Banks boost capital ahead of Basel rules

first_img Banks boost capital ahead of Basel rules Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap Show Comments ▼ whatsapp Share whatsapp Wednesday 19 January 2011 8:37 pm KCS-content THE AMOUNT of risk-adjusted capital (RAC) held by banks around the globe is increasing as institutions prepare for new regulatory requirements.Banks worldwide had an average eight per cent RAC ratio as of June last year, up from 6.7 per cent at the same point in 2009, according to Standard & Poor’s (S&P) latest analysis.S&P found banks had been working to improve their capital position ahead of tighter Basel III regulations, which demand lenders have stronger core Tier 1 ratios of capital.“Capital raising, conversion of hybrids into common equity, suspension of dividends, asset disposals, and a reduction in risk assets have allowed a number of banks to significantly increase their capital ratios in the past 18 months,” S&P credit analyst Bernard de Longevialle said.The Bank of China (Hong Kong) was ranked strongest on the agency’s scale with 13.4 per cent, while German state-backed lender Commerzbank was placed bottom of 75 banks examined, with a rating of 3.6 per cent.HSBC was the highest placed British-based bank, with a ratio of 9.4 per cent, whilst Lloyds Banking Group was the lowest placed with a ratio of 6.7 per centThe latest S&P ratios are significantly lower on average than Basel I and Basel II Tier 1 ratios, according to the report.S&P claims the measure offers a more comparable and internationally consistent measure of bank capital than alternatives, such as the Basel Tier 1 ratio.Yet the ratings agency believes as banks improve their capital positions for Basel III the gap between the two measurements should close, according to de Longevialle.“The expected implementation of the Basel III framework is likely, in our view, to reduce the gap between RAC and regulatory ratios,” he said. Tags: NULLlast_img read more

N.E.M. Insurance Company (Nigeria) Plc (NEM.ng) HY2019 Interim Report

first_imgN.E.M. Insurance Company (Nigeria) Plc (NEM.ng) listed on the Nigerian Stock Exchange under the Insurance sector has released it’s 2019 interim results for the half year.For more information about N.E.M. Insurance Company (Nigeria) Plc (NEM.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the N.E.M. Insurance Company (Nigeria) Plc (NEM.ng) company page on AfricanFinancials.Document: N.E.M. Insurance Company (Nigeria) Plc (NEM.ng)  2019 interim results for the half year.Company ProfileNEM Insurance Company (Nigeria) Plc offers all classes of life and non-life insurance products to the personal and corporate sectors in Nigeria. Personal products include travel, motoring, professional indemnity, goods in transit and fire and special perils. Products for small-to-medium businesses include cover for burglary, product liability, fidelity guarantee, personal/group personal accident, travel, money and motor insurance. Corporate products include cover for general business, marine, aviation, oil and gas, engineering, bonds and motor insurance. NEM Insurance Plc was established in 1948 as an agent for Edward Turner & Co.; became a Nigerian branch of NEM General Insurance Association Limited of London in 1965; and merged with Vigilant Insurance Company Limited to transact all classes of general insurance. The company has expanded its operations into the West Africa sub-region in 2009 through its subsidiary NEM Insurance (Ghana) Limited which subsequently merged with Regency Alliance to form Regency NEM Insurance (Ghana) Limited in 2016. The company’s head office is in Lagos, Nigeria. NEM Insurance Company (Nigeria) Plc is listed on the Nigerian Stock Exchangelast_img read more