income
Europe's largest insurer Allianz revealed an increase in business volume of more than 5% for the first three months of the year, achieving a double-figure rise in net income for its shareholders. The German firm's net profit was €2.6 billion, 21.8% higher than the year before, with core earnings per share rising to €6.42 from €5.43 last year. Operating profit was up by 6.8% at €4 billion, driven by a stronger than expected result in its property-casualty segment, which benefited from higher prices and relatively benign claims from natural catastrophes and higher investment income. Munich Re st...
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Telefonica on Thursday announced that its first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came to €3.2 billion. That represents a year-on-year increase of 1.9%, in line with analysts' expectations. First-quarter net profit rose by 79% over the year, reaching €532 million, out of revenues of €10.14 billion. The company confirmed its outlook for the year, which aims for revenue growth of around 1% and operating cash flow growth of between 1% and 2%. Operating cash flow growth is the long term rate of growth of cash generated from business operations a...
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British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
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The shares of UBS were sent through the roof after the Swiss bank reported that it returned to profitability in the first quarter of 2024, for the first time since it took over its former rival Credit Suisse in June 2023. The share price of the Zurich-based lender was up by 9.8% after midday, as investors were showered with good news: the profit beat expectations, the lender reported $1.75 billion (€1.63 billion) net income for the first three months, after two consecutive quarterly losses amid cost-cutting measures. The bank said it had earnings of 52 cents per share. Total group revenues rea...
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The share price of the UK banking giant Barclays surged nearly 5% after the lender reported higher than expected profits for the first three months of this year, as it carried out an ambitious plan to get back into the investors' good books. The pre-tax profit was £2.3 billion (€2.68 billion), slightly more than the expected £2.2 billion, however, down from £2.6 billion a year ago. The group income was also slightly above expectations, £7 billion (€8.16 billion), but again, a drop of 4% year-on-year, while the operating expenses increased by 2% to £4.2 billion (€4.9 billion). "Barclays has sho...
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The climate crisis will reduce global income by about a fifth in the next 25 years compared to a fictional world that's not warming. That’s according to a new study which predicts people in the world’s poorest areas and those least responsible for heating the atmosphere will take the biggest monetary hit. Climate change’s economic bite out of incomes is already locked in at about $38 trillion (€35.6 trillion) a year by 2049, researchers at Germany's Potsdam Institute for Climate Impact Research (PIK) found. By 2100 the financial cost could hit twice what previous studies estimate. “Our analysi...
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Wealth inequality is very much evident across the world, and Europe is no exception: the wealthiest 10% on the continent own a staggering 67% of the wealth, while the bottom half of adults possess only 1.2% of it. The extent to which wealth is unevenly distributed varies considerably from country to country too, as shown by Credit Suisse and UBS's Global Wealth Report 2023. Net worth or “wealth” is defined as the value of financial assets plus real assets (principally housing) that households own, minus their debts. Its unequal distribution is measured by the Gini coefficient and the share of ...
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Lufthansa, Europe's largest airline group by revenue, saw net profits more than double last year. It is planning to pay dividends again for the first time since the pandemic. The German carrier group, which also includes SWISS, Austrian Airlines, Brussels Airlines and Eurowings, described its 2023 performance as the "third-best financial result in the history of the Lufthansa Group". The group reported a net profit of €1.67 billion for 2023 compared with €791 million on the year earlier. Revenue was up by 15% at €35.4 billion while passenger numbers climbed 20% to more than 120 million. "The L...
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UK citizens earning the average or close to the average wage are finding it hard to pay rent, afford food and purchase other essentials, according to a new report, as the country grapples with the cost of living crisis gripping Europe. A study published by the abrdn Financial Fairness Trust said that people near the middle of the UK's income distribution (which can range between £29,000 and £65,000 - or €34,000 and €76,000 - depending on the type of household) are facing a range of pressures on their finances. This is "contributing to a widespread sense of economic malaise that goes well beyon...
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