S&P Global Market Intelligence offers our top picks of banking news stories and more published throughout the week. Please note that some entries may have links to third-party sources that require a subscription.
Earnings season kicks off
* Kasikornbank PCL posted a 308.9% year-over-year surge in net profit for the quarter ended June 30, while The Siam Commercial Bank PCL's second-quarter net profit rose to 8.81 billion baht from 8.36 billion baht in the prior-year period.
* Krung Thai Bank PCL's net profit for the quarter grew 60.1% year over year, on the back of lower provisions. Bank of Ayudhya PCL logged a 123.5% year-over-year surge in net profit to 14.54 billion baht.
* Bangkok Bank PCL's second-quarter net profit went up to 6.36 billion baht from 3.10 billion baht in the prior-year period.
* South Korea's Woori Financial Group Inc. posted a 430.3% year-over-year rise in net income for the second quarter, while KB Financial Group Inc.'s profit for the quarter went up to 1.204 trillion won from 981.8 billion won. Hana Financial Group Inc. reported a 33.2% year-over-year increase in net income for the period.
* Bank of the Philippine Islands recorded a net income of 6.8 billion pesos for the quarter ended June 30, up 28.8% year over year.
* India's HDFC Bank Ltd. recorded a 14.4% year-over-year increase in net profit for the quarter ended June 30.
IPO, investments and more
* One97 Communications Ltd., the operator of digital payments giant Paytm, plans to offer 166 billion rupees of equity shares in its IPO in India.
* Northern Arc Capital Ltd. 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, invested a total of 746.0 million rupees into the country's newly established bad bank, National Asset Reconstruction Co. Ltd., Mint reported.
* South Korea's Kakao Pay Corp. injected 18 billion won of capital into Kakao Pay Securities as it seeks to support the upcoming launch of the brokerage's mobile trading system, The Korea Times reported.
* Capital India Finance Ltd. agreed to invest $25 million of debt and equity in Indian education lending financial technology platform Credenc.
* China's 9F Inc. agreed to issue up to 40,498,625 ordinary shares to two unnamed Asian investors for $59.7 million.
* The Philippine central bank gave the green light to Union Bank of the Philippines to establish a digital bank.
* The Goldman Sachs Group Inc. plans to establish a new merchant banking division as part of its plan to grow its investments in alternative assets in Japan, The Nikkei reported.
* Australia and New Zealand Banking Group Ltd. is planning to separate its ANZi ventures and incubator business and establish a new entity to help accelerate growth and deliver new digital solutions.
Regulatory activities
* Vietnam's central bank has approved credit room expansion for some lenders as it continues to manage the impact of the COVID-19 pandemic in the country, Viet Nam News reported.
* Japan's central bank said it would likely launch within 2021 a new fund-provisioning measure that forms part of its strategy to address the threat of climate change.
* The Australian Prudential Regulation Authority will be giving regulatory support to banks offering temporary financial assistance to borrowers affected by the COVID-19 pandemic.
* The Australian Securities and Investments Commission, or ASIC, is proposing changes to regulations against the hawking of financial products.
* ASIC also finalized its investigation into AMP Financial Planning Pty. Ltd.'s suspected criminal conduct regarding the charging of fees for no service in relation to its buyer of last resort policy.
* Ant Group Co. Ltd. and 13 other platforms were given until 2022 to overhaul their financial services operations, Caixin reported.
* KEB Hana Bank accepted the compensation plan recommended by the Financial Supervisory Service for customers of Lime Asset Management's fraudulent investment funds, Yonhap News Agency reported.
In other news
* Cinda International Holdings Ltd. expects to log at least an 80% year-over-year increase in profit for the six months to June 30.
* Haitong International Securities Group Ltd. expects to book around a 100% year-over-year increase in net profit for the six months ended June.
* Malayan Banking Bhd. plans to mobilize 50 billion ringgit in sustainable finance by 2025 as part of its long-term sustainability commitments.
* Australian Finance Group Ltd. CEO David Bailey said the company's A$120 million acquisition of Connective Group Pty. Ltd. is not likely to proceed at this time due to delays in certain customary closing conditions.
Featured on S&P Global Market Intelligence
Asian banks' crypto-asset push calls for harmonized regulations across markets
Australian banks reinstate loan deferrals, but impact on earnings may be limited
Data Dispatch Asia-Pacific: China's push for emissions reduction to boost green bond sales
Data Dispatch Asia-Pacific: Ideas for Australian banks' A$33B cash stash: buybacks, dividend
