions, delivering profit growth in wealth management and maintaining a strong capital position amid an “extremely challenging market backdrop.”
The post Credit Suisse reports big loss amid sour market conditions appeared first on Canadian Business – Your Source For Business News.
The loss compared with a profit of 1.05 billion francs a year earlier. Revenues plunged 30 per cent to 4.64 billion francs.
Still, the loss was not as bad as investors had feared, and the shares rose 3.7 per cent to 13.93 francs in Zurich.
The bank said that during the quarter it achieved over half of its 2016 target for 1.4 billion francs in net cost savings, and has reduced 3,500 positions of a total 6,000 planned reductions this year.
Chief Executive Tidjane Thiam pointed to the bank’s “good progress” in speeding up cost and headcount reductions, delivering profit growth in wealth management and maintaining a strong capital position amid an “extremely challenging market backdrop.”
The post Credit Suisse reports big loss amid sour market conditions appeared first on Canadian Business – Your Source For Business News.
Intertape Polymer Group posts profit of $9.5 million in 1st quarter
– canadianbusiness.com
ST LAURENT, Que. – VILLE ST LAURENT, Quebec (AP) _ Intertape Polymer Group Inc. (ITPOF) on Tuesday reported first-quarter net income of $9.5 million.
On a per-share basis, the Ville St Laurent, Quebec-based company said it had net income of 16 cents.
The packaging company posted revenue of $190.8 million in the period.
Intertape Polymer shares have increased 17 per cent since the beginning of the year. The stock has risen 15 per cent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ITPOF at http://www.zacks.com/ap/ITPOF
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Keywords: Intertape Polymer Group, Earnings Report
The post Intertape Polymer Group posts profit of $9.5 million in 1st quarter appeared first on Canadian Business – Your Source For Business News.
On a per-share basis, the Ville St Laurent, Quebec-based company said it had net income of 16 cents.
The packaging company posted revenue of $190.8 million in the period.
Intertape Polymer shares have increased 17 per cent since the beginning of the year. The stock has risen 15 per cent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ITPOF at http://www.zacks.com/ap/ITPOF
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Keywords: Intertape Polymer Group, Earnings Report
The post Intertape Polymer Group posts profit of $9.5 million in 1st quarter appeared first on Canadian Business – Your Source For Business News.
Saudi Aramco prepares for global expansion as IPO looms
– theglobeandmail.com
Oil giant seeking to expand globally via joint ventures overseas as it prepares for a partial privatization pushed by a government intent on diversifying the economy
Allergan plans to buy back $10 billion stock
– canadianbusiness.com
NEW YORK, N.Y. – Allergan will buy back up to $10 billion in stock following a swing to a first-quarter profit on a strong surge in sales of key drugs, including the wrinkle and muscle spasm treatment Botox.
The buyback plan is contingent on the sale of the drug developer’s generics unit to Teva, which is expected to close by the end of the year.
The announcement came as the Dublin-based company swung to a first-quarter profit of $255.7 million, or 47 cents per share, after reporting a loss in the same period a year earlier.
Earnings, adjusted for one-time gains and costs, were $3.04 per share. That surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.
Revenue jumped 48 per cent to $3.8 billion in the period. Four analysts surveyed by Zacks expected $3.95 billion.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research…
The buyback plan is contingent on the sale of the drug developer’s generics unit to Teva, which is expected to close by the end of the year.
The announcement came as the Dublin-based company swung to a first-quarter profit of $255.7 million, or 47 cents per share, after reporting a loss in the same period a year earlier.
Earnings, adjusted for one-time gains and costs, were $3.04 per share. That surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.
Revenue jumped 48 per cent to $3.8 billion in the period. Four analysts surveyed by Zacks expected $3.95 billion.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research…
UniCredit net profit hit by restructuring costs
– canadianbusiness.com
MILAN – Italy’s largest bank by assets, UniCredit, says net profit dropped by 21 per cent in the first quarter due mainly to restructuring costs in Italy and Austria.
The bank said Tuesday that its net profit for the first three months of the year was 406 million euros ($462 million), down from 512 million euros a year earlier, while restructuring cost the bank 259 million. It closed 92 branches in the quarter while cutting 500 executive positions in Italy.
CEO Federico Ghizzoni called the performance “more than satisfactory, as reflected in the growth trend of loans and deposits.”
The value of impaired loans shrank by 7 per cent while the bank provided new loans worth 15 billion euros, including 1.4 billion euros in housing mortgages in Italy, nearly double the previous year.
The post UniCredit net profit hit by restructuring costs appeared first on Canadian Business – Your Source For Business News.
The bank said Tuesday that its net profit for the first three months of the year was 406 million euros ($462 million), down from 512 million euros a year earlier, while restructuring cost the bank 259 million. It closed 92 branches in the quarter while cutting 500 executive positions in Italy.
CEO Federico Ghizzoni called the performance “more than satisfactory, as reflected in the growth trend of loans and deposits.”
The value of impaired loans shrank by 7 per cent while the bank provided new loans worth 15 billion euros, including 1.4 billion euros in housing mortgages in Italy, nearly double the previous year.
The post UniCredit net profit hit by restructuring costs appeared first on Canadian Business – Your Source For Business News.
