By Imani Moise, David Henry and Noor Zainab Hussain

(Reuters) – Executives at Bank of America Corp said on Tuesday they were optimistic the bank could resume lending growth this year, after the coronavirus pandemic caused an annual contraction in its loan portfolio for the first time since 2014.

The total loans and leases of America’s second-largest bank fell 6% in 2020. The appetite for new loans declined during the pandemic as customers spent less and saved more and large corporations relied on capital markets to get funds rather than their bank.

But bank executives have said in calls they are starting to see signs of a rebound if the COVID-19 pandemic continues to subside.

“We are emerging from this health crisis,” CFO Paul Donofrio said on a conference call with reporters. “We should be able to develop NII because we are adding deposits and we are adding loans.”

The bank’s net interest income (NII), a key measure of how much it can earn on loans, fell 16% in the fourth quarter.

Lower rates meant to support the economy during the pandemic have limited the amount banks can charge for their lending services. As a result, Bank of America, Wells Fargo and Citigroup each saw double-digit overall revenue declines this month.

The NII increased slightly from a low point in the third quarter of 2020 and will continue to rise in 2021 with the biggest gains in the last half of the year, Donofrio said.

Megabank peers Wells Fargo and Citigroup said last week that the NII could drop 4% due to the lowest interest rates Fed officials have signaled will stay in place throughout of the year while JPMorgan forecast modest growth in 2021.

The strengthening of the bank’s optimistic outlook is a sign of improving the financial health of its customers.

Consumer and small business transaction volume at America’s second-largest bank managed to rise 2% in 2020 despite dropping 21% to an all-time high as coronavirus gripped the US economy in the spring .

Debit card spending jumped 12% in the quarter as customers who spent less amid the lockdowns reopened their wallets during the holidays, the bank said.

Underlining its confidence in the economy, the bank joined peers JPMorgan Chase & Co and Citigroup Inc to release $ 828 million from its reserves to cover bad debts after adding more than $ 8 billion in the first three quarters. of the year.

About 75% of the release of reserves is tied to the bank’s consumer portfolio, as customers entered the new year in better-than-expected financial health due to fiscal stimulus. The release of trade reserves was primarily driven by a decline in industries heavily affected by the pandemic.

Revenues from its sales and trading activities grew 7%, but underperformed peers as its fixed income trading desk missed estimates.

Net income applicable to common shareholders fell to $ 5.21 billion, or 59 cents per share, for the quarter ended Dec. 31, from $ 6.75 billion, or 74 cents per share, a year earlier.

Analysts on average expected earnings of 55 cents per share, according to Refinitiv’s IBES estimate, helped by lower costs of credit. Shares gained 1.2%.

Separately, America’s No. 2 bank said its board of directors approved a $ 3.2 billion share buyback program in the first quarter.

(Reporting by Noor Zainab Hussain in Bangalore and Imani Moise in New York; Editing by Anil D’Silva and Nick Zieminski)

TOP LINE

Shares of Eastman Kodak, which initially surged after it was announced that the government would provide a $ 765 million loan to help shift its focus to the pharmaceutical industry, fell on Monday as the deal was put on hold as regulators review allegations of wrongdoing. .

HIGHLIGHTS

Key context

The $ 765 million loan to Kodak was the first of its kind under the Defense Production Act in an effort to help the historically focused photography company turn to drug production. The company said it would use the loan to expand existing facilities and launch a new Kodak Pharmaceuticals business that would focus on manufacturing “generic active pharmaceutical ingredients,” as Trump described when announcing the deal. ‘OK. Trump later returned his comments, however, adding that he was “not involved” in the loan.

What to watch

Kodak released news of the loan to reporters in Rochester, New York, on July 27, a day before Trump publicly announced the deal. Several outlets had picked up the story before Kodak asked them to delete it. The company’s internal communications team “had no intention of releasing the news,” according to a Kodak spokesperson. Documents filed with the SEC show that on June 23, Kodak CEO and Chairman James Continenza purchased about 46,700 additional shares of the company. A day before the announcement of the federal loan, Kodak granted him options for a 1.75 million additional shares, of which nearly 29% were acquired immediately. However, regulators have yet to give any indication that Continenza’s share purchases are the focus of the investigation.

Tangent

Kodak said on Friday that it launched an internal investigation and will cooperate with all requests from federal agencies. In an open letter to the SEC, Senator Elizabeth Warren (D-Mass.) Called on the agency to examine the surge in trading that occurred before the announcement, raising concerns over ‘insider trading’ or the “unauthorized disclosure of material, non-public information. . The House Financial Services Committee also called for an investigation of the company due to “growing concern about insider trading.”

Washington – Long-term mortgage rates in the United States fell this week, hitting record lows for the 13th time this year amid further signs of weakness in the pandemic-ravaged economy.

Mortgage buyer Freddie Mac reported Thursday that the average 30-year benchmark loan rate fell to 2.72% from 2.84% last week. In contrast, the rate was on average 3.66% a year ago.

The average rate on the 15-year fixed-rate mortgage fell to 2.28% from 2.34%.

Mortgage rates have trended downward for most of this year, bolstering demand from potential buyers.

New signs have emerged this week that the resurgence of the coronavirus outbreak is likely slowing the economy and forcing more companies to cut jobs.

The government said on Tuesday that retail sales in the United States – accounting for about a third of overall consumer spending – rose 0.3% in October, even as retailers offered early discounts for holidays online and in shops.

And a report Thursday from the Department of Labor showed that the number of Americans seeking unemployment assistance rose last week to 742,000, the first increase in five weeks. The worsening of the pandemic and the onset of cold weather could accelerate layoffs in the coming weeks.

Of the roughly 20 million Americans who currently receive some form of unemployment benefit, about half will lose that help when two federal programs expire at the end of the year.

Pune, Maharashtra, India:

• Borrow as needed and reduce IMEs by up to 45% *

The holiday season is considered the best time of year for a fresh start – whether it’s starting a new business, making a big purchase for your home, or even shopping for the festivities to come.

For those looking to borrow funds to finance festive purchases, there are several reasons that Bajaj Finserv’s Flexi personal loan offer is the go-to option. The funds are instantly available and clients enjoy greater flexibility when it comes to withdrawing and repaying their personal loan.

Customers also have the option of paying only the interest portion of their installment for the initial portion of the lease, which can reduce their installments by up to 45% * (General conditions apply)

Here’s a quick rundown of the features that make the Flexi personal loan the smartest financing option:

1. A large loan amount for all major expenses
Borrow up to Rs. 25 lakh at attractive interest rates with full transparency on loan terms. This means that there are no hidden charges and no nasty surprises after using the money. Moreover, the large loan amount means that customers can plan their expenses without any hassle.

2. Quick access to the money you need
A highlight of the Flexi Bajaj Finserv loan is that customers can get funds instantly. Enter basic details online and get immediate approval. After a simple document verification process, customers can get money back into their account within 24 hours *.

3. Manage additional expenses hassle-free
The Flexi Personal Loan allows customers to access an online loan limit which they can avail at their convenience. So whether it’s a planned expense or a last minute purchase, customers can choose to withdraw as much as they need. Interest is charged only on the amount used.

You can make as many withdrawals as needed on your loan limit, without having to reapply each time.

4. Reduce IMEs for convenient refund
Unlike a conventional term loan, you don’t expect to pay interest on the entire principal. Here, clients can choose to pay only EMI interest for the first part of the term, which allows them to reduce their monthly payments by up to 45% *. This way, customers can control their monthly outings, especially after the holiday season, when they want to slow down their spending.

Another feature that adds to the flexibility is that customers can choose a maximum term of 60 months to repay their loan.

5. Loans partially repaid, at zero cost
To make the repayment process even smoother, Bajaj Finserv allows customers to make an unlimited number of partial prepayments on their Flexi personal loan. All this at no additional cost. This reduces their net interest outflow. So whenever customers have access to excess funds, they can use them to pay off their loan at no additional cost.

To reduce loan processing time, customers can also check the pre-approved offer to which they may be entitled. Just enter their name and contact details to verify their pre-approved offer in seconds.

The wait is over. Now, customers can tackle all of their major expenses and tick everything off their shopping list without making a dent in their savings. Choose the Bajaj Finserv Flexi personal loan today.

* Baths and conditions of application

About Bajaj Finance Limited

Bajaj Finance Limited, the loan company of Bajaj Finserv Group, is one of the most diverse NBFCs in the Indian market, serving more than 40 million customers across the country. Based in Pune, the company’s product offering includes sustainable consumer loans, lifestyle finance, life care finance, digital product finance, personal loans, loans against property, small business loans, home loans, credit cards, two and three wheel loans, business loans SME loans / loans, title loans and rural finance which includes gold loans and refinance loans vehicles as well as fixed depots. Bajaj Finance Limited is proud to hold the highest FAAA / Stable credit rating for any NBFC in the country today.

To find out more, visit: https://www.bajajfinserv.in

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The Central Crime Branch (CCB) of the Grand Chennai Police Department has issued a notice urging people not to give access to loan applications and to notify the police if they fall prey to such online frauds.

Police said there were around 60 unauthorized online loan applications on Google Play Store, which are not registered or recognized by the Reserve Bank of India as NBFC (Non-Banking Financial Company).

“If you or people close to you receive abusive or threatening and harassing calls, prefer a police complaint immediately,” the police said.

The notice comes days after a 27-year-old man allegedly committed suicide near Chengalpattu following harassment by people claiming to be representatives of online money lending applications.

Police have also warned that these apps have privacy policies that collect data available on a user’s phone, thereby violating the user’s privacy and using it against them as well. “A user’s phone contacts, photos, camera, locations and phone memory can be compromised by online money lenders. The public must therefore be careful.

They also advised that the name of the grievance officer as well as the contact information provided by these applications are fictitious.

Meanwhile, the Central Crime Branch (CCB) of Bengaluru City Police on Wednesday confirmed the presence of illegal app-based instant microcredit companies also operating out of Bengaluru after similar cases emerged in Hyderabad, Cyberabad and other cities in the country.

Joint Police Commissioner (Crime) Sandeep Patil said three such cases were recorded by the CCB on Wednesday. “The CWB has recorded three cases against online loan applications that illegally grant loans at exorbitant interest rates.

Anyone who has been the victim of such fraud should contact the Cybercrime Police Station with details. “

A senior CCB officer said more details of the applications and cases filed would only be released after verifying the same from different sources. “Strict measures will be taken against offenders,” he added.

If you are considering taking out personal loans to support yourself financially, there are many options available from both public and private sector banks. Although you can take out personal loans from any bank, it is always advisable to compare the interest rates charged by those banks as it affects your personal finances in the longer term. It is clear from this list that the State Bank of India (SBI) does not offer the cheapest personal loan.

See Zee Business Live TV Streaming below:

As a comparison of data from bank websites, five banks offer the cheapest personal loans and all of them are in the public sector. Data is as of February 5, 2021, in one case.

A quick comparison shows that Union Bank at an interest rate of 8.90 per annum is the cheapest, closely followed by another public sector lender, the Punjab National Bank (PNB). PNB offers an interest rate on personal loans as low as 8.95%.

Next in the list is the Central Bank of India, which also lends the lowest personal loan at 8.95%. The other two banks are Indian Bank and Bank of Maharashtra. With interest rates of 9.05 and 9.55 percent respectively, these banks fill the top 5 banks with the lowest personal loan offers.

These banks also offer EMI options in the range of Rs 10,355-10,513, with the lowest by Union Bank and the highest among the top 5 by Bank of Maharashtra.

On top of that, the State Bank of India (SBI), the country’s largest lender and also next on the list, is offering an interest rate as low as 9.60 per year on its personal loan.

People wishing to apply for a personal loan are advised to check the websites of the banks or their respective branches to understand the terms and conditions in detail and other changes.

Harrisburg, PA (WHTM) – June 15 is Nature Photography Day, a day we celebrate the work of intrepid souls who travel to the ends of the earth to bring us stunning, beautiful and inspiring nature images.

You might have wondered if you can take nature photography yourself. But wouldn’t that mean investing large sums of money in camera equipment? Several camera bodies, lenses ranging from super wide angle to extreme telephoto, tripods, batteries, recording media.

This is just the beginning !

If you’re shooting video, you need camera stabilizers, drones, audio recording gear, and the crew to help you get all that gear in and out!

Well that’s what it would be if you worked for National Geographic or BBC Earth. There is no denying that they have really amazing and expensive equipment.

But you would be amazed at how much you can do with a simple cell phone.

Early cellphone cameras left a lot to be desired when it came to image resolution, but image quality has improved dramatically over the years. If you want to learn photography, your cell phone is a great place to start. It’s simple to use and you carry it around all the time, so if an interesting photo opportunity arises, you’re good to go.

The important thing is to keep your eyes open.

Wildlife can appear in all kinds of unexpected places. We had several times a fox in the abc27 parking lot. I also had a video in the parking lot of a June bug larva, a rather strange larva that moves on its back with its legs in the air.

There are probably all kinds of unusual creatures out there where you live, whether you are in the countryside or in a big city. Even, your bland backyard is an exotic and distant place for someone on the other side of the planet.

Sooner or later, if you’re really serious about your photography, you’ll want things to improve your shot.

A good first investment is a tripod for stable shots. This is especially important for video; shaking shots can be dramatic, but they can also be embarrassing and irritating. Tripods are also useful if you want to use special features on the cell phone, such as time lapse photography.

Since cell phones do not have a way to attach them to a tripod, you will need a special adapter, which screws onto the tripod and has a clamp to hold the cell phone in place. Mini tripods are also useful for low-angle shots.

If you go to the beach, the sand and salt water can make a number on your cell phone. Keep it in a sort of waterproof pouch between shots. Some of them are optically clear, so you can take pictures without taking out the phone.

Now that the wild animals are, well, wild, they’re a lot more likely to run away than to come near you. If you have critters in your area that you would like to photograph, but they are a bit shy, you can try a little camera trap. This is where you set up a camera, start recording, go into hiding and hope for the best. You can do this with your phone, but you will need to set it to “record streaming video”.

Sooner or later you will fill up your camera’s memory. Besides, how do you answer the phone if it rings?

It’s time to consider another expense. A reasonably good trail camera can be had for a reasonably good price. It will only record when something triggers its sensor, and animals tend to ignore them. Most of them also have infrared light for night photography. You can find out what’s going on in the yard while you sleep, or what the cats are doing in the kitchen at 2 a.m.

One of the downsides of cell phones is that they don’t really take telephoto shots. If you have tried using the camera’s digital zoom, you may have noticed that the image becomes grainy. This is because they enlarge their images by electronically cropping the image, which means that individual pixels take up more space on the image and the quality of the image suffers.

When it starts to get frustrating, it’s time to think about taking the next step, that of a camera with optical zoom. It can be a camera with a built-in lens or a device with interchangeable lenses. Optical zoom changes the size of the image by moving the lens elements back and forth inside the lens barrel. The image size always remains the same, without graininess.

One last tip. No matter how good you are with the camera you use, you are going to produce clunkers. Remember, the recycle bin is your friend. Use it wisely and often.

This is an archived article and the information in the article may be out of date. Please look at the history’s timestamp to see when it was last updated.

ABILENE, Texas (KTAB / KRBC) – Ford is hoping its dealers will loan out some of the new F-150s with on-board generators to help bring electricity and heat to homes and businesses still in the dark.

The Ford Motor Company sent a letter to dealers in Texas on Thursday saying they wanted to help communities across the state that experienced power outages due to winter storm.

A dealership, Abilene’s Arrow Ford, said it would release one or two of the pickup trucks to help local residents and businesses still without power.

The dealership said one of its employees had already tested it, using the vehicle to generate power after losing power.

Central Market Area Marketing, Sales and Service General Manager Tim Witt wrote the following in the letter to the dealers:

First and foremost, I hope you, your employees and your families are all safe during the unprecedented weather events of the past week. Know that our thoughts and prayers are with you all.

As of this morning, there are still hundreds of thousands of Texans who have no electricity. I’ve seen stories of families lining up in shelters and sleeping in vehicles just to stay warm. I can’t imagine what they have to go through.

One way to help your community is to use a new 2021 F-150 PowerBoost Hybrid or F-150s equipped with the ProPower Onboard (option 472 or 477). Currently we have over 400 of these F150s in stock in Texas.

Excerpt from letter from Tim Witt, Ford Motor Company

The letter continues with the logistics on how the dealership will handle the process internally.

According to the specifications, Ford’s Pro Power Onboard enables truck owners to generate 7.2 kW of power, which, according to Edmunds.com, is “certainly sufficient to supply the necessities”.

“While it depends on the truck and how much power you’re using, a fully gas-powered F-150 can potentially run for days,” the site revealed.

The truck can be used as a generator whether it is stationary or running.