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Aboitiz Group-led UnionBank of the Philippines earned 6.2% more in the first nine months due to higher revenues and net interest income. The bank’s net revenues rose by 9.2%, amounting to P57.7 billion, compared to last year’s P52.8 billion. According to President and CEO Edwin Bautista, this growth can be attributed to the efficient allocation of capital toward consumer lending activities, with the growing base of retail customers showing strong potential. Read more here: https://lnkd.in/gY9x2TMC #UnionBank #Aboitiz #growth #banking #finance #cards #loans #retailbanking #consumer #OwnTheFuture

This year's growth rates of consumer lending in Russia 1.5 times higher than in 2023 According to the regulator, the considerable growth of lending in recent months is connected with the growth of personal income, due to which high consumer activity persists MOSCOW, June 25/ Consumer lending in Russia grew by almost 8% year-to-date, which is 1.5 times higher than in the same period last year. Meanwhile, in May growth of consumer lending accelerated to 2%, according to preliminary estimates, the Bank of Russia said. "According to preliminary figures, growth rates of consumer lending accelerated to 2% from 1.8% in April, whereas since the beginning of the year growth has reached as high as almost 8%, which is 1.5 times higher than in the same period last year," the regulator said. "Overall the considerable growth of lending in recent months is connected with the growth of personal income, due to which high consumer activity persists," according to files released by the Central Bank. The portfolio of consumer loans totals 14.7 trillion rubles ($165 bln). That said, the total amount of the portfolio of loans to private individuals (including mortgage) has reached 36.07 trillion rubles (up by 2% in May). Earlier, the regulator upgraded its outlook on growth of the portfolio of consumer loans in Russian banks in 2024 from 3-8% to 7-12%. Concurrently, the Central Bank downgraded its outlook on growth of consumer lending for 2025 from 6-11% to 4-9%. #business #finance #financialservices

Are you an Australian SME frustrated with traditional banking options? You're not alone. Non-bank lenders are rapidly becoming a preferred choice for businesses needing funding. Recent industry reports highlight that SMEs' demand for non-bank borrowing surged to a record high of 47% by the end of March 2023. This trend represents a substantial increase, with demand up 50% year on year and showing a threefold rise since September 2018. Why the Move Away from Traditional Banks? The growing preference for non-bank lenders can be attributed to their focus on providing fast and flexible business finance. This approach contrasts with traditional banks, which often prioritise residential lending markets. As a result, many SMEs are either bypassing banks altogether or transferring their business to these more agile financial institutions. Drivers Behind SMEs' Preference for Non-Bank Lenders Ease of onboarding is a significant factor drawing SMEs towards non-bank lenders. A recent survey of 720 SMEs indicated that 23% chose non-bank lending due to the simplicity and speed of the process. Furthermore, these lenders are perceived to be twice as fast at approving loans compared to traditional banks, with average bank loan approvals taking up to 35 days and sometimes even longer. Personalised Service: A Key Benefit of Non-Bank Lenders Non-bank lenders, generally smaller and less bureaucratic than big banks, can provide quicker and more personalised services. This aspect is particularly advantageous for busy SME executives. By employing the latest technology, non-bank lenders streamline their processes, offering efficient and flexible financial solutions. This capability positions them as an attractive alternative for Australian SMEs looking for responsive and adaptable financial partners. #business #sydney #commercialfinance #commerciallending #peakperformer #peakbusiness #peakcapital

Garanti BBVA Romania recorded a net profit of 177 million RON in 2023 and operating revenues of 521 million RON, achieving its targets set for the previous year. Garanti BBVA recorded a total loan volume of 9.2 billion RON in 2023, an increase of 7 percent, and deposits of approximately 12 billion RON, 15 percent higher than in 2022. The increases were driven by growth in all business segments – Corporate, Retail, and SMEs. https://lnkd.in/dNzJmKHF

Bogged down with excessive bank fees? You're not alone. According to a new report, Canadians are paying $7.7 BILLION excess fees per year. How much do you think your bank account has cost you over the years? — Actually, maybe don’t answer that 🫣 As we say here: Bank fees? Hard Pass. https://lnkd.in/g-aTyW4w #DigitalBanking #BankFees

SME Customers Losing Out on £2,157 of Extra Interest Each Year Because Big Banks Aren’t Passing on Savings Rates Richard Davies, CEO of Allica Bank, said: “Allica’s goal is to help SMEs succeed and make the most of their hard-earned cash, which is why we are calling for a shake-up to the business savings market. It’s a tough time to be an SME in the UK and the last thing small business owners need is to be shortchanged on their savings – many without even knowing it. “Our Monthly Savings Tracker measures the extent to which SMEs are being ripped off on their savings. We hope that by continuing to track and spread the word we can help change things for the better and get SMEs the banking they deserve.” https://lnkd.in/eJjJEf6e #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Digital banks’ bad loans eased to 3-mo low in April - https://lnkd.in/g_Kp7bHk MANILA, Philippines — Bad loans held by digital banks in the country eased to a three-month low in April, which likely softened cost pressures for this new breed of lenders as they navigate the path to profitability. Data from the Bangko Sentral ng Pilipinas (BSP) showed that digital banks’ nonperforming

Retail credit growth moderated in June, personal loans supply tightened: Report India's retail credit growth slowed in the quarter ending June 2024, as lenders tightened credit supply, particularly for consumption-driven products like credit cards, consumer durables, and personal loans, according to a TransUnion CIBIL report. Story by Anushka Sengupta #RetailCredit #PersonalLoans #CreditGrowth #TransUnionCIBIL #CreditSupply #ConsumerDurables #ETBFSI #BFSI https://lnkd.in/g5Yb8GFt

Hong Kong Monetary Authority (HKMA) introduced 9 measures to support Small & Medium-sized Enterprises (SMEs) in Hong Kong: 1) Do not demand early repayments from mortgage borrowers who make payments on schedule, 2) At least 6 months for credit limit adjustments including changes to collateral value, 3) Expedite applications for 80% & 90% guarantee products, 4) Apply pre-approved principal payment holiday scheme to support SMEs with difficulties, 5) More credit products & support services, 6) Lower interest charges & fees, 7) HKMA will create dedicated webpage on SME lending services by banks, 8) Banks to assist clients to switch banks, and 9) Banking associations to arrange meetings between banks & SMEs to enhance services.  Read - https://lnkd.in/gqJEj8P6 follow Caproasia | Driving the future of Asia The Hong Kong Monetary Authority (HKMA) has introduced 9 measures to support Small & Medium-sized Enterprises (SMEs) in Hong Kong: 1) Do not demand early repayments from mortgage borrowers who make payments on schedule, 2) At least 6 months for credit limit adjustments including changes to collateral value, 3) Expedite applications for 80% & 90% guarantee products, 4) Apply pre-approved principal payment holiday scheme to support SMEs with difficulties, 5) More credit products & support services, 6) Lower interest charges & fees, 7) HKMA will create dedicated webpage on SME lending services by banks, 8) Banks to assist clients to switch banks, and 9) Banking associations to arrange meetings between banks & SMEs to enhance services.  HKMA (28/3/24): “The Hong Kong Monetary Authority (HKMA), together with the Banking Sector SME Lending Coordination Mechanism (Mechanism), announced today (28 March) a series of measures to assist small and medium-sized enterprises (SMEs) in obtaining financing from banks and to support their continuous development.  SMEs are the bedrock of the Hong Kong economy and an important customer segment for banks. In 2023, the 11 participating banks in the Mechanism together approved over 110,000 loans to SMEs, involving an aggregate facility limit of over HK$450 billion.  Although the local economy has been recovering gradually, some SMEs are still facing challenges in their operations. Taking into account the views of the commercial sectors, the Mechanism decided to launch the following nine measures to assist SMEs in navigating a complex and ever-changing operating environment and to increase their bargaining power relative to banks.”

Multitude Bank acquires 9.9% stake in Norway-based Lea bank Malta-based #Multitude Bank has announced the acquisition of a 9.9% stake in Norway's #LEA Bank ASA, a digital bank specializing in consumer financing across the Nordic countries and Spain. Additionally, Multitude Bank has signed an agreement to acquire an extra 8.7% stake, pending approval from the Norwegian and Swedish Financial Supervisory Authorities. If approved, this would make Multitude Bank the largest shareholder of LEA Bank, with a total stake of approximately 18.6%. The investment, amounting to around €15 million and financed through Multitude Bank's liquidity reserves, reflects the bank's strategic move to expand its operations through targeted investments and partnerships. Antti Kumpulainen CEO of Multitude Bank plc, commented that both banks are "highly complementary players in the European market," sharing a focus on digital innovation, data-driven decision-making, and a consumer-centric approach. He also highlighted the significant potential for cooperation between the two institutions. Founded in 2016, LEA Bank ASA operates primarily in consumer loans and deposit products. The bank serves over 70,000 customers in Norway, Sweden, Finland, and Spain with consumer loans, and offers deposit products to clients in Norway, Germany, Spain, Austria, and France. Employing 48 staff members, LEA Bank is well-positioned for further expansion in Europe. Notably, the bank plans to relocate its headquarters to Sweden in the coming year, having obtained a Swedish banking license in June 2024, and intends to transition from the Oslo Stock Exchange to a Nasdaq Stockholm listing by 2025. The article on WhosWho.mt in the first comment.