Net interest income disappoints Impairments lower than expected Shares fall almost 4% (Adds CFO quotes, details on interest income outlook, share price move and analyst quote)
AMSTERDAM, Feb 10 (Reuters) - ABN Amro is hopeful it will see a recovery in the second half of the year, provided the rollout of vaccination boosts the economy and offsets the impact of low interest rates on profit margins, it said on Wednesday.
ABN reported a net profit of 54 million euros ($65.49 million) for the fourth quarter of 2020, 83% lower than a year earlier, but higher than the average analysts’ estimate of 35 million euros.
Its net profit was helped by impairments on bad loans. At 220 million euros, they were almost a third lower than a year earlier, as the COVID-19 crisis had less impact than feared.
Net interest income down 14%, fees hold up In talks with EU and ECB over capital increase plans (Adds detail, CEO comment)
MILAN, Feb 10 (Reuters) - Italian bank Monte dei Paschi di Siena’s plans to strengthen its capital buffers remain in limbo, it said on Wednesday after reporting annual losses that soared to 1.69 billion euros ($2 billion) in 2020. The government had been working on re-privatising the bailed-out Tuscan lender, but progress has been stymied by the collapse of Italy’s ruling coalition and a change in leadership at possible buyer UniCredit, the country’s second-biggest bank by assets.
Last month Monte dei Paschi (MPS) said it would strive to clinch a merger with a stronger peer before considering a 2.5 billion euro cash call to rebuild capital reserves with support from the state.
Coca-Cola Co on Wednesday forecast a return to organic revenue growth this year after a torrid 2020, betting vaccine rollouts across the world will encourage consumers to return to cinemas and sporting events that drive a chunk of its sales.
Jump in energy cost curbs profit Q4 adjusted EBITDA -3% to $511 mln vs $484 mln consensus Uncertainty over supply bigger than usual -CEO Shares rise 1%, outperforms Oslo stock market (Adds CEO quotes, analyst, updates shares)
OSLO, Feb 9 (Reuters) - Norwegian fertiliser company Yara proposed raising its ordinary annual dividend by a third to 20 Norwegian crowns ($2.36) per share on Tuesday and reported fourth-quarter core profits above expectations.
The Oslo-listed firm, one of the world’s largest producers of nitrogen fertilisers, said increased deliveries and production had offset the impact of higher energy prices.
Nitrogen fertiliser prices have been rising ahead of the planting season in the northern hemisphere, and the momentum is positive for 2021, Chief Executive Svein Tore Holsether told Reuters.
Jump in energy cost curbs profit Q4 adjusted EBITDA -3% to $511 mln vs $484 mln consensus Uncertainty over supply bigger than usual -CEO Shares rise 1%, outperforms Oslo stock market (Adds CEO quotes, analyst, updates shares)
OSLO, Feb 9 (Reuters) - Norwegian fertiliser company Yara proposed raising its ordinary annual dividend by a third to 20 Norwegian crowns ($2.36) per share on Tuesday and reported fourth-quarter core profits above expectations.
The Oslo-listed firm, one of the world’s largest producers of nitrogen fertilisers, said increased deliveries and production had offset the impact of higher energy prices.
Nitrogen fertiliser prices have been rising ahead of the planting season in the northern hemisphere, and the momentum is positive for 2021, Chief Executive Svein Tore Holsether told Reuters.