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BNP Paribas has restated its 2024 quarterly series to align with the upcoming Basel 4 regulations, impacting the analytical breakdown of business lines without altering the published results. The normalized equity allocation for risk-weighted assets has increased from 11% to 12%, effective January 1, 2025, alongside a full consolidation of Arval entities and a strategic focus on geographical business adjustments.
Interest rates have increased, putting pressure on profits for the six Raiffeisen banks in the Jura region, which saw a 6% decline in operating income from 2023 to 2024. Despite this, net profit remained stable compared to the previous year, aided by an increase in mortgage sales.
Raiffeisen Bank Romania reported a consolidated net profit of 1.686 billion lei ($365 million) for 2024, a slight decrease from 1.701 billion lei in 2023, attributed to rising operational costs and a new 2% banking tax. Operating income grew to 4.101 billion lei, while net interest income rose to 3.05 billion lei. The bank's total assets reached 82.878 billion lei, serving over 2.3 million clients through 272 units across Romania.
UBS's potential departure from Zurich poses a significant risk to the city's tax revenue and job market, as banks contribute nearly 40% of corporate taxes. Despite the challenges faced by the banking sector, tax contributions from banks have risen steadily since 2020, highlighting Zurich's ongoing dependence on its financial center. The city's efforts to diversify its economy have had limited success, with major tech companies like Google paying most taxes in their home countries.
UBS is advised to consider relocating from Switzerland as a contingency plan due to potential regulatory challenges. Analyst Stefan Stalmann suggests moving the option from "Plan D" to "Plan B," with New York identified as the most favorable destination. UBS may face a need for up to $30 billion in additional equity capital, and a shift away from its Swiss base could risk losing a significant portion of its $2.1 trillion in assets under management.
Santander has become the first major lender to relax its mortgage affordability criteria, allowing borrowers to access up to £35,000 more based on their income. This move aligns with recent guidance from the Financial Conduct Authority aimed at stimulating home ownership. David Morris, head of homes at Santander, emphasized the importance of helping customers achieve their homeownership dreams while maintaining responsible lending practices.
EUR/USD is expected to consolidate around 1.08-1.09 amid uncertainty following Trump's auto tariffs and potential reciprocal measures. The USD's reaction to these tariffs remains unclear, with mixed past impacts on import demand and inflation, while aggressive tariffs could heighten risk-off sentiment. Analysts suggest selling into potential USD rallies due to possible negotiation delays and reversals in market reactions.
Norges Bank acquired 27,498,205 shares of Citigroup Inc. (NYSE:C) in Q4, valued at approximately $1.94 billion, holding about 1.45% of the company. Analysts have a consensus "Moderate Buy" rating, with price targets ranging from $79 to $95, as Citigroup's stock trades at $73.20, down 1.7%. The firm reported Q4 earnings of $1.34 EPS, exceeding estimates, with a revenue increase of 12.3% year-over-year.
Citigroup has a Moderate Buy rating, with analysts raising price targets, including Keefe, Bruyette & Woods to $92 and Bank of America to $95. The company reported a Q1 EPS of $1.34, exceeding estimates, and announced a $20 billion stock repurchase plan, indicating management's belief in its undervalued stock. Additionally, Citigroup declared a quarterly dividend of $0.56 per share, yielding 3.06%.
Tariff-related news has resulted in increased damage to equity markets, a decline in the value of the dollar, and falling yields, according to Goldman Sachs. These developments reflect ongoing economic tensions and their impact on financial stability.
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BNP Paribas announces 2024 quarterly results restatement and Basel 4 impact
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