Saturday 29 April 2017

In brief: US bank's earnings higher than forecast

RESULTS

JPMORGAN Chase has reported higher-than-expected quarterly earnings, helped by narrowing losses on bad loans that allowed it to release $2bn (€1.5bn) in reserves. JPMorgan, the first of the major US banks to report earnings for the fourth quarter, said profit increased to $4.8bn from $3.3bn a year earlier.

Competition for AIB investment unit

BANKS

AIB may sell its investment unit to Bellevue Group A/V, the Swiss asset manager, and Irish securities firm Bloxham. IL&P's asset management arm is also vying to purchase Dublin-based AIB Investment Managers. Financier Dermot Desmond's International Investment and Underwriting is also interested in buying the unit. AIB, in which the Government is taking a 92.3pc stake after injecting €3.7bn into the lender last month, is selling assets to raise capital. AIB hired Goodbody to handle the sale of the unit, which has €8.5bn of assets under management.

Strong sales give Intel 48pc profit rise

CHIPS

INTEL has posted a 48pc rise in quarterly net profits as strong sales of server microprocessors more than offset weak demand for chips used in personal computers. The world's largest microchip-maker made a net profit of $3.4bn (€2.5bn) in the last three months of 2010, up from $2.3bn a year earlier. Its revenues were also ahead of market expectations, rising 8pc to $11.5bn. Intel said 2010 was the best year in its history. Sales of its microchips were up 15pc in October-December, while those for PCs were flat. Intel's net profit totalled $11.7bn in 2010, up from $4.4bn in 2009.

William Fry tops 2010 league table

MERGERS

MERGERS and acquisitions activity across the globe was up by 25pc in 2010 as Irish firm William Fry topped the merger market league table of Irish M&A legal advisers for 2010. European M&A activity increased by 41pc as $545.7bn (€408bn) of deals were carried out last year. Despite these large increases, activity remains below the levels reached in 2005-2008, except in the emerging markets which had its busiest year ever accounting for 26.6pc of total global M&A activity. William Fry topped the league tables advising on more than $7.7bn (€5.8bn) of deals.

Irish Independent

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