Banking

The Cabinet Committee on Economic Affairs cleared the sale on October 14 after a process that began in 2022; the shares fell about 7% the next day as the price came in below the market, and RBI and competition approvals are still needed.

Revenue rose 3% to about $30 billion and net interest income 8% to $16.4 billion; excluding the charge, earnings were $1.08 a share, and asset management fees grew 16% to $4.5 billion as wealth-management revenue rose 13%.

Results filed on October 13 show three different pictures: JPMorgan's net interest income up 13%, Goldman's equities revenue up 72% and Wells Fargo's loan loss provision up 51% from a year earlier.

Volkswagen's UK finance arm has disclosed a £725 million provision for compensating overcharged car-loan customers, adding to a wave of lender provisions under the FCA's £7.5 billion redress scheme.

Equifax data show serious mortgage delinquencies rising from a low base and insolvencies at their highest since 2009, while the Bank of Canada held its rate at 2.25% on September 2 and said it is prepared to adjust policy as needed.

The Central Bank of the UAE's September Quarterly Economic Review forecasts 1.6% growth in 2026 and 10.4% in 2027, while second-quarter bank assets reached AED 5,594 billion and first-half insurance premiums rose 11.0%.

An ECB illustrative stress test of a severe private credit shock found insurers faced the largest absolute impact and pension funds the largest losses against assets, while banks' losses stayed within 1.3% of equity; euro area insurers held about €211 billion of private credit, 2.3% of their assets, and the ESAs' September 2026 update says insurers' exposures are limited in aggregate but warrant attention.