(RTTNews) - Ahead of Friday's holiday for Chulalongkorn, the Thai stock market had ended the two-day winning streak in which it had advanced almost 8 points or 0.6 percent. The Stock Exchange of Thailand now sits just shy of the 1,215-point plateau although it may see a mild rebound on Monday.
The global forecast for the Asian markets is mixed to slightly higher, with hopes for stimulus tempered by climbing coronavirus cases. The European markets were up and the U.S. bourses were mixed and the Asian markets figure to split the difference.
The SET finished slightly lower on Thursday as losses from the financial shares were offset by support from the energy producers.
For the day, the index dipped 2.87 points or 0.24 percent to finish at 1,213.61 after trading between 1,204.73 and 1,223.48. Volume was 24.047 billion shares worth 66.255 billion baht. There were 850 decliners and 558 gainers, with 489 stocks finishing unchanged.
Among the actives, Advanced Info fell 0.29 percent, while Thailand Airport tumbled 1.82 percent, Asset World shed 0.66 percent, Bangkok Bank lost 0.79 percent, Bangkok Expressway spiked 1.83 percent, BTS Group jumped 1.65 percent, Charoen Pokphand Foods advanced 0.97 percent, Kasikornbank sank 0.66 percent, Krung Thai Bank skidded 1.72 percent, PTT Exploration and Production accelerated 1.88 percent, PTT Global Chemical rallied 1.25 percent, Siam Concrete plunged 1.76 percent, TMB Bank dropped 1.20 percent and Siam Commercial Bank, PTT and Bangkok Dusit Medical were unchanged.
The lead from Wall Street offers little guidance as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending mixed.
The Dow eased 28.09 points or 0.10 percent to finish at 28,335.57, while the NASDAQ gained 42.28 points or 0.37 percent to end at 11,548.28 and the S&P 500 rose 11.90 points or 0.34 percent to close at 3,465.39. For the week, the Dow shed 0.9 percent, the NASDAQ lost 1.1 percent and the S&P fell 0.5 percent.
The choppy trading on Friday came amid a lack of concrete news out of Washington regarding a new coronavirus stimulus bill. Traders have generally remained optimistic that a bill will eventually be passed, although they may be tired of waiting.
A steep drop by shares of Intel (INTC) weighed on the Dow, with the semiconductor giant plunging 10.6 percent after reporting Q3 earnings that beat estimates but on weaker than expected revenues for its Data Center Group. Credit card giant American Express (AXP) also tumbled after reporting Q3 earnings that missed expectations.
Crude oil prices drifted lower on Friday, weighed down by worries about energy demand due to the surge in coronavirus cases and lockdown measures in several countries. West Texas Intermediate Crude oil futures for December ended down by $0.79 or 1.9 percent at $39.85 a barrel.
(RTTNews) - The Malaysia stock market has moved lower in consecutive trading days, sinking more than 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now rests just above the 1,490-point plateau and it may take further damage on Thursday.
The global forecast for the Asian markets is soft on concerns over a new wave of the coronavirus and doubts about a new stimulus package to deal with it. The European and U.S. markets were down and the Asian markets are expected to open in similar fashion.
The KLCI finished sharply lower on Wednesday following losses from the rubber glove makers, financials and telecoms.
For the day, the index dropped 18.57 points or 1.23 percent to finish at 1,492.40 after trading between 1,492.19 and 1,513.20. Volume was 8.476 billion shares worth 5.945 billion ringgit. There were 758 decliners and 375 gainers.
Among the actives, Top Glove plummeted 6.33 percent, while Hartalega Holdings plunged 6.30 percent, Sime Darby surged 2.94 percent, Axiata tanked 2.56 percent, Malaysia Airports Holdings spiked 1.72 percent, Sime Darby Plantations tumbled 1.41 percent, Dialog Group skidded 1.33 percent, RHB Capital advanced 1.16 percent, Genting Malaysia retreated 0.99 percent, Petronas Chemicals declined 0.85 percent, MISC surrendered 0.62 percent, Kuala Lumpur Kepong sank 0.55 percent, Press Metal perked 0.54 percent, Maybank dropped 0.42 percent, AMMB Holdings added 0.34 percent, CIMB Group shed 0.33 percent, Public Bank and Digi.com both lost 0.25 percent, IOI Corporation gained 0.23 percent, PPB Group fell 0.21 percent, Maxis and IHH Healthcare both rose 0.20 percent and Genting, Petronas Gas, Hap Seng, Nestle Malaysia and Tenaga Nasional were unchanged.
The lead from Wall Street is negative as stocks showed a lack of direction on Wednesday, bouncing back and forth across the unchanged line before finally finishing in the red.
The Dow shed 97.97 points or 0.35 percent to finish at 28,210.82, while the NASDAQ lost 31.80 points or 0.28 percent to end at 11,484.69 and the S&P 500 slid 7.56 points or 0.22 percent to close at 3,435.56.
The choppy trading on Wall Street came as traders kept an eye on the latest developments in Washington, as lawmakers try to reach an agreement on a new stimulus bill.
However, Senate Majority Leader Mitch McConnell revealed on Tuesday that he has warned the White House not to make a deal before the elections.
Federal Reserve Governor Lael Brainard urged Congress to pass a new relief bill in a speech at an online conference hosted by the Society of Professional Economists.
Crude oil prices tumbled Wednesday, weighed by concerns over a drop in energy demand following a smaller than expected drop in oil stockpiles and an increase in gasoline inventories. West Texas Intermediate Crude oil futures for December were down $1.67 or 4 percent at $40.03 a barrel.
The Board of Directors of First National Bank Alaska (OTCQX:FBAK) announced the bank’s unaudited net income for second quarter 2020 was $14.6 million, or $4.60 per share. The bank’s net income for the period compares to net income of $13.1 million, or $4.12 per share, for the same period in 2019. Unaudited year-to-date net income was $28.7 million, or $9.07 per share. This compares to net income of $26.6 million, or $8.39 per share for the same period in 2019.
"Like most other banks across the nation, we are seeing rapid changes in consumer and business behaviors that will likely leave permanent marks across the financial services spectrum, such as the increasing adoption of digital services,” said Chair and CEO Betsy Lawer. "First National’s success has always reflected the success of Alaskans as they rise up to meet and adapt to quickly evolving circumstances. While it’s difficult to predict what’s yet to come, the bank’s strength lies in our experienced team’s ability not just to adapt, but also to transform our business processes and services to leverage the power of change. I think our 2020 performance to date provides the evidence to support that and I’m very proud of the hard-working team.”
Net interest and loan fee income for second quarter 2020 was $37.9 million, an increase of 13.0% from second quarter 2019. This improvement was driven by an increase in average earning assets of $223.9 million during the second quarter. Total assets increased $734.9 million year-to-date, to reach $4.59 billion at June 30, 2020. Gross loans increased $305.3 million to $2.31 billion during the quarter. The bank demonstrated its commitment to Alaskans by participating in the Small Business Administration Paycheck Protection Program (SBA PPP). The bank originated 2,156 unique SBA PPP loans totaling $329.7 million with an average weighted origination fee of 3.70%. Deposits and repurchase agreements increased $682.8 million to $3.94 billion during the quarter on unspent PPP funds and CARES Act resources to Native tribes and government entities and other deposit growth attributed to increased savings behavior.
Customers were further supported through modification of existing loan terms. Loan modifications through June 30, 2020 totaled $394.4 million, or 19.87% of total loans, excluding SBA PPP loans. Modification to interest-only payments accounted for more than 80% of the modifications, with interest-only periods ranging from three to fourteen months. Modifications were concentrated in commercial real estate loans, supporting our customers facing economic pressures in the rental and leasing sectors, and hotel and food service industries.
At June 30, 2020, delinquent loans from 30 to 89 days were $15.6 million, 0.78% of outstanding loans excluding SBA PPP loans, an increase of $9.8 million from March 31, 2020. Nonperforming loans were $13.4 million, 0.67% of outstanding loans excluding SBA PPP loans, an increase of $3.0 million from the prior quarter. In response to the economic uncertainty and elevated delinquency and loan modification activity, the allowance for loan losses was increased in second quarter by $2.0 million to $21.6 million, 0.93% of total loans (1.09% of loans excluding SBA PPP), resulting in an increased provision for loan loss expense of $1.8 million over second quarter 2019.
Noninterest income for second quarter 2020, excluding realized investment gains and losses, increased 6.1% from second quarter 2019 on elevated mortgage loan origination driven by the significant decrease in market interest rates in March. Noninterest expenses for second quarter 2020 increased 4.8% as compared to second quarter 2019 on increases in salary and benefit expenses. The efficiency ratio improved to 52.24% compared to 53.71% in 2019 on revenue growth and strong overall expense management.
The blended yield on interest-earning assets decreased to 3.87% from 4.14% for the six month periods ended June 30, 2020 and 2019, respectively, with the addition of the PPP 1% interest loans and other repricing assets. The cost to fund earning assets for the same six-month comparative periods decreased faster to 0.15% from 0.46%. As a result, the net interest margin year to date improved to 3.72% compared to 3.69% in 2019. Return on assets through June 30, 2020 was 1.43%, comparable to prior year. Return on equity of 10.06% for the first half of 2020 decreased from 10.22% in the first half of 2019 on an increase in total shareholders’ equity of $14.2 million to $590.0 million. Book value per share as of June 30, 2020 was $186.26, compared with $168.73 and $172.91 as of June 30, 2019 and December 31, 2019, respectively. The bank tier 1 leverage capital ratio remains above well capitalized at 12.72% as of June 30, 2020, as compared to 13.76% as of December 31, 2019.
Lawer added, "These are unprecedented times, but our community bank entered the pandemic well-positioned to serve the banking needs of Alaskans just as we have for nearly a century. Our strong liquidity, capital position, operating metrics and heroic statewide employee team have enabled us to effectively manage the banking risks and serve our valuable customers—friends and neighbors—during these challenging times.”
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. Our latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at www.FNBAlaska.com > Financial Reports and at www.OTCMarkets.com.
Alaskan-owned and -operated since 1922, First National proudly meets the financial needs of Alaskans with ATMs and branches in 18 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world. In 2020, Alaska Business readers voted the bank the "Best of Alaska Business” in the Best Place to Work category for the fifth year in a row. In 2019, American Banker recognized First National as a "Best Bank to Work For” for the second year in a row and Anchorage Daily News readers voted the bank one of the state’s top three financial institutions in the ADN "Best of Alaska” Awards. First National was also recognized as the most admired company in the state by MSN.com and received the Rita Sholton Large Business of the Year Award from the Alaska Chamber.
Visit FNBAlaska.com for more information about Alaska’s largest locally owned bank and access to efficient and secure online banking services. First National Bank Alaska is a Member FDIC and Equal Housing Lender.
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