Dublin-based Bank of America Europe’s earnings drop amid loan loss charge

  • 📰 IrishTimesBiz
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 77%

Brasil Notícia Notícia

Brasil Últimas Notícias,Brasil Manchetes

Firm sets aside $106 million to cover potential soured loans via IrishTimesBiz

Bank of America’s EU banking hub in Dublin saw its pretax profit slide 4.7 per cent to $714 million last year as the company set aside $106 million of provisions to cover potential loan losses while the European economy weakened amid rising inflation and the Ukraine war.

Still, net interest income jumped 41 per cent to $579 million at the unit, known as Bank of America Europe, as its loan book grew to $29.8 billion from $27.1 billion and the lender benefited from rising interest rates, particularly on surplus cash left on deposit with central banks. Money stored at central banks, mainly the European Central Bank , stood at $18.8 billion last year. The ECB’s deposit rate jumped from minus 0.5 per cent to 2 per cent between July and December, and has subsequently climbed to 3 per cent, with a further rate increase expected next week.

Bank of America Europe, which employees more than 1,000 people in the Republic, including contractors, has two main divisions: global banking and markets and a support services division. The Irish business, led by chief executive Fernando Vicario, had an average of 2,261 employees across Europe last year.

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.
Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 6. in BR

Brasil Últimas Notícias, Brasil Manchetes