Thai and South Korean Banks Post Improved Second Quarter Profits; Ant to reorganize operations

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S&P Global Market Intelligence features our top picks of banking news and other articles published throughout the week. Please note that some entries may contain links to third party sources requiring subscription.

Profit season kicks off

* Kasikornbank PCL Reported a 308.9% year-on-year increase in net profit for the quarter ended June 30, while Siam Commercial Bank PCL’s net profit reached 8.81 billion baht, from 8.36 billion baht the previous year.

* Krung Thai Bank PCL’s net profit for the quarter increased 60.1% year-on-year, driven by lower provisions. Bank of Ayudhya PCL recorded a Net profit increased 123.5% year-on-year to 14.54 billion baht.

* Bangkok Bank PCL’s second quarter net profit reached 6.36 billion baht, up from 3.10 billion baht the previous year.

* South Korean company Woori Financial Group Inc. reported a 430.3% year-over-year increase in second-quarter net income, while KB Financial Group Inc.’s profit for the quarter was increased from 981.8 billion won to 1,204 trillion won. Hana Financial Group Inc. reported a 33.2% year-over-year increase in net income for the period.

* Bank of the Philippine Islands reported net profit of 6.8 billion pesos for the quarter ended June 30, up 28.8% year-on-year.

* HDFC Bank Ltd. India reported a 14.4% year-over-year increase in net profit for the quarter ended June 30.

IPOs, investments and more

* One97 Communications Ltd., the operator of digital payments giant Paytm, plans to offer Rs 166 billion of shares as part of its IPO in India.

* Nord Arc Capital Ltd. has filed a draft red herring prospectus with the Securities and Exchange Board of India for an IPO.

* Eight public sector banks in India, including Canara Bank and Bank of Baroda, have invested a total of 746.0 million rupees in the country’s new failing bank, National Asset Reconstruction Co. Ltd., mint reported.

* South Korean company Kakao Pay Corp. injected 18 billion won of capital in Kakao Pay Securities in order to support the upcoming launch of the brokerage’s mobile trading system, Korea’s time reported.

* Capital India Finance Ltd. has agreed to invest $ 25 million in debt and equity in India’s education loan financial technology platform Credenc.

* Chinese company 9F Inc. agreed to issue up to 40,498,625 common shares to two anonymous Asian investors for $ 59.7 million.

* The Philippine central bank has given the green light to Union Bank of the Philippines to create a digital bank.

* The Goldman Sachs Group Inc. plans to create a new merchant banking division as part of its plan to increase its investments in alternative assets in Japan, The Nikkei reported.

* Australia and New Zealand Banking Group Ltd. plans to separate his ANZi creates a company and business incubator and creates a new entity to help accelerate growth and deliver new digital solutions.

Regulatory activities

* Vietnam’s central bank has approved line of credit expansion for some lenders as it continues to manage the impact of the COVID-19 pandemic in the country, News from Viet Nam reported.

* Japan’s central bank has said it will likely launch a new fund-sourcing measure by 2021 that is part of its strategy to deal with the threat of climate change.

* the The Australian Prudential Regulation Authority will provide regulatory support to banks providing temporary financial assistance to borrowers affected by the COVID-19 pandemic.

* The Australian Securities and Investments Commission, or ASIC, proposes changes to the regulations against the peddling of financial products.

* ASIC has also finalized its investigation into the alleged criminal conduct of AMP Financial Planning Pty. Ltd. regarding the imposition of a fee for any service in connection with its buyer of last resort policy.

* Ant Group Co. Ltd. and 13 other platforms received until 2022 to overhaul their financial services operations, Caixin reported.

* KEB Hana Bank has accepted the compensation plan recommended by the Financial monitoring service for clients of Lime Asset Management’s fraudulent investment funds, Yonhap news agency reported.

In other news

* Cinda International Holdings Ltd. expects to see at least an 80% year-over-year increase in profits in the six months leading up to June 30.

* Haiong International Securities Group Ltd. expects to report an increase of approximately 100% in its net profit year-over-year for the six-month period ended June.

* Malayan Banking Bhd. plans to mobilize Ringgit 50 billion in sustainable finance by 2025 as part of its long-term sustainability commitments.

* Australian Finance Group Ltd. CEO David Bailey said the A $ 120 million acquisition of the company by Connective Group Pty. Ltd. is not likely to proceed at this time due to delays in certain customary closing conditions.

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