Fintech PR
Bankers Confident about Future but Signal Fintech Fear
Banking leaders are increasingly confident about their future. Promontory Interfinancial Network’s proprietary Bank Confidence IndexSM reached its highest point since it debuted five years ago, according to its fourth quarter Bank Executive Business Outlook survey released today.
The Index, which is based on expectations for access to capital, loan demand, funding costs, and deposit competition for the 12 months ahead, measured 52.9, climbing nearly three points since the previous quarter. The survey was based on responses from the leaders of 543 unique banks nationwide.
“Bank leaders headed into 2020 with a positive outlook on loan demand and more confidence about the state of the industry,” said Mark Jacobsen, President and CEO of Promontory Interfinancial Network. “That good feeling stretched nationwide, as well as across all four regional groupings of Federal Reserve districts.”
Yet there were also signs of worry from bankers about increased competition from the fintech sector. More than three-fourths (76%) of bank respondents said they fear new payment and money transfer platforms, like ApplePay, PayPal, Stripe, and Venmo, more than any other type of fintech competitor. Half expressed a high level of fear.
Bankers were split on whether they should fear specialty lenders like Earnest, Kabbage, and Quicken Loans/Rocket Mortgage, with 47% expressing mid or high levels of fear and an equal number signaling a low level of fear. Only 6% of respondents said they had no fear at all from such firms. Online investment/advisory platforms like Betterment, Personal Capital, and Wealthfront also warranted concern from bankers, with 41% expressing a mid or high level of fear. Half said they had a low level of fear.
OTHER FINDINGS:
NEWS SOURCES
More than three in 10 said their first read in the morning is a cable TV network’s website, like CNN, CNBC, or Fox Business, while approximately one quarter (26%) said they look to print or online versions of the Wall Street Journal.
GROWTH & ATTRACTING NEW CUSTOMERS
In the survey, bank respondents were asked questions about growth strategies and how they attract new customers. Six in 10 (60%) said their banks are looking to enhance online and mobile banking features amidst a high level of competition for retail deposits. Slightly fewer than half said their banks are looking to diversify funding sources (44%) or to create/reconfigure existing deposit products (44%).
BANK EXPERIENCES & OVERALL ECONOMIC OUTLOOK
On the metrics that make up Promontory Interfinancial Network’s proprietary Bank Experience IndexSM (access to capital, loan demand, funding costs, and deposit competition compared to 12 months prior), results showed a level of 51.4, an increase of nearly four points from the previous quarter.
Respondents’ views of how overall economic conditions affected their businesses in the previous 12 months—and how they might impact their businesses in the next 12 months—continued to shift to a more positive outlook. More than half (54%) said economic conditions were the same compared to 12 months prior, while only 12% identified economic conditions as worse. More than a third (35%) saw improvement (up 14 points from the previous quarter). More than half (57%) predicted conditions would be the same in a year—a 12-point increase from the previous quarter. Only 16% said economic conditions would worsen over the next 12 months—a 28-point drop from the third quarter of 2019 and a 20-point drop from Q4 2018.
FUNDING COSTS
The biggest change came in respondents’ views of their banks’ funding costs. Only about four in 10 (43%) reported higher funding costs over the prior 12 months. This was down 18 percentage points from the previous quarter and down 48 points from Q4 2018. To the contrary, a different 43% said their banks’ funding costs had decreased in the fourth quarter of 2019 compared to 12 months prior. This translated into a 20-point increase from the previous quarter and a rise of 40 points from Q4 2018. The percentage of respondents predicting a decrease in funding costs in the coming 12 months fell 14 points from the previous quarter to 37%. The entire 14-point decline was offset by a 14-point gain in those who indicated that they expect funding costs to remain the same (43%). Only two in 10 (20%) projected funding costs to grow over the next 12 months.
LOAN DEMAND
More than four in 10 (44%) saw an increase in loan demand compared to 12 months prior, a three-point rise from the previous quarter and a one-point rise from the fourth quarter of 2018. One in four (25%) saw a decrease in loan demand (10 points less than the previous quarter). Three in 10 (31%) said loan demand was about the same. Looking to the future, 48% predicted an increase in loan demand in the next 12 months, an 18-point increase from the previous quarter and a nine-point increase from Q4 2019.
DEPOSIT COMPETITION
A majority (55%) said deposit competition had increased compared to 12 months prior. This was only a slight dip from the previous quarter but a 31-point drop from Q4 2018. A similar majority forecasted that competition would increase in the coming year (56%) – far fewer than the 82% who felt that way at the end of the fourth quarter of 2018. More than four in 10 (41%) said that they expect deposit competition to be the same in 12 months. Only 3% reported expecting a reprieve.
ACCESS TO CAPITAL
Overall, a majority of respondents (78%) said their banks’ access to capital remained steady compared to 12 months prior, and an even higher number (80%) predicted it would remain the same in 12 months.
This survey report incorporated responses from CEOs, presidents, and CFOs from 543 unique banks across the country—approximately 10% of the banks in the United States. It is the twentieth quarterly survey published by Promontory Interfinancial Network. An archive of previous surveys can be found here.
SOURCE Promontory Interfinancial Network, LLC
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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