Private Banking

Private Banking
Westpac sees no stress in sound quarterly result
Westpac Banking Corp has announced a 14% increase net profit after (NPAT) for the third quarter of the 2025 financial year (FY25). The Big Four bank said statutory NPAT was A$1.9 billion (US$1.2 billion) in the three months to 30 June 2025. NPAT excluding notable items related to hedging rose 8% to $1.9 billion on net operating income which increased 4% to $5.7 billion. Net interest income increased 4% to $5.0 billion, mostly due to the five basis point expansion of the net interest margin to 1.85%, and non-interest income gained 6% to $800 million, supported by stronger revenue from the Markets business.Source: WestpacThe bank reported growth in Australian housing loans, excluding the RAMS business, of 1%, business loans of 5% and institutional loans of 2%. Operating expenses rose 3% to $2.9 billion because of wage and salary growth, investment in bankers and the planned increase in the investment in the UNITE transformation initiative. "This quarter we delivered a sound financial result, while executing on our strategy and priorities,” Chief Executive Officer Anthony Miller said in an ASX announcement. “We grew strongly in business and institutional banking, while focusing on returns in Consumer and improving c
Private Banking
AMP sees higher bank margins, later program end
AMP has slightly raised its guidance for the net interest (NIM) margin of its banking subsidiary and pushed back the expected completion date for its $150 million business simplification program. Chief Financial Officer Blair Vernon said AMP Bank’s NIM, the difference between interest income and interest expense, in the 2025 financial year (FY25) was expected to be in line with the first half at 1.3%. This was a revision on the guidance provided in February when the financial services group said NIM in FY25 would be “broadly in line” with the 1.26% reported for FY24, which in turn was down from 1.42% in FY23. He said controllable costs, which fell by more than 4% to $303 million in the first half, were expected to be $600 million in FY25, in line with its market commitment and guidance. This included the initial operational costs of the new digital-only AMP GO Bank, which was launched in February and reflected ongoing momentum in cutting costs. “Our business simplification program continues to deliver results and is now expected to conclude slightly later than anticipated, but remains within our guided investment envelope of one $50 million pre tax,” Vernon told an analyst and investor briefing. The program, whic
Private Banking
Business, legal costs cut AMP interim profits
AMP has reported a 5% fall in net profit after tax (NPAT) for the first half of the 2025 financial year (H1 FY25) due mainly to planned business simplification and litigation costs. The Australian financial services company said NPAT fell to A$98 million in the six months to 30 June 2025 from $105 million in the previous corresponding period (pcp) on revenue which dropped 4% to $1.376 billion. Directors declared an interim 20% franked dividend of two cents per share, in line with guidance and level with the pcp, to be paid on 26 September to shareholders registered on 22 August. AMP said underlying NPAT rose 9.2% across the group to $131 million, with contributions increasing 7.4% to $58 million from its Platforms business, 9% to $36 million from AMP Bank and 11.8% to $19 million from New Zealand Wealth Management, and they were steady at $34 million from Superannuation & Investments. Underlying earnings per share (EPS) increased 18.2% to 5.2 cents due to improved earnings and the final stages of the share buyback. Net cash flow soared 98% while controllable costs were reduced by 4.4% to $303 million through continued cost discipline.Source: AMP“These results highlight our continued discipline and delivery of the st
Private Banking
UBS reports profit beat, mixed revenue results
UBS bested profit estimates last quarter, but reported mixed revenue results across its segments. Its net profit attributable to shareholders was US$2.40 billion in the second quarter, rising from $1.14 billion year-over-year and above LSEG estimates of $1.90 billion. Revenue was $12.11 billion, up 2% and below analyst expectations of $12.45 billion. “We sustained robust momentum during a quarter that started with extreme volatility by staying close to our clients and executing on our integration plans. We also maintained a balance sheet for all seasons while delivering on our capital return plans,” said UBS CEO Sergio Ermotti. “We are positioning for long term success by further enhancing our global capabilities, investing in our future infrastructure and AI, while actively engaging in the debate on future regulation in Switzerland. This allows us to fulfill our commitment to support all the communities where we live and work.” Diluted earnings per share were $0.72, up from $0.34 one year ago. Net interest income was $1.97 billion, rising by 28%. UBS’ return on tangible equity was 11.8% last quarter, compared to 5.9% in 2024’s June quarter. RoTE has been 10.2% across 2025 to date. Global Wealth Management revenu
Private Banking
HSBC profit falls 30% amid disposals, credit losses
HSBC Holdings plc reported a 30% drop in profit after tax to US$12.4 billion in the first half of 2025, with revenue down 9% to $34.1 billion. The decline was largely due to the non-recurrence of $3.6 billion in gains from prior disposals in Canada and Argentina, and $2.1 billion in impairment losses tied to its stake in Bank of Communications. Despite these headwinds, constant currency profit before tax excluding notable items rose to $18.9 billion, and the bank maintained a 14.7% return on tangible equity. HSBC reported profit before tax of $6.3 billion and revenue of $16.5 billion, both slightly below the prior period’s $6.99 billion and $16.67 billion, respectively.Credit: HSBCKey metrics reflect a tougher operating environment. Net interest margin fell 5 basis points to 1.57%, while expected credit losses rose to $1.9 billion, driven by pressures in Hong Kong’s commercial real estate sector and broader economic uncertainty. Operating expenses increased 4% to $17.0 billion due to restructuring and technology investments. The CET1 capital ratio dipped to 14.6%, within HSBC’s target range of 14–14.5%. Segment performance was mixed. Commercial and Institutional Banking posted $6.4 billion in profit before tax, up f

Private Banking
Barclays beats profit estimates amid cost-cutting plans
Barclays beat profit estimates and saw strong growth in revenue last quarter, amid its efforts to lower costs. Its profit before tax was UK£2.5 billion, up 28% year-on-year and passing LSEG estimates of £2.23 billion. Revenue was £7.2 billion, growing from £6.3 billion and in line with estimates. “These strong results mark the mid-point of our three-year plan to deliver a better run, more highly performing and higher returning Barclays,” said Barclays CEO V.S. Venkatakrishnan on an earnings call. “We remain committed to and confident in achieving the full objectives of this plan and this includes a Return on Tangible Equity of c.11% in 2025 and more than 12% in 2026.” Barclays has been seeking to cut costs in recent months, reportedly aiming to eliminate more than 200 investment bank jobs. It also hired McKinsey consultants to identify opportunities for further savings in June, according to Bloomberg. Its statutory RoTE was 12.3% last quarter, compared with 9.9% one year ago. Barclays’ CET1 ratio was 14.0%, up from 13.6% in June. The company’s earnings per share were £0.117, rising from £0.083 year-over-year. Income was £7.2 billion, compared with £6.3 billion in Q2 2024, and was negatively impacted by weakness in t
Private Banking
AFIC reveals cost of selling 'extreme' CBA shares
Australian Foundation Investment Company (AFIC) reduced its stake in Commonwealth Bank of Australia (CBA) due to its “extreme valuation”, but acknowledged the decision had dampened returns and contributed to its underperformance in the last financial year. One of Australia’s oldest investment companies, AFIC announced a 3% drop in net profit to A$285.0 million (US$187.6 million) on revenue from operating activities which eased 1.9% to $328.1 million in the 12 months to 30 June 2025. The company declared a fully franked final dividend of 14.5 cents per share, the same as last year’s final dividend, and a special dividend of five cents per share, to be paid on 28 August to shareholders on the register on 6 August. The special dividend partly reflects the significant realised capital gains and franking credits generated by the trimming of the shareholding in CBA (ASX: CBA). Activity in the portfolio was focused primarily on recycling capital into existing holdings by trimming positions in companies trading at “extreme” valuations, such as CBA, and companies thought to be facing significant challenges, such as Domino’s Pizza Enterprises (ASX: DMP), Mineral Resources (ASX: MIN) and Ramsay Health Care (ASX: RHC). The port
Private Banking
'Strong position': Regal shares rise on earnings update
Shares in Regal Partners rose more than 9% to a four-month high on Friday after the specialist alternative investment manager provided an update on earnings and fee revenue. Regal upgraded its performance fee revenue estimate for the first half of 2025 (H1 FY25) to at least A$40 million (pre-tax and on a normalised basis) from its previous estimate of “at least $35 million” announced on 3 July 2025. The company said it also expected that normalised net profit after tax (NPAT) in the six months ending 30 June would be at least $40 million, compared with $59 million in the previous corresponding period. Shares in Regal (ASX: RPL) rose 24 cents (9.02%) to $2.90, capitalising it at $982.72 million, after trading between $2.66 and $2.93 and having fallen 23% over the last year. Regal is scheduled to release its H1 FY25 results on Monday 25 August 2025. The company said funds under management (FUM) increased 7% to $17.7 billion in the three months ending 30 June or, if including additional non-fee-earning commitments, FUM and commitments rose 5.5% to $18.9 billion over the quarter. “The increase in FUM was driven by a combination of continued net client inflows and positive investment performance across a wide range of
Private Banking
Deutsche Bank profits surge to highest since 2007
Deutsche Bank reported its highest second quarter profits in nearly two decades last quarter, recovering from the legal settlements that damaged its earnings one year ago. Profit attributable to shareholders was €1.49 billion, up from the €143 million loss seen one year ago following legal settlements from Deutsche Bank’s purchase of Postbank. Net revenue was €7.80 billion, rising 2.8% year-over-year and besting LSEG estimates of €7.76 billion. “Despite a more challenging environment in the quarter, Deutsche Bank again delivered a post-tax RoTE of above 10%, demonstrating the strengths of our underlying business model. We are very happy to have delivered our highest second-quarter and first-half year profits since 2007,” said Deutsche Bank CEO Christian Sewing. “This puts us on track to meet our 2025 targets, and we are positioning our Global Hausbank to grow further, including further raising capital distributions to shareholders beyond 2025.” Diluted earnings per share were €0.48 last quarter, compared with the €0.28 loss in 2024’s second quarter. Profit before tax grew by 34% year-over-year, excluding the Postbank settlement’s impact, and reached €2.4 billion. Profit before tax grew across all of Deutsche Bank’s