Source: African Development Bank Group
On 8 April 2025 in Abidjan, the Boards of Directors of the African Development Bank Group welcomed Dr. Omar Alieu Touray, the president of the Economic Community of West African States Commission, for a technical session on the current status of regional integration in the West African sub-region.
Category: Banking
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MIL-OSI Banking: African Development Bank and ECOWAS hold technical session on strengthening regional integration in West Africa
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MIL-OSI Banking: Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets with Ambassador of Republic of Korea (ROK) to ASEAN
Source: ASEAN
Deputy Secretary-General of ASEAN for Community and Corporate Affairs, H.E. Nararya Sanggramawijaya Soeprapto, had a meeting with Ambassador of ROK to ASEAN, H.E. Lee Jang-keun, at the ASEAN Headquarters/ ASEAN Secretariat today. DSG Nararya expressed appreciation to Ambassador Lee for the ROK’s continued support under the ASEAN-ROK Cooperation Fund (AKCF) for the fiscal year 2025. During their discussion, DSG Nararya provided updates on ongoing AKCF funded projects and together with Ambassador Lee focused discussion on reviewing and enhancing cooperation under the ASEAN-ROK Cooperation Fund (AKCF). In addition to discussing the ongoing collaboration, they explored potential areas for the forthcoming ASEAN-ROK Plan of Action 2026–2030.
The post Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets with Ambassador of Republic of Korea (ROK) to ASEAN appeared first on ASEAN Main Portal.
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MIL-OSI United Kingdom: Greens call for more workers to have a permanent four day week
Source: Scottish Greens
A four day week is better for workers rights.
The Easter Bank Holiday period underlines the many benefits of a four day work week, say the Scottish Greens.
The party’s workers’ rights spokesperson, Maggie Chapman MSP, has called for the UK and Scottish Governments to support companies and organisations who are considering trialling or introducing a four day week for workers.
The Scottish Greens have already adopted a four day working week for party and MSP office staff, with positive results. Better work-life balance, less stress, and more control over their lives are just some of the benefits that staff have reported. Better focus at work also means increased productivity.
Ms Chapman said:
“Every worker deserves to have a good work-life balance, and a four day week without loss of pay is a proven way of providing that.
“The Easter bank holidays will give workers all over the country more time to spend with their families, friends and loved ones, or simply to relax. That should be normal rather than being an exception.
“The path to a four day week will be different for every company and organisation. That’s why we want to see more trials across different sectors and are urging the Scottish and UK governments to offer more support for those making the change.
“Whenever workers’ rights have been extended there have been people telling us it is impossible or would result in a loss of productivity or profit.
“We heard this with the introduction of weekends, basic health and safety, and the minimum wage: the same voices told us they couldn’t be done, or they would be detrimental.
“I believe that people are so much more than just cogs in our economy, and that means we must ensure that work does not cause stress and harm to people. We already have longer work weeks than the European average.
“We should be transforming our relationship with work to support the health and wellbeing of our workforce. Because that will be good for them but also for those they work for: happy, healthy employees will be more productive than sick, stressed and frustrated workers.
“The impact of normalising a four day week could be transformative for workers’ rights and for building a fairer, greener and better future.”
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MIL-OSI Economics: Artificial Intelligence fuels rise of hard-to-detect bots that now make up more than half of global internet traffic, according to the 2025 Imperva Bad Bot Report
Source: Thales Group
Headline: Artificial Intelligence fuels rise of hard-to-detect bots that now make up more than half of global internet traffic, according to the 2025 Imperva Bad Bot Report
- Rise in accessible AI tools significantly lowered the barrier to entry for cyber attackers, enabling them to create and deploy malicious bots at scale.
- For the first time in a decade, automated traffic surpassed human activity, accounting for 51% of all web traffic.
- API-directed attacks surged to 44% of advanced bot traffic, with the travel sector topping the list for bot attacks overall.
Thales, the leading global technology and security provider, today announced the release of the 2025 Imperva Bad Bot Report, a global analysis of automated bot traffic across the internet. This year’s report, the 12thannual research study, reveals that generative artificial intelligence (AI) is revolutionizing the development of bots, allowing less sophisticated actors to launch a higher volume of bot attacks with increased frequency. Today’s attackers are also leveraging AI to scrutinize their unsuccessful attempts and refine techniques to evade security measures with heightened efficiency, amidst a growing Bots-As-A-Service (BaaS) ecosystem of commercialized bot services.
Automated bot traffic surpassed human-generated traffic for the first time in a decade, constituting 51% of all web traffic in 2024. This shift is largely attributed to the rise of AI and Large Language Models (LLMs), which have simplified the creation and scaling of bots for malicious purposes. As AI tools become more accessible, cyber criminals are increasingly leveraging these technologies to create and deploy malicious bots which now account for 37% of all internet traffic – a significant increase from 32% in 2023. This is the sixth consecutive year of growth in bad bot activity, posing security challenges for organizations striving to safeguard their digital assets.
Both the Travel and the Retail sectors face an advanced bot problem, with bad bots making up 41% and 59% of their traffic respectively. In 2024, the travel industry became the most attacked sector, accounting for 27% of all bot attacks, up from 21% in 2023. The most notable shift in 2024 is the decline in advanced bot attacks targeting the travel industry (41%, down from 61% in 2023) and the sharp increase in simple bot attacks (52%, up from 34%). This shift indicates that AI-powered automation tools have lowered the barriers to entry for attackers, allowing less sophisticated actors to initiate more basic bot attacks. Rather than relying exclusively on sophisticated techniques, cybercriminals are increasingly utilizing high volumes of simpler bots to inundate travel sites, resulting in more frequent and widespread attacks.
The Rise of AI-Driven Bots: A New Era of Cybersecurity Challenges
The emergence of advanced AI tools, including ChatGPT, ByteSpider Bot, ClaudeBot, Google Gemini, Perplexity AI, and Cohere AI, are transforming not just user interactions but also the methods by which attackers execute cyber threats. According to the Imperva Threat Research team, widely used AI tools are being leveraged for cyberattacks, with ByteSpider Bot alone responsible for 54% of all AI-enabled attacks. Other significant contributors include AppleBot at 26%, ClaudeBot at 13%, and ChatGPT User Bot at 6%.
“The surge in AI-driven bot creation has serious implications for businesses worldwide,” said Tim Chang, General Manager of Application Security, Thales Cybersecurity Products. “As automated traffic accounts for more than half of all web activity, organizations face heightened risks from bad bots, which are becoming more prolific every day.”
As attackers become more adept at utilizing AI, they can execute a variety of cyber threats—ranging from DDoS attacks to custom rules exploitation and API violations. While bot-driven attacks have become increasingly sophisticated, they pose significant challenges for detection efforts.
“This year’s report sheds light on the evolving tactics and techniques utilized by bot attackers. What were once deemed advanced evasion methods have now become standard practice for many malicious bots,” Chang said. “In this rapidly changing environment, businesses must evolve their strategies. It’s crucial to adopt an adaptive and proactive approach, leveraging sophisticated bot detection tools and comprehensive cybersecurity management solutions to build a resilient defense against the ever-shifting landscape of bot-related threats.”
Bad Bots Targeting API Business Logic Pose Increased Threat to Modern Enterprises
Recent findings from the Imperva Threat Research team reveal a significant surge in API-directed attacks, with 44% of advanced bot traffic targeting APIs. These attacks aren’t just limited to overwhelming API endpoints; rather, they target the intricate business logic that defines how APIs operate. Attackers deploy bots specifically designed to exploit vulnerabilities in API workflows, engaging in automated payment fraud, account hijacking, and data exfiltration.
Analysis in the report reveals a deliberate strategy by cyber attackers to exploit API endpoints that manage sensitive and high-value data. Implications of this trend are especially impactful for industries that rely on APIs for their critical operations and transactions. Financial services, healthcare, and e-commerce sectors are bearing the brunt of these sophisticated bot attacks, making them prime targets for malicious actors seeking to breach sensitive information.
APIs serve as the backbone of modern applications, enabling connectivity across services, streamlining operations, and delivering personalized customer experiences at scale. They underpin essential functions such as payment processing, supply chain management, and AI-driven analytics, making them indispensable for enhancing efficiency, accelerating product development, and unlocking new revenue streams.
“The business logic inherent to APIs is powerful, but it also creates unique vulnerabilities that malicious actors are eager to exploit,” Chang said. “As organizations embrace cloud-based services and microservices architectures, it’s vital to understand that the very features that make APIs essential can also leave them susceptible to risk of fraud and data breaches.”
Financial Services, Healthcare, and E-commerce Industries Face Heightened Risk
The 2025 Imperva Bad Bot Report provides an in-depth analysis highlighting the industries most at risk. Financial services, healthcare, and e-commerce are the most affected sectors, industries that rely on APIs for critical operations and sensitive transactions, making them attractive targets for sophisticated bot attacks.
The financial services sector was the most targeted industry for account takeover (ATO) attacks, accounting for 22% of all incidents, followed by Telecoms and ISPs with 18%, and Computing & IT with 17%. Financial Services has long been a prime target for ATO attacks due to the high value of accounts and the sensitive nature of the data at stake. Banks, credit card companies, and fintech platforms possess vast amounts of Personally Identifiable Information (PII), including credit card and bank account details, which can be profitably sold on the dark web. Additionally, the growing proliferation of APIs within the industry has broadened the attack surface, allowing cyber criminals to exploit vulnerabilities such as weak authentication and authorization methods, thereby facilitating account takeovers and data theft.
About the Research
The 12th Annual Imperva Bad Bot Report is based on insights from our Threat Research and Security Analyst Services (SAS) teams. Our analysis draws from data collected from across the Imperva global network in 2024, including the blocking of 13 trillion bad bot requests across thousands of domains and industries. This dataset provides key insights into bot activity to help organizations understand and address the growing risks of automated attacks.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.
The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.
Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.
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MIL-OSI: Beneficient to Present at the Emerging Growth Conference on April 17, 2025
Source: GlobeNewswire (MIL-OSI)
DALLAS, April 15, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, is pleased to announce that it will present a brief corporate update at the Emerging Growth Conference on Thursday, April 17, 2025. The Company will host a webcast group presentation at 4:10 PM Eastern Time.
Investors can register in advance to attend the conference and receive any updates at: https://goto.webcasts.com/starthere.jsp?ei=1705403&tp_key=612b99c876&sti=benf.
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
For more information, visit www.trustben.com or follow us on LinkedIn.
Contacts
Matt Kreps: 214-597-8200, mkreps@darrowir.com
Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
Investor Relations: investors@beneficient.comDisclaimer and Cautionary Note Regarding Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions, including receipt of required approvals and satisfaction of other customary closing conditions and excepted timing of closing of the Transactions, and expectations of future plans, strategies, and benefits of the Transactions. The words ”anticipate,” “believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the transaction, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the transaction; and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
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MIL-OSI Europe: EU Fact Sheets – The institutions of the Economic and Monetary Union – 14-04-2025
Source: European Parliament
The institutions of the Economic and Monetary Union (EMU) are largely responsible for establishing European monetary policy, rules governing the issuing of the euro and price stability within the EU. These institutions are: the European Central Bank (ECB), the European System of Central Banks (ESCB), the Economic and Financial Committee, the Eurogroup and the Economic and Financial Affairs Council (Ecofin).
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MIL-OSI Submissions: US and China headed for currency war: warns deVere CEO
Source: deVere GroupApril 15 2025 – Trump’s tariff-led trade war is pushing the world’s two largest economies toward a new front: a currency war— “one that will be gradual, deliberate, and globally disruptive,” warns the CEO of global financial advisory giant, deVere Group (ref. https://www.devere-group.com )
With US tariffs on Chinese goods now averaging 145%, Beijing is under growing pressure to respond. But with traditional trade retaliation options constrained, a new strategy is forming—one based on a controlled, step-by-step weakening of the yuan.
The signs are already clear. The offshore yuan dropped to a record low of 7.4287 against the dollar. Onshore, the currency sank to its weakest since 2007. The People’s Bank of China, while insisting on stability, has been setting the yuan’s midpoint fix at levels not seen in years.
Nigel Green, CEO of deVere Group, says: “China is unlikely to openly weaponize the yuan.
“But under mounting tariff strain, they’re likely to let it slip—slowly and carefully. It won’t look like a headline war, but it will have headline consequences.”
There’s little appetite in Beijing for a sharp devaluation.
The memory of 2015’s capital exodus—when $700 billion fled Chinese markets after a sudden currency move—still haunts policymakers.
A similar episode today could trigger “damaging capital flight” and erode already fragile domestic confidence.
He continues: “Instead, China is walking a narrow path: using small, incremental devaluations to support exporters without inviting panic. It’s an approach aimed at shielding growth while maintaining the image of financial control. But even a modest yuan decline matters.”
A weaker Chinese currency lowers the real cost of exports, softening the blow from US tariffs. It also pressures other Asian economies to consider devaluing in response, setting off ripple effects through emerging markets. For the US, it complicates inflation dynamics—import prices may fall, but global volatility may rise.
“Currency shifts don’t happen in a vacuum,” explains Nigel Green.
“They reshape capital flows, unsettle risk assets, and provoke reactions from other central banks. For global investors, ignoring this would be a serious error.
“Unlike the free-floating dollar or yen, the yuan is tightly managed.
“Every day, the Chinese central bank sets a central reference rate, allowing only limited movement around it. That system gives Chinese authorities control and it also gives them the tools to engineer a slow, sustained decline without outright triggering alarm bells.“This approach fits a broader pattern in modern financial conflict: avoid sudden moves, but gradually change the terms of trade. The goal isn’t shock. It’s attrition.”
The bigger concern is what comes next. If a slow yuan weakening begins to reverse capital inflows, Beijing could be forced to tighten controls further, or accelerate its depreciation. Either route could stoke fresh volatility across currencies, bonds, and equities.
The deVere CEO says: “Investors should be watching the yuan as closely as they watch the Fed or earnings season. The slow-motion currency shift between the US and China is central to how this phase of global economic rivalry will play out.”He concludes: “I believe we’re entering a new stage of financial confrontation—less visible, but no less strategic. The yuan is becoming a pressure valve, and investors need to understand what’s coming.
“The trade war may have opened with tariffs, but it won’t end there.”
deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.
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MIL-OSI: Aerospike Named Graph Database of the Year in the 2025 Data Breakthrough Awards
Source: GlobeNewswire (MIL-OSI)
MOUNTAIN VIEW, Calif., April 15, 2025 (GLOBE NEWSWIRE) — Aerospike, Inc. today announced it has been named Graph DBS Solution of the Year in the annual Data Breakthrough Awards program. This marks the third time that Aerospike’s multi-model database has been honored as a Solution of the Year by these awards.
DB-Engines currently ranks Aerospike as the third most popular graph database in the industry. Aerospike Graph delivers a unique architecture that enables customers to realize exceptional performance using far fewer resources than other options. This lowers costs and power consumption and operates on a much smaller carbon footprint.
“Aerospike Graph enables enterprises to run millisecond-speed queries across massive datasets — ideal for fraud detection, identity resolution, and customer 360 applications,” said Subbu Iyer, CEO of Aerospike. “It delivers consistent performance at scale while keeping infrastructure lean and efficient.”
Conducted across a 100x range of data sizes, a new benchmark illustrates how Aerospace Graph can effectively store, query, and scale to vast large-scale identity graphs without performance bottlenecks or high costs. In the benchmark, infrastructure costs decreased by 50% as scale dramatically increased from $10/GB at 200GB to just $5/GB at 20TB — providing linear, predictable, and cost-effective scale.
Aerospike Multi-model Database
Aerospike makes it easy to launch in the cloud and choose the right data model for the job—whether document, graph, key-value, or vector search—all within a single, massively scalable real-time database. Developers can build high-performance applications on top of these models using 80% less infrastructure than legacy or point solutions. Aerospike simplifies deployment, cluster management, and monitoring of streamlined operations, freeing developers to focus on innovations rather than operational complexity.
Aerospike previously won Data Breakthrough Awards for In-memory Solution and NoSQL Solution of the Year. Each year, the Data Breakthrough Awards conduct the most comprehensive analysis of the data technology industry. For 2025, over 3,000 nominations from all over the globe were evaluated.
Get started with the 2025 Graph DB Solution of the Year for free here and view the new graph benchmark here.
About Aerospike
Aerospike is the real-time database built for infinite scale, speed, and savings. Our customers are ready for what’s next with the lowest latency and the highest throughput data platform. Cloud and AI-forward, we empower leading organizations like Adobe, Airtel, Criteo, DBS Bank, Experian, PayPal, Snap, and Sony Interactive Entertainment. Headquartered in Mountain View, California, our offices are also located in London, Bangalore, and Tel Aviv.
Aerospike is a registered trademark of Aerospike, Inc.
Contact:
Chris Poisson
Look Left Marketing
aerospike@lookleftmarketing.com -
MIL-OSI Europe: April 2025 euro area bank lending survey
Source: European Central Bank
15 April 2025
- Credit standards for loans to firms tightened slightly further, and net loan demand moved back into slightly negative territory
- Credit standards for housing loans eased and net loan demand continued to increase strongly
- While competition in mortgage markets remains high, risk perceptions and credit quality deterioration continue to weigh on lending to firms and consumers
According to the April 2025 bank lending survey (BLS), which was conducted between 10 and 25 March 2025, euro area banks reported a small further net tightening of credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the first quarter of 2025 (a net 3% of banks; Chart 1). Banks also reported a moderate easing of credit standards for loans to households for house purchase (a net ‑7% of banks), whereas credit standards for consumer credit and other lending to households tightened slightly further (a net 3% of banks). For loans to firms, the net tightening followed the renewed tightening of credit standards seen in the previous quarter and was lower than banks had expected. It was again driven by higher perceived risks related to the economic outlook and to the industry and firm-specific situations. For loans to households for house purchase, banks eased credit standards, after keeping them broadly unchanged in the previous quarter and despite having expected a small tightening. The easing was mostly driven by competition from other banks. Credit standards tightened slightly further for consumer credit, mainly owing to higher perceived risks. For the second quarter of 2025, banks expect a further net tightening of credit standards across all three loan segments.
Banks’ overall terms and conditions – the actual terms and conditions agreed in loan contracts – eased for loans to firms and for housing loans, while they tightened for consumer credit. Lower lending rates and narrower margins on average loans eased terms and conditions across all segments. There was a small tightening impact from stricter collateral requirements for loans to firms and by loan maturity and size for consumer credit, while margins on riskier loans narrowed for housing loans.
In the first quarter of 2025, euro area banks reported a renewed small decrease in demand from firms for loans or the drawing of credit lines (Chart 2), after two quarters of weak recovery. Loan demand decreased, mainly owing to a negative contribution from firms’ inventories and working capital and despite the support from declining interest rates. Net demand for housing loans continued to increase strongly, driven primarily by declining interest rates and to a lesser extent by improving housing market prospects and higher consumer confidence, and this is consistent with the gradual recovery of lending flows observed in this segment since mid-2024. Demand for consumer credit and other lending to households increased moderately, supported principally by declining interest rates, with further small contributions from consumer confidence and spending on durable goods. In the second quarter of 2025, banks expect a small net increase in loan demand from firms and further increases for households, especially for housing loans.
Euro area banks’ access to retail funding remained broadly unchanged in the first quarter of 2025, while easing for debt securities, money markets and securitisations. Over the next three months, banks expect a slight improvement in access to retail funding, with access to money markets, debt securities and securitisations expected to remain broadly unchanged.
The reduction in the ECB monetary policy asset portfolio had a small negative impact on euro area banks’ market financing conditions and liquidity positions over the last six months, contributing to an increase in holdings of euro area sovereign bonds for the first time since early 2015. Banks expect these developments to continue over the next six months, while the impact on lending conditions remains muted, reflecting the measured and predictable adjustment of the ECB monetary policy portfolio.
Euro area banks reported a net tightening impact of non-performing loan ratios and other credit quality indicators on their lending conditions for loans to firms and for consumer credit in the first quarter of 2025, while the impact for housing loans was neutral. Higher perceived risks, pressures related to supervisory or regulatory requirements and lower risk tolerance were the key factors for reporting a tightening impact. For the second quarter of 2025, banks expect a further tightening impact of credit quality on their lending conditions for loans to firms and for consumer credit and a very small tightening of lending conditions for housing loans.
Banks reported a further negative net impact of the past and expected ECB key interest rate decisions on their net interest margins over the past six months, while the impact via volumes remained slightly negative. Banks expect a similar negative net impact of ECB key interest rate decisions on their margins over the next six months, which is expected to drag down overall profitability despite the slightly positive contribution from asset volumes. Interest rate decisions have contributed to containing, but not removing, the pressure on bank profitability from higher expected provisions and impairments, given that banks reported a slightly positive impact of rate decisions over the past six months and no expected impact for the next six months, after more than a year of increasing provisioning needs.
The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the April 2025 survey relate to changes observed in the first quarter of 2025 and changes expected in the second quarter of 2025, unless otherwise indicated. A total of 155 banks were surveyed in this round, with a response rate of 99%.
Chart 1
Changes in credit standards for loans or credit lines to enterprises, and contributing factors
(net percentages of banks reporting a tightening of credit standards, and contributing factors)
Source: ECB (BLS).
Notes: Net percentages are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards. Data for the euro area and for the largest four euro area countries.
Chart 2
Changes in demand for loans or credit lines to enterprises, and contributing factors
(net percentages of banks reporting an increase in demand, and contributing factors)
Source: ECB (BLS).
Notes: Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand. Data for the euro area and for the largest four euro area countries.
For media queries, please contact William Lelieveldt, tel.: +49 69 1344 7316.
Notes
- A report on this survey round is available on the ECB’s website, along with a copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys.
- The euro area and national data series are available on the ECB’s website via the ECB Data Portal. National results, as published by the respective national central banks, can be obtained via the ECB’s website.
- For more detailed information on the BLS, see Köhler-Ulbrich, P., Dimou, M., Ferrante, L. and Parle, C., “Happy anniversary, BLS – 20 years of the euro area bank lending survey”, Economic Bulletin, Issue 7, ECB, 2023, and Huennekes, F. and Köhler-Ulbrich, P., “What information does the euro area bank lending survey provide on future loan developments?”, Economic Bulletin, Issue 8, ECB, 2022.
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MIL-OSI China: Announcement on Open Market Operations No.71 [2025]
Source: Peoples Bank of China
Announcement on Open Market Operations No.71 [2025]
(Open Market Operations Office, April 15, 2025)
The People’s Bank of China conducted reverse repo operations in the amount of RMB164.5 billion through quantity bidding at a fixed interest rate on April 15, 2025.
Details of the Reverse Repo Operations
Maturity
Rate
Bidding Volume
Winning Bid Volume
7 days
1.50%
RMB164.5 billion
RMB164.5 billion
Date of last update Nov. 29 2018
2025年04月15日
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MIL-OSI United Kingdom: Clean energy projects prioritised for grid connections
Source: United Kingdom – Government Statements
Press releaseClean energy projects prioritised for grid connections
Ofgem is expected to confirm the National Energy System Operator’s ambitious new plan to reform grid connections and unlock billions of investment.
- Grid connections for businesses that will deliver clean energy prioritised, driving growth to put more money in working people’s pockets
- Pro-growth reforms to help unlock £40 billion of mainly private investment a year in clean energy and infrastructure, with industries of the future such as data centres accelerated for quicker grid connections
- Comes as £43.7 billion of private investment announced into the UK’s clean energy industries since July
So-called ‘zombie’ projects will no longer hold up the queue for connection to the electricity grid to prioritise businesses that will drive growth and deliver energy security.
Companies are currently waiting up to 15 years to be connected to the grid leaving promising businesses ‘grid-locked’, and over the last 5 years, the grid connection queue has grown tenfold.
The changes will help to kick-start the economy to put more money in working people’s pockets, the first priority of the government’s Plan for Change.
Ofgem is expected to confirm the ambitious new plan later today (Tuesday 15 April), drafted by the National Energy System Operator in partnership with the energy industry.
The reforms will help unlock £40 billion a year of mainly private investment, growing the economy, creating jobs and raising living standards as a key part of the government’s Plan for Change.
This builds on the latest figures showing that since July, the clean energy industry is now booming in Britain, with £43.7 billion of private investment being announced into the UK’s clean energy industries.
Energy Secretary Ed Miliband said:
Too many companies are facing gridlock because they cannot get the clean energy they need to drive growth and create jobs.
These changes will axe ‘zombie’ projects and cut the time it takes to get high growth firms online while also fast-tracking connections for companies delivering homegrown power and energy security through our Plan for Change.
In an uncertain world, our message to the global clean energy industry is clear; come and build it in Britain because we are a safe haven. If you want certainty, stability and security when it comes to your investments, choose Britain.
The plan comes after the Prime Minister has said that a new era of global insecurity means that the government must go further and faster reshaping the economy through the Plan for Change, and that this requires a new muscular industrial policy that supports British industry to forge ahead.
Lack of access to grid connections has been a significant factor holding back new investment in UK industries.
Under the new changes, industries of the future from data centres and AI, to wind and solar projects, will be accelerated for grid connections.
That means deprioritising those projects that are not ready or not aligned with strategic plans.
New commitments to investing in the UK have topped £38 billion since July 2024 for data centres alone, but grid access is the single biggest challenge facing these projects.
Today’s reforms will help fast track projects to generate homegrown, renewable electricity into homes and businesses, protecting British billpayers from the rollercoaster of global fossil fuel markets and building an energy system that can bring down bills for good.
Delivering these reforms will help unleash £40 billion a year of mainly private investment in homegrown clean power projects and infrastructure across the country, creating good jobs across the country including engineers, welders and construction workers.
By taking a strategic, planned approach the changes will remove the need for tens of billions of pounds of unnecessary grid reinforcement, saving billpayers £5 billion that would have been funded through charges on bills.
Ofgem CEO, Jonathan Brearley, Chief Executive Officer, Ofgem said:
The proposed connection reforms will supercharge Great Britain’s clean power ambitions with a more targeted approach anticipated to unlock £40 billion a year of investment and energise economic growth.
The reforms would cut through red tape, consign ‘zombie projects’ to the past and accelerate homegrown renewable power and energy storage connections as we head to 2030.
Houses and hospitals, electric vehicle charging stations, data centres and the emerging AI sector, would also all benefit from the proposed streamlined fast-track approach, which would help boost energy security and drive down bills.
Kayte O’Neill, Chief Operating Officer, National Energy System Operator, said:
Reforming the connections process is a key enabler for delivering Clean Power by 2030 and will drive economic growth for Great Britain. Today’s milestone reflects the close collaboration across the energy industry with support from the government and Ofgem.
Together with the wider energy industry, NESO will focus on prioritising agreements for projects that are critical and shovel ready, bringing these to the front of the queue and giving developers the certainty they need to support investment decisions.
Notes to editors
Through the landmark Planning and Infrastructure Bill, the government is also bringing forward legislation to support Ofgem and NESO to deliver the reforms.
Every family and business in the country has paid the price of Britain’s dependence on foreign fossil fuel markets, which was starkly exposed when Putin invaded Ukraine and British energy customers were among the hardest hit in Western Europe, with bills reaching record heights.
The government’s clean power mission is the solution to this crisis; by sprinting to clean, homegrown energy, including renewables and nuclear, the UK can take back control of its energy and protect both family and national finances from fossil fuel price spikes with cleaner, affordable power.
The Clean Power Action Plan estimated that Clean Power 2030 could require around £40 billion of investment on average per year between 2025 to 2030. This includes around £30 billion of investment in generation assets per year, estimated by DESNZ, and around £10 billion of investment in electricity transmission network assets per year, estimated by NESO.
The £5 billion savings for billpayers was estimated by Ofgem in their February 2025 Impact Assessment for the TM04+ connections reforms: Consultation on connection reform (TM04+) enablers, including a statutory consultation on modifications to licence conditions
In addition to the £34.8 billion in clean energy private investment announcements secured around the October 2024 International Investment Summit the following private investments have been announced. This means that since July 2024 the government has seen £43.7 billion of private investment announced into the UK’s clean energy industries.
National Wealth Fund, Barclays UK Corporate Bank and Lloyds Banking Group announced £1 billion unlocked to retrofit social housing.
Government announced the successful HAR1 projects.
Statera Energy announced financial close on £395 million debt financing platform for Thurrock Flexible Generation.
Copenhagen Infrastruture Partners announced Financial Investment Decision for Coalburn 2 and Devilla, battery energy storage system projects in Scotland
Renewable energy developer OnPath announced their ambitions to invest £1 billion in clean energy projects across the UK.
Quinbook Infrastructure Partners announced the close of financing for Cleve Hill Solar Park, the UK’s largest solar and battery storage project under construction.
Updates to this page
Published 15 April 2025 -
MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 15, 2025
Source: Reserve Bank of India
Tenor 1-day Notified Amount (in ₹ crore) 25,000 Total amount of bids received (in ₹ crore) 9,564 Amount allotted (in ₹ crore) 9,564 Cut off Rate (%) 6.01 Weighted Average Rate (%) 6.01 Partial Allotment Percentage of bids received at cut off rate (%) NA Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/99
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MIL-OSI Australia: Belconnen Oval Wetland is now open
Source: Northern Territory Police and Fire Services
As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.
Released 15/04/2025 – Joint media release
The Belconnen Oval Wetland is now open for visitors to enjoy after major works to help filter stormwater flows to reduce pollution in Lake Ginninderra.
The ponds in the wetland will filter approximately 30% of nutrients and solids from water in the Emu Bank catchment that can cause toxic blue-green algae before it reaches the lake.
This is the first stormwater wetland in the ACT to include subsurface elements, in addition to a traditional wetland and ponds, meaning water flows underground through the roots of the wetland plants. The roots absorb the nutrients from the water to nourish the plants above so they can grow, while cleaning the flowing stormwater below.
Visitors should take care while exploring the area and walk only on the footpaths. The plants, reeds and grasses are part of a delicate ecosystem that are still maturing.
The Belconnen Wetland Oval project is delivered through the ACT Healthy Waterways program to help keep our waterways clean.
To learn more about the Healthy Waterways program, visit the ACT Environment website.
Quotes attributable to Suzanne Orr, Minister for Climate Change, Environment, Energy and Water:
“The wetland is a great example of how nature-positive outcomes can also create great places for our community.
“The Belconnen Oval Wetland is the latest in a series of Healthy Waterways infrastructure projects that include the construction of wetlands, ponds, rain gardens all to improve the quality of our waterways and stormwater systems. “
Quotes attributable to Tara Cheyne, Minister for City and Government Services:
“This new wetland offers a peaceful place for visitors to enjoy. As the reeds, grasses, and trees mature over the years, they will create a thriving, natural ecosystem.
“Centrally located on the eastern side of Belconnen Oval, I encourage the Belconnen community to explore the area via the new footpaths and take advantage of the surrounding benches.
“We built this wetland in consultation with the community, and it’s a great place for residents to explore, spend time with friends and family, or simply relax on their own.”
– Statement ends –
Tara Cheyne, MLA | Suzanne Orr, MLA | Media Releases
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MIL-OSI Economics: Money Market Operations as on April 11, 2025
Source: Reserve Bank of India
(Amount in ₹ crore, Rate in Per cent)
Volume
(One Leg)Weighted
Average RateRange A. Overnight Segment (I+II+III+IV) 6,26,258.32 5.75 1.00-6.90 I. Call Money 14,691.71 5.79 5.00-6.00 II. Triparty Repo 3,94,644.55 5.73 5.00-5.85 III. Market Repo 2,15,303.06 5.76 1.00-6.90 IV. Repo in Corporate Bond 1,619.00 5.95 5.94-5.95 B. Term Segment I. Notice Money** 552.00 5.79 5.35-5.85 II. Term Money@@ 470.00 – 6.00-6.10 III. Triparty Repo 5,597.00 5.84 5.79-5.95 IV. Market Repo 0.00 – – V. Repo in Corporate Bond 0.00 – – Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off RateC. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo Fri, 11/04/2025 4 Tue, 15/04/2025 14,317.00 6.01 (b) Reverse Repo 3. MSF# Fri, 11/04/2025 1 Sat, 12/04/2025 39.00 6.25 Fri, 11/04/2025 2 Sun, 13/04/2025 0.00 6.25 Fri, 11/04/2025 3 Mon, 14/04/2025 0.00 6.25 Fri, 11/04/2025 4 Tue, 15/04/2025 0.00 6.25 4. SDFΔ# Fri, 11/04/2025 1 Sat, 12/04/2025 1,34,711.00 5.75 Fri, 11/04/2025 2 Sun, 13/04/2025 63.00 5.75 Fri, 11/04/2025 3 Mon, 14/04/2025 740.00 5.75 Fri, 11/04/2025 4 Tue, 15/04/2025 55,950.00 5.75 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]* -1,77,108.00 II. Outstanding Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo (b) Reverse Repo 3. MSF# 4. SDFΔ# D. Standing Liquidity Facility (SLF) Availed from RBI$ 7,804.70 E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* 7,804.70 F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -1,69,303.30 G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on April 11, 2025 9,37,278.50 (ii) Average daily cash reserve requirement for the fortnight ending April 18, 2025 9,31,571.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 11, 2025 14,317.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on March 21, 2025 1,11,247.00 @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. # As per the Press Release No. 2023-2024/1548 dated December 27, 2023. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/97 -
MIL-OSI Economics: NDB Board of Directors Approved City Bank Sustainable Infrastructure Project
Source: New Development Bank
On April 1, 2025, the Board of Directors (Board) of the New Development Bank (NDB) approved a loan of up to USD 25 million to City Bank PLC for the City Bank Sustainable Infrastructure Project, the NDB’s first non-sovereign loan in Bangladesh. The Project is co-financed by NDB, and the Asian Infrastructure Investment Bank (AIIB).
The City Bank Sustainable Infrastructure Project will promote sustainable infrastructure projects in Bangladesh by providing medium to long-term financing to the private sector, fostering sustainable economic growth. The Project will support private sector participation in infrastructure development in the country and also support climate change mitigation measures in Bangladesh.
The loan will be utilized by City Bank PLC, one of the largest and oldest private commercial banks in the People’s Republic of Bangladesh established in 1983, for on-lending to sub-borrowers for financing investments in infrastructure projects in clean energy and energy efficiency, digital infrastructure and e-mobility sectors.
Background Information
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
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MIL-OSI Economics: 2024 Annual Procurement Report
Source: Asia Development Bank
As a multilateral institution, ADB is instrumental in financing procurement transactions and consulting services for investment projects in Asia and the Pacific.
The 2024 Annual Procurement Report marks a leap forward in how the bank communicates procurement activities and features a wide range of impactful stories from our team. -
MIL-OSI China: Xi’s visit to strengthen China-Vietnam bond, regional growth
Source: China State Council Information Office
Xi Jinping, general secretary of the Communist Party of China Central Committee and Chinese president, is warmly welcomed by Vietnamese President Luong Cuong, other senior officials and local representatives upon his arrival at the Noi Bai International Airport in Hanoi, Vietnam, April 14, 2025. [Photo/Xinhua]
Chinese President Xi Jinping is on a state visit to Vietnam from Monday to Tuesday, infusing new vigor into the building of a China-Vietnam community with a shared future that carries strategic significance.
In a signed article published Monday by the Nhan Dan Newspaper of Vietnam, Xi called for strengthened efforts on all fronts to build such a community.
This marks Xi’s fourth state visit to Vietnam as general secretary of the Communist Party of China (CPC) Central Committee and Chinese president. The visit coincides with the 75th anniversary of diplomatic ties between China and Vietnam, two socialist neighbors that have forged an enduring bond as “camaraderie plus brotherhood.”
Xi’s visit will serve as a new milestone in bilateral ties, Vietnamese Deputy Prime Minister and Foreign Minister Bui Thanh Son said. He highlighted its importance in advancing the friendly neighborly relationship, deepening the comprehensive strategic cooperative partnership, and building a Vietnam-China community with a shared future.
Xi Jinping, general secretary of the Communist Party of China Central Committee and Chinese president, greets the welcoming crowd upon his arrival in Hanoi, Vietnam, April 14, 2025. [Photo/Xinhua]
High-level exchange
As socialist neighbors connected by mountains and rivers, China and Vietnam have formed a community with a shared future that carries strategic significance, Xi said in a written statement upon his arrival.
In exploring a socialist path suited to their respective national conditions, the two sides have learned from each other, advanced hand in hand, and jointly demonstrated to the world the bright prospects of the socialist system, Xi noted.
In recent years, the leaders of the CPC and the Communist Party of Vietnam (CPV) as well as the two countries have maintained frequent high-level exchanges, steering the development of the bilateral ties.
Xi paid a historic visit to Vietnam in December 2023, during which the two sides announced the building of a China-Vietnam community with a shared future that carries strategic significance, marking a new stage in bilateral relations.
In August 2024, To Lam, general secretary of the CPV Central Committee, visited China during his first overseas trip after taking office, further enhancing the momentum of China-Vietnam cooperation.
The frequent mutual visits between the leaders of the two nations reflect a high level of strategic mutual trust, said Dinh Cong Tuan, head of the Chinese language department at Hanoi Foreign Languages and Technology College.
Xi’s visit, coming at a pivotal moment in the development of China-Vietnam relations, presents an important opportunity for both sides to deepen their strategic dialogue, the professor added.
Nguyen Vinh Quang, deputy chair of the Vietnam-China Friendship Association, expressed his hope that both countries will seize the opportunity to explore new avenues for future cooperation and to elevate the building of a community with a shared future to a new level.
Citizens prepare to take a train of the Cat Linh-Ha Dong urban elevated railway in Hanoi, Vietnam, Oct. 9, 2024. The Cat Linh-Ha Dong urban elevated railway was built by the China Railway Sixth Group as an important project of the synergy of the China-proposed Belt and Road Initiative with Vietnam’s “Two Corridors and One Economic Circle” plan. [Photo/Xinhua]
Robust practical cooperation
Under the strategic guidance of the top leaders of the two parties and two countries, practical cooperation between China and Vietnam has continued to expand across various sectors, providing solid foundations for building a community with a shared future.
Economic and trade relations between the two sides have reached new heights. China has remained Vietnam’s largest trading partner for more than two decades, with total bilateral trade exceeding 260 billion U.S. dollars in 2024. Chinese enterprises’ direct investment in the Southeast Asian nation surpassed 2.5 billion dollars in the same year, sustaining swift growth.
Agricultural cooperation continues to bear fruit. High-quality Vietnamese products are increasingly welcomed by Chinese consumers, bringing tangible benefits to Vietnamese farmers and catering to the growing demand in the Chinese market.
Infrastructure connectivity has also seen significant progress, further facilitating cross-border trade.
“Railway connectivity and cold-chain transport between China and Vietnam have cut logistics costs, accelerated customs clearance, and ensured fresher, more affordable Vietnamese produce for Chinese consumers,” said Nguyen Ba Hai, an official at the Vietnamese Ministry of Industry and Trade.
In a major development, Vietnam’s National Assembly approved investment for the Lao Cai-Hanoi-Hai Phong railway project in February, marking a key step in strengthening cross-border exchanges.
Vietnam plans to begin construction on this line in 2025, with planning for the Mong Cai-Ha Long-Hai Phong and Dong Dang-Hanoi standard-gauge railways expected to be completed by 2026, said Deputy Prime Minister Bui Thanh Son.
In the signed article, Xi expressed China’s readiness to advance cooperation with Vietnam on the three standard-gauge railways in northern Vietnam.
Upgrading cross-border railways and ports can not only boost bilateral trade, but also enhance connectivity and resilience across the region, said Do Thi Thu, a senior lecturer at the Banking Academy of Vietnam.
Meanwhile, China and Vietnam have launched a number of landmark livelihood projects, enhancing the synergy of their development strategies.
Solar panels, waste-to-energy plants and other bilateral clean energy projects have boosted electricity supply in Vietnam, while the Cat Linh-Ha Dong metro line built by a Chinese company makes public transport in Hanoi more convenient.
“The benefits brought by Vietnam-China economic and trade cooperation are evident,” said Nguyen Thi Phuong Hoa, deputy director at the Institute of Chinese Studies of the Vietnam Academy of Social Sciences.
The enhanced economic exchanges have also contributed to vibrant cultural exchanges.
In 2024 alone, Chinese tourists made over 3.7 million visits to Vietnam. The launch of the Detian-Ban Gioc Waterfall Cross-Border Tourism Cooperation Zone has made it possible to visit both countries in a single day. Chinese film and television productions and video games are popular among young Vietnamese, and more people in Vietnam are learning Chinese.
Noting that this year marks the China-Vietnam Year of People-to-People Exchanges, Chinese Ambassador to Vietnam He Wei said that through a series of activities, the bond between the two peoples will become even closer, and the public support for bilateral relations will become increasingly robust.
An aerial drone photo shows a view of Guangxi Pingxiang Integrated Free Trade Zone in Pingxiang City, south China’s Guangxi Zhuang Autonomous Region, March 1, 2025. With the booming economic and trade cooperation between China and Vietnam, major border ports witness increasing border traffic. [Photo/Xinhua]
Multilateral collaboration
As the world undergoes accelerated changes unseen in a century, regional peace and development face mounting challenges, making solidarity and cooperation more crucial than ever.
China and Vietnam, both vocal advocates of multilateralism, have actively engaged in regional and international cooperation to tackle common challenges and promote shared prosperity.
The two nations play active roles within the Association of Southeast Asian Nations cooperative framework, contributing to the bloc’s efforts to foster economic integration and regional stability.
Both nations are signatories to the Regional Comprehensive Economic Partnership (RCEP), underscoring their dedication to an open, rules-based trading system.
Noting that the trade war and tariff war will produce no winner, and protectionism will lead nowhere, Xi said in the signed article that “our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.”
China and Vietnam can work together to uphold the global order based on international law, including an international trade system based on established international norms, said Tran Khanh, former editor-in-chief of the Journal of Southeast Asian Studies at the Vietnam Academy of Social Sciences.
As RCEP members, the two countries can use this platform to promote deeper regional integration and contribute to a stable trading system, Do Thi Thu said, adding that the two neighboring countries can also work together to make greater contributions to regional stability.
Xi’s visit underscores the commitment of both Vietnam and China to peaceful development and regional stability, said Bui Minh Long, managing editor of the Vietnamese daily newspaper Tien Phong. “I believe that closer Vietnam-China relations will become a stabilizing force in Southeast Asia,” Bui said.
Amid a complex and volatile international landscape, Ambassador He emphasized that China and Vietnam should deepen their comprehensive strategic cooperation and inject more certainty and stability into the region. This, he said, is not only an essential aspect of building a China-Vietnam community with a shared future that carries strategic significance, but also a necessary step to promote regional cooperation and development.
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MIL-OSI China: China EximBank issues bonds to support foreign trade
Source: China State Council Information Office
The Export-Import Bank of China (China EximBank) announced on Monday that it has issued two themed financial bonds totaling 12 billion yuan (about 1.66 billion U.S. dollars) in the interbank bond market.
The bonds, issued last Thursday and Friday, aim to facilitate the quality and efficiency improvements of China’s foreign trade and support connectivity in foreign trade-related infrastructure, according to the bank.
Issued in one-year and ten-year maturities, the bonds attracted broad participation from domestic and international institutional investors, said the bank, noting that funds raised will specifically target foreign trade credit loans.
To advance high-quality foreign trade growth, China EximBank has recently introduced special programs to expand financial support for small and micro-sized foreign trade enterprises, and strengthen support for private companies involved in international trade, overseas investments, Belt and Road cooperation, and developing new quality productive forces.
China EximBank is a state-funded and state-owned policy bank supporting China’s foreign trade, investment and international economic cooperation.
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MIL-OSI USA: Senator Scott, Secretary Turner Visit Affordable Housing Development, Opportunity Zone
US Senate News:
Source: United States Senator for South Carolina Tim Scott
CHARLESTON, S.C. — U.S. Senator Tim Scott (R- S.C.), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Scott Turner, Secretary of the Department of Housing and Urban Development, visited One80 Place, an affordable housing development project in Charleston, South Carolina. One80 Place also has a 6-story, $44 million housing and shelter project currently under construction. Located in an Opportunity Zone, the 70 affordable housing units and 65-bed family shelter will be the first of its kind in the area with hopes to replicate the project across the country in the future.“To have the Secretary of HUD to stop by Charleston, South Carolina, invest his valuable time in seeing the progress that we are making as a community, it is a blessing…and it is also a blessing to have One80 Place working so hard on behalf of a critical issue. One of our top goals on the [Senate Banking] Committee is housing and affordability, and I’m thankful that we have a partner who’s on the job every single day, leading the way from Washington, and many people in the local community, on the job, every single day, helping us take care of our own communities,” Senator Scott said at the visit. “Certainly, we’re focusing on the regulatory environment. And frankly, the private sector as well…you look at our bill, the ROAD to Housing Act, it focuses on relieving some of the pressure in the system from a regulatory perspective. [I believe] that will allow for more homeownership, faster.”
Background
Senator Scott’s Opportunity Zones initiative has driven $84.7 billion to underserved communities, unlocking economic opportunities that were not previously available. As the leader of the White House Opportunity and Revitalization Council during President Trump’s first term, Secretary Turner has been key to the success of the initiative, which has drawn bipartisan praise from the likes of then-Governor John Hickenlooper, Governor Gavin Newsome, and then-Mayor Pete Buttigieg. The Senator is looking forward to working with President Trump and his Republican colleagues on a package to broaden and extend Opportunity Zones and continue driving economic development in the communities that need it most.
The Opportunity Zones (OZ) tax incentive is helping tackle the nation’s housing crisis by making significant increases in housing supply. According to the Economic Innovation Group, OZs have led to:
A significant and immediate increase in new commercial and residential development activity in targeted low-income communities, according to a study of building permits across 47 large cities through June 2022.
The likelihood of investment in a designated census tract in a given month jumped by over 20 percent after OZs were enacted.The doubling of new national multifamily housing developments.
OZs are home to about 10 percent of the country’s population but now account for 20 percent of all new market-rate multifamily apartment units being developed in the country.The creation of 172,000 new apartment units across 972 developments and 2,014 cities.
In his confirmation hearing before the Senate Banking Committee, Secretary Turner committed to visit areas like Charleston, South Carolina, to see firsthand the housing challenges Americans across the country face. In an interview earlier this year, Secretary Turner cited Senator Scott’s ROAD to Housing Act as a priority to help unleash investment in affordable housing initiatives across the country. -
MIL-OSI New Zealand: Economy – RBNZ speech Forecasting: (conditionally) charting the path forward
Source: Reserve Bank of New Zealand15 April 2025 – Knowing the current state of the economy and where it is likely headed are key to making interest rate decisions today that keep inflation low and stable in future, Chief Economist Paul Conway says.
“Given economic uncertainty, which can be pervasive at times, forecasting is a critical tool for guiding monetary policy decisions, shaping expectations, and ensuring transparency,” Mr Conway says in a speech on forecasting, delivered today via live webinar.
“It is a complex but essential part of monetary policy making that is not always well understood by the public.”
We use a wide range of data and various methodologies to assess the current state of the economy to use as the ‘starting point’ for our economic projections and monetary policy decisions.
“Our forecast for the Official Cash Rate (OCR) reflects the economic picture at the time of the forecast. It is our best estimate of how the OCR will need to change over the next three years to meet our inflation target, conditional on the economic outlook, so inflation always ends up back at 2 percent.”
“That last bit – conditional on the economic outlook – should be read as being bolded, highlighted, and jumping off the page like a neon sign. I cannot overstate the importance of this conditionality,” he says. “If the economic outlook changes, which it almost always does to some degree, then our projection for the OCR will also change.”
“Because the OCR projection is conditional on everything else evolving as expected, it should almost never be interpreted as a guarantee of future MPC decisions,” he says.
More information
Join Teams event at 9.30am Tuesday, 15 April
Read full speech: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=c985c58198&e=f3c68946f8
NB: The speech is written by Chief Economist Paul Conway and RBNZ staff and is not an official statement from the Monetary Policy Committee. There is no update on the state of the economy since the 9 April 2025 Monetary Policy Review.
Alongside the speech, we are publishing a related Bulletin and 2 Analytical Notes, as well as launching Kiwi-GDP, which is a live “nowcast” of GDP on our website.
- Bulletin: The Role of Forecasting in Monetary Policy. By Adam Richardson and Rebecca Williams: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=fa4864ede6&e=f3c68946f8
- Analytical Note: Forecasting Investment and House Prices in New Zealand using Dynamic Factor Models. By Tyler Smith and Trent Lockyer: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=dc0e026c15&e=f3c68946f8
- Analytical Note: Nowcasting GDP. By Gerelmaa Bayarmagnai: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=ec5db49f38&e=f3c68946f8
- Kiwi-GDP- a live nowcast of GDP to be updated weekly: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=06f35216b1&e=f3c68946f8
- Watch a short video about the speech: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=5be02e6d2f&e=f3c68946f8
- A recording of the speech and a question-and-answer session will be available on RBNZ youtube as soon as possible. https://www.youtube.com/@reservebankofnz/videos
Key points from the speech:
The best contribution monetary policy can make to the long-term wellbeing of New Zealanders is to deliver stable prices, aiming at 2 percent inflation.
We aim for stable prices through ‘flexible’ inflation targeting. Trying to get inflation down too fast can damage the economy.
We aim to control inflation over 1 to 3 years ahead.The speech explains how the RBNZ forecasts and the tools we use, including:- How we conduct short-term forecasts (nowcasting)
- How our forecasts should be interpreted
- The importance of forecasting for flexible inflation targeting.
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MIL-OSI Economics: A Bridge to Progress: AfDB Executive Directors Visit Transformative Project in The Gambia
Source: African Development Bank Group
Standing on the Senegambia Bridge – an emblem of regional integration and economic resilience – a team of Executive Directors from the African Development Bank Group witnessed firsthand how infrastructure investment is reshaping lives in West Africa.
“This bridge is more than steel and concrete—it’s a symbol of what’s possible when countries come together to build shared prosperity,” said Nomfundo Ngwenya, spokesperson for the mission and one of seven Executive Directors on the high-level visit.
Fully funded by the African Development Fund, with 24 km of access roads supported by the European Union, the Senegambia Bridge is a vital artery connecting The Gambia and Senegal. It has eased cross-border transport, boosted trade, and improved daily life for thousands.
“The difference this makes to traders, transporters, and families on both sides of the border is profound,” said Executive Director Darkortey Rufus. “We saw it. We heard it.”
The delegation also visited several other projects with transformative impact, including:
- The Women’s Garden in Bassori, empowering female farmers through irrigation and training, funded by the Global Agriculture and Food Security Program (GAFSP)
- The OMVG 225/30 kV substation in Soma, part of a broader push for regional energy connectivity
- A rural Energy Access Program site in Ker Ali, bringing electricity to previously off-grid villages.
“This is what development looks like: local, practical, and community-owned,” said Chantal Nonault, another Executive Director on the mission. “We’re not just reviewing numbers—we’re seeing results.”
Strengthening Partnerships, Shaping Future Support
Held from 24 – 28 February, the mission was part of the Bank’s ongoing engagement with Regional Member Countries. The delegation, representing 34 of the Bank’s 81 member nations, met with President Adama Barrow and senior officials, including Finance Minister Seedy Keita.
President Barrow expressed appreciation for the Bank’s sustained support and welcomed the Executive Directors’ first collective visit to The Gambia. He also emphasized the government’s reform agenda and home-grown solutions designed to complement external support. He referred to the mission as being not only a vote of confidence in The Gambia’s national development path but also a strong signal about partnerships that matter.
The visit came at a critical moment as The Gambia advances its 2023–2027 National Development Plan, focusing on economic diversification, climate adaptation, digital transformation, and domestic resource mobilization. These priorities closely align with the African Development Bank’s Ten-Year Strategy (2024–2033).
Since joining the Bank in 1974, The Gambia has built a robust partnership with the institution. The current portfolio includes 17 active projects valued at $227.47 million, with transport (45%), agriculture (20%), and energy (18%) as leading sectors.
“The hospitality of the Gambian people and the commitment of its leadership were deeply inspiring,” the EDs said in a joint statement. “We leave with a clear sense of the progress made—and what more can be done.”
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MIL-OSI Economics: “The era of aid or free money is gone. Africa must overhaul its approach toward achieving fast-paced development.”
Source: African Development Bank Group
In the face of dwindling global funding, tariffs, and geopolitical tensions, African Development Bank Group President Akinwumi Adesina said on Friday that Africa must wean itself from aid dependency and urgently chart its future through self-reliance, strategic partnerships, and leveraging its vast natural resources.
He spoke on Friday in Abuja at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN), where he delivered a thought-provoking lecture.
The address “Advancing Africa’s Positioning within Global Development and Geopolitical Dynamics” outlined a bold vision for Africa’s future in a rapidly changing global landscape.
“The recent dismantling of the official development aid agency in the US, and similar anti-aid measures in other parts of Europe, means that the old development models that Africa has always relied on will no longer work,” he told the audience.
“The era of aid or free money is gone. African countries must now learn to develop via investment discipline. Countries can no longer rely on aid for growth or count it as part of government revenue, as has been the case for decades. Benevolence is not an asset class,” the Bank Group president said.
At Nigeria’s largest open university, Adesina emphasized that Africa must overhaul its approach to achieving fast-paced growth and development. He said for the continent to spur growth it should rapidly ensure the full implementation of the African Continental Free Trade Area: “Produce local, buy local, trade more locally,” he charged the continent.
Adesina highlighted several critical challenges facing the continent, including declining development aid, restrictive immigration policies, undervalued natural capital, and global tariff wars. However, he positioned these challenges as opportunities for Africa to redefine its global standing.
The African Development Bank is leading the development of a new framework to re-estimate Africa’s GDP based on the proper valuation of its vast natural capital. This will lower Africa’s debt to re-estimated GDP and expand its ability to borrow more resources to finance its development. The Bank believes properly valuing Africa’s green wealth will improve the risk profiles and credit ratings of countries across the continent.
He said of recent global tariff tensions: “47 out of 54 African countries have been placed under higher US tariffs. The immediate direct effects of the tariffs on African countries will be a significant reduction in exports and foreign exchange availability. This will send other shock waves through African economies.”
He continued: “Local currencies will weaken on the back of reduced foreign exchange earnings. Inflation will increase as costs of imported goods rise and currencies devalue against the US dollar. The cost of servicing debt as a share of government revenue will rise, as expected revenues decline.”
To build resilient economies, Adesina said: “Africa must chart its future, relying not on the benevolence of others but on its own determination for self-reliance, building reliable alliances, leveraging opportunities in the global dynamics, while putting Africa first. Only then will Africa be great again!”
AfDB president Akinwumi Adesina performs groundbreaking ceremony for the Regional Training and Research Institute for Distance and Open Learning building at the National Open University of Nigeria Abuja
Some key initiatives led by the African Development Bank under Adesina’s leadership include the establishment of the Africa Financing Stability Mechanism to help African countries refinance debt service payments; the development of Security-Indexed Investment Bonds to rebuild areas devastated by conflict; the creation of the African Credit Risk Agency to fairly assess Africa’s investment risks; the implementation of the $25 billion African Adaptation Acceleration Program to support the continent’s resilience to climate change; and the development of a framework to revalue Africa’s GDP based on its natural capital wealth.
The Bank Group president emphasized the importance of adding value and processing natural resources, explaining that this is the key to Africa’s future prosperity. He also cautioned that Africa must also carefully negotiate its engagement in the global geopolitical rush for critical minerals and rare earth elements.
“Africa can be competitive in these global value chains. It must move away from exporting raw minerals and move into processing and value addition to benefit from the high returns at the top of global value chains,” Adesina said who was accompanied by his wife Grace Yemisi Adesina.
He called for greater value addition to everything Africa produces, from oil to gas, minerals, metals, rare earths, and agricultural products.
The African Development Bank is working with the African Union and the Economic Commission for Africa to develop the African Green Minerals Strategy. The strategy will support countries in embracing strong corporate governance, transparency, environmental protection, and sound mineral stewardship, including social responsibility and protection of communities’ lands and rights.
“Africa must end the exports of its raw materials,” Adesina warned. “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth. And Africa is tired of being poor.”
The lecture also addressed the importance of investments in youth education and entrepreneurship. With Africa’s population projected to reach 2.4 billion by 2050 and 75% under 35, Adesina stressed the need for quality education and skills development aligned with the digital economy.
As he approaches the end of his second five-year term as president of the African Development Bank Group in September, Adesina reflected on his legacy of strengthening and transforming the institution. Under his leadership, the Bank’s general capital increased from $93 billion in 2014 to $318 billion today, while achieving recognition as the Most Transparent Financial Institution in the world for two consecutive years.
Adesina will be awarded an honorary doctorate from NOUN on Saturday. He is dedicating the honor to his late father, Roland F. Adesina, whom he credits with instilling in him the value of education.
The National Open University of Nigeria is considered Africa’s largest and the world’s second largest open learning university. Through distance learning and online education, NOUN offers over 2,000 courses to more than 600,000 students, providing accessible and quality education to all Nigerians.
The Vice Chancellor of the university, Prof. Olufemi Peters, told the gathering that Adesina was carefully chosen to deliver this year’s convocation lecture “to enable Nigerians to benefit from his outstanding global experience”.
Adesina also performed the groundbreaking ceremony for the Regional Training and Research Institute for Distance and Open Learning building at the university. The institute is a flagship open and distance learning center in West Africa.
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MIL-OSI Economics: Nigeria’s Cross River State second to commence construction of its Special Agro-Industrial Processing Zone
Source: African Development Bank Group
Nigeria’s Cross River State became the second to mark construction of a Special Agro-Industrial Processing Zone after the country’s Vice President Kashim Shettima and African Development Bank President Dr. Akinwumi Adesina broke ground at the project site on Thursday 10 April.
The SAPZ aims to tackle food insecurity, enhance local production, and position Nigeria as a food export leader by leveraging Cross River’s ports and research assets to boost global trade, reduce food imports, and drive prosperity through the agro-industrialization of crops like cocoa and cassava.
The groundbreaking in Cross River follows that of Kaduna which took place few days earlier. Six other states – Kano, Kwara, Imo, Ogun, Oyo, and the Federal Capital Territory – are included in Phase 1 of the $538 million SAPZ program, with plans to expand to the remaining 28 states this year pending the African Development Bank’s Executive Board approval for Phase 2 funding.
Shettima emphasized the project’s priority and need for national collaboration: “The SAPZ program has been recognized as a national priority for food security in Nigeria.” He noted, “There is no better time than now for the federal and state governments, development partners, the private sector, and our communities to work hand in hand to ensure the success of the SAPZ project.”
Adesina celebrated the milestone, saying, “Today is a big day for Nigeria,” and added, “The Special Agro-Industrial Processing Zones is bringing good news to Nigeria, State Governments and Local Governments. Good news to farmers, agribusinesses, and all rural areas of Nigeria. Good news of jobs, wealth, and prosperity with agriculture as a business.
“With the abundant arable land, cheap labor and vast agro-ecological areas, Nigeria should not be importing food,” said Adesina who was accompanied by his wife Grace Yemisi Adesina.
The Bank Group president highlighted Cross River’s export potential: “Bakasi deep seaport will turn the state into a logistics hub in Nigeria and the Gulf of Guinea, enabling trade with Cameroon, Equatorial Guinea, and Guinea Bissau.”
The 130-hectare Agro-Industrial Hub in Adiabo will leverage the Calabar Sea Port, Bakassi Deep Sea Port, a 23 kVA power plant in Tinapa, and a 630 kVA Calabar Power Plant. Its Agricultural Transformation Centre, supported by the Cocoa Research Institute of Nigeria and the University of Calabar, lies less than 45 minutes from Ikom, Etung, and Boki, boosting cocoa production for global markets.
Governor Bassey Otu outlined the state’s vision, saying, “For us in Cross River State, the establishment of clusters of smallholder farmers focused on staple and cash crops such as rice, cassava, millet, cocoa, and oil palm is a vital step toward agro-industrialization.”
“These initiatives are aimed at strengthening food security, diversifying our state’s economy toward export-oriented agriculture, and boosting our GDP,” added Governor Otu, saying the state should expect to see a big difference in two years.
Vice President Kashim Shettima, African Development Bank President Dr. Akinwumi Adesina, Governor Bassey Out, and other dignitaries unveil the plaque for the Special Agro-Industrial Processing Zone in Adiabo, Cross River State, on April 10, 2025, harnessing the state’s ports to boost global trade in cocoa and cassava.
The African Development Bank Group is investing $210 million, including $50 million from its Africa Growing Together Fund. The Islamic Development Bank is contributing $150 million, the International Fund for Agricultural Development is contributing $100 million, the Green Climate Fund is contributing $60 million, and the government is contributing $18 million.
Speaking during the occasion, the International Fund for Agricultural Development’s Country Director, Dede Ekoue, noted that the SAPZ will build on the Livelihood Improvement Family Enterprises in the Niger Delta (LIFE-ND) project which has empowered 26,000 youth and women agripreneurs in the Niger Delta, including 4,000 in Cross River, with plans to scale to 100,000 by 2028.
The Minister of Agriculture and Food Security, Abubakar Kyari, said, “The SAPZ program is a powerful catalyst for economic growth and import substitution. By investing in agro-processing development, we are investing in the future of our communities.”
The African Development Bank Group has committed $934 million to SAPZs in 11 African countries. The 2024 Africa Investment Forum, held in Morocco, recorded $2.2 billion in investor interest for 28 Nigerian states, which make up the second phase of the project.
Adesina explained that with the Special Agro-Industrial Processing Zones, Nigeria will reduce food imports, conserve foreign exchange, expand local production and processing of food and agricultural commodities, strengthen the Naira, and attract significant private investment into the development of agricultural value chains.
The Special Agro-Industrial Processing Zones will also revive and transform rural economies and create millions of jobs.
Adesina was accompanied by the African Development Bank Vice President for Agriculture, Human and Social Development Dr Beth Dunford, the Director General for Nigeria Dr Abdul Kamara, Prof Oyebanji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation, Director Richard Ofori-Mante, Director of the Agricultural Finance and Rural Development Department, and Dr Yusuf Kabir, National Coordinator for SAPZ, Nigeria.
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MIL-OSI United Kingdom: UK announces new humanitarian funding for Sudan
Source: United Kingdom – Executive Government & Departments
Press releaseUK announces new humanitarian funding for Sudan
The UK has announced new support to Sudan ahead of the Sudan conference which will bring together international representatives.
- The UK will commit further life-saving aid for over 650,000 people affected by the ongoing violence as Sudan faces the worst humanitarian crisis on record.
- A one-day conference will unite foreign ministers and leading humanitarian leaders at a conference in London to mark the two-year anniversary of the brutal conflict in Sudan.
- International representatives will discuss how to achieve a peaceful end to the conflict and address the issues preventing aid reaching those most in need.
Today [15th April] the UK will co-host a conference in London alongside the African Union, EU, France and Germany to mark the two-year anniversary of the conflict in Sudan with attendees including major donors and multilateral institutions.
Bringing together foreign ministers from across the globe, the Foreign Secretary will step up international efforts to protect civilians and work towards an end to the conflict.
During a one-day conference, he will announce new life-saving aid to support over 650,000 Sudanese people. Alongside international counterparts, he will also identify steps to improve humanitarian access and find a long-term political solution.
Sudan is facing the worst humanitarian crisis on record, with over 30 million people in desperate need of aid, over 12 million people are displaced, and famine is spreading throughout Sudan. Over 12 million women and girls are also at risk of gender-based violence.
The new £120 million funding announced today will deliver lifesaving food and nutrition supplies, including for vulnerable children and will provide emergency support to survivors of sexual violence.
The Foreign Secretary, David Lammy said:
Two years is far too long – the brutal war in Sudan has devastated the lives of millions – and yet much of the world continues to look away. We need to act now to stop the crisis from becoming an all-out catastrophe, ensuring aid gets to those who need it the most.
As I saw earlier this year on a visit to Chad’s border with Sudan, the warring parties have shown an appalling disregard for the civilian population of Sudan. This conference will bring together the international community to agree a pathway to end the suffering.
Instability must not spread – it drives migration from Sudan and the wider region, and a safe and stable Sudan is vital for our national security. The UK will not let Sudan be forgotten.
African Union Commissioner for Political Affairs, Peace and Security, H.E. Ambassador Bankole Adeoye said:
Achieving peace in Sudan depends on valuing every voice and everyone playing a role in building a prosperous Sudan. The African Union is committed to assisting all the people of Sudan build a brighter democratic future by working to silence the guns.
The ongoing conflict and instability risks spilling over into the wider region, driving Sudanese people away from their homes, with some taking dangerous onward journeys to the UK and Europe. Instability in Sudan also directly impacts the UK’s national security.
The UK wants to help tackle instability in Sudan and reduce the level of irregular migration from the region to Europe and the UK as part of its Plan for Change.
In January 2025, the Foreign Secretary visited the Chad-Sudan border at Adré to see first-hand the impact of the conflict on refugees.
Background
- Countries and organisations attending the Sudan conference include the United Kingdom, the African Union (AU), the European Union (EU), France, Germany, Canada, Chad, Egypt, Ethiopia, Kenya, Kingdom of Saudi Arabia, Norway, Qatar, South Sudan, Switzerland, Türkiye, United Arab Emirates, Uganda, United States of America, alongside high-level Representatives of the Intergovernmental Authority on Development (IGAD), the League of Arab States (LAS) and the United Nations (UN).
- On 17 November, the Foreign Secretary announced a £113 million aid package, which will support over a million people affected by violence in Sudan.
- The new £120 million funding announced today is for the 2025/2026 financial year and will deliver food including pulses, oils, salts and cereals.
- The UK welcomes the 13 February decision to keep the critical Chad-Sudan Adré border crossing open for three more months. But the Sudanese Armed Forces must keep it open permanently, and without restrictions.
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The parties to the conflict continue to obstruct the work of humanitarian agencies, through delaying visas for aid workers and limiting their movements throughout Sudan.
- Funding announced today aims to reach over 600,000 people including:
- 670,000 people reached with food assistance for three months.
- 205,000 people reached through a cash-based response.
- 600,000 people reached through nutrition and water and sanitation.
Media enquiries
Email newsdesk@fcdo.gov.uk
Telephone 020 7008 3100
Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.
Updates to this page
Published 15 April 2025 -
MIL-OSI Submissions: Australia – CBA warns small business customers to be extra vigilant this Easter: SMEs step up battle against scams – CBA
Source: Commonwealth Bank of Australia (CBA)More businesses are taking proactive steps to protect themselves from scams but criminals are likely to ramp up their activity over Easter.
A new survey commissioned by CommBank shows the vast majority of small to medium business owners and senior managers (84 per cent) are either taking action to protect their business from scams or planning to do so, after more than one third (36 per cent) reported having experienced a scam at least once since starting their business.
CommBank Executive General Manager Small Business Banking, Rebecca Warren, said it’s encouraging to see more businesses take steps to protect themselves against scams.
“We know running a small business involves wearing many hats, and it often means you’re incredibly busy with not much time to spare. As a result, business owners may be less likely to spot some of the red flags, which can make them vulnerable to scams,” Ms Warren said.
Steps SMEs have taken to combat scams include checking bank accounts and invoices more regularly and thoroughly (58 per cent), upgrading software (50 per cent), providing additional training for staff (30 per cent) and engaging third-party suppliers such as security consultants (25 per cent).
Ms Warren said there is often a spike in scam events during busy holiday periods, calling for extra caution during the upcoming Easter break.
“While we have seen a 70 per cent reduction in customer scam losses across the bank over the past two years, scammers recognise business owners or key staff are often on holiday at this time of year and this affords them more opportunity combined with less chance of being caught,” Ms Warren said.
“It’s important to keep up with the trends as scams are constantly evolving and becoming more sophisticated, particularly with AI use being so prevalent.
“Small businesses are often affected by the same scam types as individual Australians such as phishing, investment scams, and romance scams. However, the primary scam type that impacts businesses of all sizes is the business email compromise scam.
Business email compromise scams involve obtaining unauthorised access to an email account for the purpose of intercepting and redirecting payment requests.
For example, a business will receive an email that appears to be from someone they know such as an employee, member of senior management, supplier, customer, or service provider. It will request a change of beneficiary account details for a new or upcoming payment, often including an altered invoice.
With scammers now leveraging AI to create highly sophisticated and convincing communications, making it even harder to identify fraudulent activity, Ms Warren said it is more crucial than ever to upskill on cyber safety and scams awareness.
“The more business owners and their staff are aware of the risks, the more likely they’ll be able to spot red flags. People truly are the first line of defence, and it’s encouraging to see scams protection is top of mind for so many business owners.
“Awareness, combined with robust processes and technology, will significantly reduce risk for hard-working Aussie small business owners,” Ms Warren added.
Tips to protect your small business from scams
According to Ms Warren, there are three main parts to ensuring a business is protected from scams and fraudulent activity – people, processes and technology.
People: at CBA we have seen customer scam losses decrease by 70 per cent over two years, and we know that knowing what to look out for is an important defence against fraud and scams. People are truly the first line of defence, which is why education and scams awareness is key.
Processes: call your supplier on a verified/trusted number before making an invoice payment to a new supplier or in situations where existing suppliers are updating their banking details. It is really important to make sure at least two people sign off any payments or changes in beneficiary details as this will significantly reduce the risk of falling victim to a payment redirection scam.
Technology: installing and regularly updating antivirus programs and applying multi-factor authentication for your business applications like email, and accounting software will provide a much-needed third layer of defence.“Small business owners and their staff can sign up for a free Cyber Wardens course, which was created in partnership between CommBank, Telstra and the Council of Small Business Organisations Australia (COSBOA) and designed to upskill Australian businesses in cyber safety,” Ms Warren added.
“They have launched an updated course with a focus on AI, given scammers and cyber criminals increasingly use this technology to target unsuspecting Australians.”
How CommBank protects your business
Helping customers stay safe by improving early detection and prevention of scams is among our highest priorities, and we continue to work hard to make Australian small businesses more resilient to scams.
We are focused on delivering initiatives that help customers stay safe by improving early detection and prevention of scams, such as NameCheck, CallerCheck and CustomerCheck, as well as progressive advances in our cyber protections.
If something goes wrong and you suspect you’ve been scammed, contact your bank and law enforcement immediately.
For more on how CommBank protects your business, visit commbank.com.au/business/security
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MIL-OSI: Preferred Bank Announces 2025 First Quarter Earnings Release and Conference Call
Source: GlobeNewswire (MIL-OSI)
LOS ANGELES, April 14, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent commercial banks in California, today announced plans to release its financial results for the fourth quarter ended March 31, 2025 before the open of market on Friday, April 25, 2025. That same day, management will host a conference call at 2:00 p.m. Eastern (11:00 a.m. Pacific). The call will be simultaneously broadcast over the Internet.
Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or
412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2025; the passcode is 8939265.
About Preferred Bank
Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches), two branches in New York (Manhattan and Flushing) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.
AT THE COMPANY:
Edward J. Czajka
Executive Vice President
Chief Financial Officer
(213) 891-1188AT FINANCIAL PROFILES:
Jeffrey Haas
General Information
(310) 622-8240
PFBC@finprofiles.com -
MIL-OSI Video: RBNZ 5 things to know about how we forecast and do monetary policy – with Chief Economist Paul Conway
Source: Reserve Bank of New Zealand (video statements)
www.rbnz.govt.nz/kiwi-gdp
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MIL-OSI: CNB Financial Corporation Reports First Quarter 2025 Results
Source: GlobeNewswire (MIL-OSI)
CLEARFIELD, Pa., April 14, 2025 (GLOBE NEWSWIRE) —
CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2025.
Executive Summary
- Net income available to common shareholders (“earnings”) was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025, reflecting decreases of $2.1 million, or 14.98%, and $0.09 per diluted share, or 13.64% compared to earnings of $14.0 million, or $0.66 per diluted share, for the three months ended December 31, 2024.1 The quarterly decrease was a result of a decrease in net interest income and non-interest income and an increase in non-interest expense, partially offset by a decrease in the provision for credit losses, as discussed in more detail below. Excluding after-tax merger costs in the first quarter 2025, earnings and diluted earnings per share when compared to earnings of $11.5 million, or $0.55 per diluted share, in the quarter ended March 31, 2024, increased $368 thousand, or 3.19%, and $0.02 per diluted share, or 3.64%, due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.1
- At March 31, 2025, loans totaled $4.5 billion excluding the balances of syndicated loans. This total of $4.5 billion in loans represented a quarterly increase of $11.7 million, or 0.26% (1.05% annualized), compared to December 31, 2024, and a year-over-year increase of $188.1 million, or 4.32%, compared to March 31, 2024. The increase in loans for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 was primarily driven by growth in the BankOnBuffalo, Ridge View Bank and the legacy CNB markets. The year-over-year growth in loans as of March 31, 2025 compared to loans as of March 31, 2024 resulted primarily from growth in commercial and industrial loans in the ERIEBANK and Ridge View Bank markets, and growth in commercial real estate loans in the BankOnBuffalo market, ERIEBANK (primarily Cleveland, OH) and Ridge View Bank. Additional growth occurred in residential real estate loans in the Ridge View Bank and BankOnBuffalo markets and CNB Bank’s Private Banking division.
- At March 31, 2025, the syndicated loan portfolio totaled $69.2 million, or 1.50% of total loans, compared to $79.9 million, or 1.73% of total loans, at December 31, 2024 and $78.7 million, or 1.78% of total loans, at March 31, 2024. The decreases in syndicated lending balances of $10.7 million compared to December 31, 2024 and $9.5 million compared to March 31, 2024 were the result of scheduled paydowns or early payoffs of certain syndicated loans. The Corporation closely manages the level and composition of its syndicated loan portfolio to ensure it continues to provide a high credit quality, profitable use of excess liquidity to complement the Corporation’s loan growth from its in-market customer relationships.
- At March 31, 2025, total deposits were $5.5 billion, reflecting a quarterly increase of $88.7 million, or 1.65% (6.70% annualized), compared to December 31, 2024, and a year-over-year increase of $422.5 million, or 8.39%, compared to total deposits measured as of March 31, 2024. The increase in deposit balances compared to December 31, 2024 was driven by higher retail and municipal deposits, coupled with growth in retail time deposits. Additional deposit and liquidity profile details were as follows:
- At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
- The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
- The level of adjusted uninsured deposits at March 31, 2025 remained relatively unchanged, compared to the level at December 31, 2024, when the total estimated uninsured deposits for CNB Bank were approximately $1.5 billion, or approximately 27.71% of total CNB Bank deposits. Excluding $101.9 million of affiliate company deposits and $429.0 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits were approximately $986.0 million, or approximately 18.01% of total CNB Bank deposits as of December 31, 2024.
- At March 31, 2025, the average deposit balance per account for CNB Bank was approximately $34 thousand, which has remained stable at this level for an extended period.
- At March 31, 2025, the Corporation had $447.1 million of cash equivalents held in CNB Bank’s interest-bearing deposit account at the Federal Reserve. These excess funds, when combined with collective contingent liquidity resources of $4.7 billion including (i) available borrowing capacity from the Federal Home Bank of Pittsburgh (“FHLB”) and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, resulted in the total available liquidity sources for the Corporation as of March 31, 2025 to be approximately 5.3 times the estimated amount of adjusted uninsured deposit balances discussed above.
- At March 31, 2025, the total estimated uninsured deposits for CNB Bank were approximately $1.6 billion, or approximately 27.94% of total CNB Bank deposits. However, when excluding $101.9 million of affiliate company deposits and $481.2 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $971.1 million, or approximately 17.46% of total CNB Bank deposits as of March 31, 2025.
- At March 31, 2025, December 31, 2024, and March 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve’s Discount Window.
- At March 31, 2025, the Corporation’s pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled $61.7 million, or 9.88% of total shareholders’ equity, compared to $74.8 million, or 12.25% of total shareholders’ equity, at December 31, 2024 and $85.0 million, or 14.69% of total shareholders’ equity, at March 31, 2024. The change in unrealized losses during the first quarter 2025 was primarily due to changes in the yield curve compared to the fourth quarter of 2024 and first quarter of 2024, coupled with the Corporation’s scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would still exceed regulatory “well-capitalized” levels as of March 31, 2025, December 31, 2024, and March 31, 2024 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation continued to maintain excess liquidity at its holding company totaling approximately $100.7 million of liquid funds at March 31, 2025, which more than covers the $61.7 million in combined available-for-sale and held-to-maturity unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to CNB Bank, if necessary.
- Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024. The decrease in nonperforming assets for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 was primarily due to paydowns to nonaccrual loans, charge-offs, and the sale of an other real estate owned property. The increase in non-performing assets at March 31, 2025 compared to March 31, 2024 was due to a commercial multifamily relationship totaling $20.3 million with a specific reserve balance of $885 thousand. Management does not believe there is a risk of significant additional loss exposure beyond the specific reserves related to this loan relationship and is actively working with the borrower and their real estate broker to facilitate the sale of the property. Other nonperforming assets contributing to the year-over-year increase include certain commercial and industrial and owner-occupied commercial real estate relationships as previously disclosed in the second quarter of 2024 and a commercial relationship (consisting of various loan types) in the third quarter of 2024. For the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024. The fourth quarter of 2024 included net loan charge-offs related to (i) an owner-occupied commercial real estate relationship with a charge-off of $750 thousand (remaining balance of approximately $3.8 million with specific reserves of $1.4 million), and (ii) a nonowner-occupied commercial real estate relationship for $625 thousand (no remaining balance).
- Pre-provision net revenue (“PPNR”), a non-GAAP measure, was $15.9 million for the three months ended March 31, 2025.1 Excluding after-tax merger costs, PPNR was $17.4 million for the three months ended March 31, 2025, compared to $21.6 million and $16.8 million for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The first quarter 2025 PPNR, excluding after-tax merger costs, when compared to the fourth quarter of 2024, reflected decreases in net interest income, non-interest income and an increase in non-interest expense. The increase in PPNR for the three months ended March 31, 2025, compared to the three months ended March 31, 2024 was primarily attributable to higher net interest income, partially offset by an increase in non-interest expenses.
1 This release contains references to certain financial measures that are not defined by U.S. Generally Accepted Accounting Principles (“GAAP”). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the “Reconciliation of Non-GAAP Financial Measures” section.
Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income. This was evidenced by the quarterly average balance of total loans being less than both the quarter’s beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits. Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward. Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation’s core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise. Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses.”
Other Balance Sheet Highlights
- Book value per common share was $27.01 at March 31, 2025. Excluding after-tax merger costs, book value per common share was $27.08, reflecting an increase from $26.34 at December 31, 2024 and $24.77 at March 31, 2024.1 Tangible book value per common share, a non-GAAP measure, was $24.91 as of March 31, 2025. Excluding after-tax merger costs, tangible book value per common share, a non-GAAP measure, was $24.98, reflecting an increase of $0.74, or 12.38% (annualized) from $24.24 as of December 31, 2024 and a year-over-year increase of $2.31, or 10.19%, from $22.67 as of March 31, 2024.1 The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from December 31, 2024 to March 31, 2025 were primarily due to a $8.1 million increase in retained earnings, coupled with a $7.1 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the first quarter of 2025. The increases in book value per common share and tangible book value per common share, excluding after-tax merger costs, from March 31, 2024 to March 31, 2025 were primarily due to a $35.6 million increase in retained earnings over the twelve months ended March 31, 2025 coupled with a $10.7 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio for the past twelve months.
Loan Portfolio Profile
- As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At March 31, 2025, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:
- Commercial office loans:
- There were 112 outstanding loans, totaling $109.2 million, or 2.37% of total Corporation loans outstanding;
- There were no nonaccrual commercial office loans;
- There were two past due commercial office loans that totaled $216 thousand, or 0.20% of total commercial office loans outstanding; and
- The average outstanding balance per commercial office loan was $975 thousand.
- Commercial hospitality loans:
- There were 162 outstanding loans, totaling $323.1 million, or 7.01% of total Corporation loans outstanding;
- There were no nonaccrual commercial hospitality loans;
- There was one past due commercial hospitality loan that totaled $157 thousand, or 0.05% of total commercial hospitality loans outstanding; and
- The average outstanding balance per commercial hospitality loan was $2.0 million.
- Commercial multifamily loans:
- There were 227 outstanding loans, totaling $373.4 million, or 8.10% of total Corporation loans outstanding;
- There were two nonaccrual commercial multifamily loans that totaled $20.5 million, or 5.50% of total multifamily loans outstanding. As previously discussed, one customer relationship did have a specific reserve of $885 thousand, while the other customer relationship did not have a related specific loss reserve;
- There were two past due commercial multifamily loans that totaled $20.5 million, or 5.50% of total commercial multifamily loans outstanding (included in nonaccrual loans disclosed above); and
- The average outstanding balance per commercial multifamily loan was $1.6 million.
- Commercial office loans:
The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate (“HVCRE”) credits.
Performance Ratios
- Annualized return on average equity was 7.52% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average equity was 8.49% for the three months ended March 31, 2025, compared to 9.79% and 8.79% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
- Annualized return on average tangible common equity, a non-GAAP measure, was 8.15% for the three months ended March 31, 2025. Excluding after-tax merger costs, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025, compared to 10.90% and 9.77% for the three months ended December 31, 2024 and March 31, 2024, respectively.1
- The Corporation’s efficiency ratio was 72.07% for the three months ended March 31, 2025, and 71.28% on a fully tax-equivalent basis, a non-GAAP measure.1 Excluding merger costs, the efficiency ratio on a fully tax-equivalent basis, a non-GAAP measure, was 68.62%, compared to 63.02% and 68.29% for the three months ended December 31, 2024 and March 31, 2024, respectively.1 The quarter-over-quarter increase was primarily driven by lower net interest income and non-interest income and increased non-interest expense, as further discussed below. The year-over-year increase was primarily driven by higher non-interest expense, partially offset by an increase in net interest income.
Revenue
- Total revenue (net interest income plus non-interest income) was $56.9 million for the three months ended March 31, 2025, an increase when compared to $59.4 million and $54.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
- Net interest income was $48.4 million for the three months ended March 31, 2025, compared to $49.0 million and $45.2 million for the three months ended December 31, 2024 and March 31, 2024, respectively. When comparing the first quarter of 2025 to the fourth quarter of 2024, the decrease in net interest income of $613 thousand, or 1.25% (5.07% annualized), was primarily due to lower loan yields on variable and floating-rate loans following the three Federal Reserve rate decreases totaling 100 basis points since mid-September 2024, coupled with changes in the yield curve, partially offset by targeted interest-bearing deposit rate decreases.
- Net interest margin was 3.38%, 3.44% and 3.40% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.37%, 3.43% and 3.38% for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.1
- The yield on earning assets of 5.73% for the three months ended March 31, 2025 decreased 11 basis points from December 31, 2024 and 8 basis points from March 31, 2024. The decrease in yield compared to December 31, 2024 was attributable to the net impact of declining interest rates on variable and floating-rate loans as a result of the Federal Reserve decreases since mid-September 2024, coupled with changes in the yield curve.
- The cost of interest-bearing liabilities was 2.93% for the three months ended March 31, 2025, representing a decrease of 10 basis points from both December 31, 2024 and March 31, 2024. The decrease in the cost of interest-bearing liabilities is primarily the result of the Corporation’s targeted interest-bearing deposit rate decreases in response to the Federal Reserve rate decreases since mid-September 2024.
- Total non-interest income was $8.5 million for the three months ended March 31, 2025 compared to $10.3 million and $9.0 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The quarter-over-quarter decrease was primarily attributable to lower pass-through income from small business investment companies (“SBICs”), increases in unrealized losses on equity securities, and a decrease in wealth and asset management fees. The decrease year-over-year in non-interest income was primarily due to increases in unrealized losses on equity securities and lower mortgage banking income, partially offset by higher pass-through income from SBICs.
Non-Interest Expense
- For the three months ended March 31, 2025 total non-interest expense was $41.0 million. Excluding merger costs, total non-interest expense was $39.5 million, compared to $37.8 million and $37.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. Excluding merger costs, the increase of $1.7 million, or 4.51%, from the three months ended December 31, 2024, was primarily driven by an increase in salaries and benefits, due to higher incentive compensation accruals, coupled with the timing of retirement plan contribution accruals, and higher supplemental executive retirement plan (“SERP”) accruals. Notably, SERP expenses were lower in the fourth quarter due to a reduction related to the departure of an executive, as previously disclosed. Excluding merger costs, the $2.1 million increase in non-interest expense compared to the three months ended March 31, 2024 was primarily driven by higher salaries and benefits, reflecting increased incentive compensation accruals and higher health insurance costs. Additionally, technology expense increased, primarily due to higher core processing charges associated with growth. These increases were partially offset by a decline in legal expenses.
Income Taxes
- Income tax expense for the three months ended March 31, 2025 was $2.9 million, representing a 19.96% effective tax rate, compared to $3.6 million, representing a 19.14% effective tax rate, for the three months ended December 31, 2024 and $2.8 million, representing an 18.36% effective tax rate, for the three months ended March 31, 2024. The effective tax rate for the first quarter of 2025 was impacted by non-deductible merger costs totaling $1.3 million.
Asset Quality
- Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, compared to $59.5 million, or 0.96% of total assets, as of December 31, 2024, and $30.7 million, or 0.53% of total assets, as of March 31, 2024, as discussed in more detail above.
- The allowance for credit losses measured as a percentage of total loans was 1.03% as of March 31, 2025, compared to 1.03% remaining consistent with the allowance for credit losses as a percentage of total loans as of as of December 31, 2024, and 1.03% as of March 31, 2024. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 87.57% as of March 31, 2025, compared to 84.08% and 159.41% as of December 31, 2024 and March 31, 2024, respectively. The change in the allowance for credit losses as a percentage of nonaccrual loans was primarily attributable to the levels of nonperforming assets, as discussed in more detail above.
- The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million and $1.3 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The $1.4 million decrease in the provision expense for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily a result of decreased net loan charge-offs in the first quarter of 2025. The $236 thousand increase in the provision expense for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily due to higher net loan charge-offs in the first quarter of 2025 compared to the first quarter of 2024, coupled with an additional reserve for unfunded commitments.
- As discussed in more detail above, for the three months ended March 31, 2025, net loan charge-offs were $1.4 million, or 0.13% (annualized) of average total loans and loans held for sale, compared to $2.1 million, or 0.19% (annualized) of average total loans and loans held for sale, during the three months ended December 31, 2024, and $1.3 million, or 0.12% (annualized) of average total loans and loans held for sale, during the three months ended March 31, 2024.
Capital
- As of March 31, 2025, the Corporation’s total shareholders’ equity was $624.5 million, representing an increase of $13.8 million, or 2.26% (9.17% annualized), from December 31, 2024 and an increase of $45.9 million, or 7.93%, from March 31, 2024. The changes resulted from an increase in the Corporation’s retained earnings (net income, partially offset by the common and preferred stock dividends paid) and a decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in the Corporation’s available-for-sale investment portfolio.
- Regulatory capital ratios for the Corporation continue to exceed regulatory “well-capitalized” levels as of March 31, 2025, consistent with prior periods.
- As of March 31, 2025, the Corporation’s ratio of common shareholders’ equity to total assets was 9.00% compared to 8.93% at December 31, 2024 and 8.98% at March 31, 2024. As of March 31, 2025, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.36%. Excluding after-tax merger costs, the Corporation’s ratio of tangible common equity to tangible assets, a non-GAAP measure, was 8.38% compared to 8.28% at December 31, 2024 and 8.28% at March 31, 2024.1 The increase in the March 31, 2025 ratio of tangible common equity to tangible assets compared to December 31, 2024 was primarily the result of a decrease in accumulated other comprehensive loss, coupled with an increase in retained earnings, as discussed above.1
Recent Events
- On January 10, 2025, the Corporation announced that the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with with ESSA Bancorp, Inc. (“ESSA”) and ESSA Bank and Trust in an all-stock transaction. Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals, and approval by the shareholders of ESSA and the Corporation.
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $6.3 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office, one mobile office, and 56 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank’s primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) changes in general business, industry or economic conditions or competition; (vi) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vii) governmental approvals of the Corporation’s pending merger with ESSA may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (viii) the Corporation’s shareholders and/or the shareholders of ESSA may fail to approve the merger; (ix) higher than expected costs or other difficulties related to integration of combined or merged businesses; (x) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xi) changes in the quality or composition of our loan and investment portfolios; (xii) adequacy of loan loss reserves; (xiii) increased competition; (xiv) loss of certain key officers; (xv) deposit attrition; (xvi) rapidly changing technology; (xvii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xviii) changes in the cost of funds, demand for loan products or demand for financial services; and (xix) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation’s financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.
The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Three Months Ended March 31,
2025December 31,
2024March 31,
2024Income Statement Interest and fees on loans $ 72,379 $ 74,164 $ 71,513 Interest and dividends on securities and cash and cash equivalents 10,000 9,514 6,392 Interest expense (33,948 ) (34,634 ) (32,683 ) Net interest income 48,431 49,044 45,222 Provision for credit losses 1,556 2,930 1,320 Net interest income after provision for credit losses 46,875 46,114 43,902 Non-interest income Wealth and asset management fees 1,796 1,976 1,802 Service charges on deposit accounts 1,714 1,712 1,694 Other service charges and fees 510 770 695 Net realized gains on available-for-sale securities — 83 — Net realized and unrealized gains (losses) on equity securities (249 ) (13 ) 191 Mortgage banking 96 93 196 Bank owned life insurance 760 784 767 Card processing and interchange income 2,107 2,222 2,016 Other non-interest income 1,773 2,694 1,594 Total non-interest income 8,507 10,321 8,955 Non-interest expenses Salaries and benefits 20,564 18,501 18,787 Net occupancy expense of premises 4,038 3,816 3,640 Technology expense 5,378 5,743 5,072 Advertising expense 514 684 685 State and local taxes 1,292 1,090 1,143 Legal, professional, and examination fees 849 986 1,172 FDIC insurance premiums 985 864 990 Card processing and interchange expenses 1,160 1,325 1,179 Merger costs 1,529 — — Other non-interest expense 4,729 4,796 4,756 Total non-interest expenses 41,038 37,805 37,424 Income before income taxes 14,344 18,630 15,433 Income tax expense 2,863 3,566 2,833 Net income 11,481 15,064 12,600 Preferred stock dividends 1,075 1,076 1,075 Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Ending shares outstanding 20,980,245 20,987,992 21,024,695 Average diluted common shares outstanding 20,925,388 20,929,885 20,887,088 Diluted earnings per common share $ 0.50 $ 0.66 $ 0.55 Adjusted diluted earnings per common share, net of merger costs (non-GAAP) (1) $ 0.57 $ 0.66 $ 0.55 Cash dividends per common share $ 0.180 $ 0.180 $ 0.175 Dividend payout ratio 36 % 27 % 32 % Adjusted dividend payout ratio, net of merger costs (non-GAAP) (1) 32 % 27 % 32 % CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Three Months Ended March 31,
2025December 31,
2024March 31,
2024Average Balances Total loans and loans held for sale $ 4,591,395 $ 4,556,770 $ 4,428,751 Investment securities 798,427 744,149 731,366 Total earning assets 5,803,526 5,674,794 5,350,126 Total assets 6,220,575 6,085,277 5,729,779 Noninterest-bearing deposits 814,441 832,168 736,965 Interest-bearing deposits 4,574,700 4,442,150 4,229,135 Shareholders’ equity 619,409 612,184 576,528 Tangible common shareholders’ equity (non-GAAP) (1) 517,550 510,308 474,596 Average Yields (annualized) Total loans and loans held for sale 6.41 % 6.50 % 6.51 % Investment securities 2.75 % 2.40 % 2.01 % Total earning assets 5.73 % 5.84 % 5.81 % Interest-bearing deposits 2.89 % 3.00 % 3.00 % Interest-bearing liabilities 2.93 % 3.03 % 3.03 % Performance Ratios (annualized) Return on average assets 0.75 % 0.98 % 0.88 % Adjusted return on average assets, net of merger costs (non-GAAP) (1) 0.85 % 0.98 % 0.88 % Return on average equity 7.52 % 9.79 % 8.79 % Adjusted return on average equity, net of merger costs (non-GAAP) (1) 8.49 % 9.79 % 8.79 % Return on average tangible common equity (non-GAAP) (1) 8.15 % 10.90 % 9.77 % Adjusted return on average tangible common equity (non-GAAP) (1) 9.32 % 10.90 % 9.77 % Net interest margin, fully tax equivalent basis (non-GAAP) (1) 3.37 % 3.43 % 3.38 % Efficiency ratio, fully tax equivalent basis (non-GAAP) (1) 71.28 % 63.02 % 68.29 % Adjusted efficiency ratio, fully tax equivalent basis (non-GAAP) (1) 68.62 % 63.02 % 68.29 % Net Loan Charge-Offs CNB Bank net loan charge-offs $ 926 $ 1,719 $ 878 Holiday Financial net loan charge-offs 513 425 466 Total Corporation net loan charge-offs $ 1,439 $ 2,144 $ 1,344 Annualized net loan charge-offs / average total loans and loans held for sale 0.13 % 0.19 % 0.12 % CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)March 31,
2025December 31,
2024March 31,
2024Ending Balance Sheet Cash and due from banks $ 68,745 $ 63,771 $ 38,953 Interest-bearing deposits with Federal Reserve 447,053 375,009 259,464 Interest-bearing deposits with other financial institutions 4,359 4,255 3,036 Total cash and cash equivalents 520,157 443,035 301,453 Debt securities available-for-sale, at fair value 516,412 468,546 348,565 Debt securities held-to-maturity, at amortized cost 282,159 306,081 381,706 Equity securities 10,293 10,456 9,581 Loans held for sale 860 762 1,010 Loans receivable Syndicated loans 69,189 79,882 78,685 Loans 4,540,820 4,529,074 4,352,713 Total loans receivable 4,610,009 4,608,956 4,431,398 Less: allowance for credit losses (47,357 ) (47,357 ) (45,832 ) Net loans receivable 4,562,652 4,561,599 4,385,566 Goodwill and other intangibles 43,874 43,874 43,874 Core deposit intangible 190 206 260 Other assets 358,911 357,451 329,397 Total Assets $ 6,295,508 $ 6,192,010 $ 5,801,412 Noninterest-bearing demand deposits $ 842,398 $ 819,680 $ 749,178 Interest-bearing demand deposits 719,460 706,796 719,781 Savings 3,160,618 3,122,028 3,035,823 Certificates of deposit 737,602 722,860 532,771 Total deposits 5,460,078 5,371,364 5,037,553 Subordinated debentures 20,620 20,620 20,620 Subordinated notes, net of issuance costs 84,646 84,570 84,343 Other liabilities 105,656 104,761 80,256 Total liabilities 5,671,000 5,581,315 5,222,772 Common stock — — — Preferred stock 57,785 57,785 57,785 Additional paid in capital 220,254 219,876 218,224 Retained earnings 387,925 381,296 353,780 Treasury stock (4,944 ) (4,689 ) (3,946 ) Accumulated other comprehensive loss (36,512 ) (43,573 ) (47,203 ) Total shareholders’ equity 624,508 610,695 578,640 Total liabilities and shareholders’ equity $ 6,295,508 $ 6,192,010 $ 5,801,412 Book value per common share $ 27.01 $ 26.34 $ 24.77 Adjusted book value per common share (non-GAAP) (1) $ 27.08 $ 26.34 $ 24.77 Tangible book value per common share (non-GAAP) (1) $ 24.91 $ 24.24 $ 22.67 Adjusted tangible book value per common share (non-GAAP) (1) $ 24.98 $ 24.24 $ 22.67 CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
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(dollars in thousands, except per share data)March 31,
2025December 31,
2024March 31,
2024Capital Ratios Tangible common equity / tangible assets (non-GAAP) (1) 8.36 % 8.28 % 8.28 % Adjusted tangible common equity / tangible assets (non-GAAP) (1) 8.38 % 8.28 % 8.28 % Tier 1 leverage ratio (2) 10.27 % 10.43 % 10.64 % Common equity tier 1 ratio (2) 11.85 % 11.76 % 11.70 % Tier 1 risk-based ratio (2) 13.50 % 13.41 % 13.43 % Total risk-based ratio (2) 16.30 % 16.16 % 16.27 % Asset Quality Detail Nonaccrual loans $ 54,079 $ 56,323 $ 28,751 Loans 90+ days past due and accruing 308 653 49 Total nonperforming loans 54,387 56,976 28,800 Other real estate owned 1,664 2,509 1,864 Total nonperforming assets $ 56,051 $ 59,485 $ 30,664 Asset Quality Ratios Nonperforming assets / Total loans + OREO 1.22 % 1.29 % 0.69 % Nonperforming assets / Total assets 0.89 % 0.96 % 0.53 % Ratio of allowance for credit losses on loans to nonaccrual loans 87.57 % 84.08 % 159.41 % Allowance for credit losses / Total loans 1.03 % 1.03 % 1.03 % Consolidated Financial Data Notes: (1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data). (2) Capital ratios as of March 31, 2025 are estimated pending final regulatory filings. CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
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(dollars in thousands, except per share data)Average Balances, Income and Interest Rates on a Taxable Equivalent Basis Three Months Ended, March 31, 2025 December 31, 2024 March 31, 2024 Average
BalanceAnnual
RateInterest
Inc./Exp.Average
BalanceAnnual
RateInterest
Inc./Exp.Average
BalanceAnnual
RateInterest
Inc./Exp.ASSETS: Securities: Taxable (1) (4) $ 765,654 2.73 % $ 5,461 $ 711,286 2.36 % $ 4,487 $ 696,851 1.96 % $ 3,651 Tax-exempt (1) (2) (4) 25,345 2.69 181 25,489 2.67 184 27,743 2.59 191 Equity securities (1) (2) 7,428 5.84 107 7,374 5.77 107 6,772 5.64 95 Total securities (4) 798,427 2.75 5,749 744,149 2.40 4,778 731,366 2.01 3,937 Loans receivable: Commercial (2) (3) 1,466,323 6.74 24,369 1,458,902 6.77 24,824 1,429,718 6.90 24,519 Mortgage and loans held for sale (2) (3) 3,001,317 6.02 44,572 2,965,914 6.12 45,633 2,870,175 6.08 43,403 Consumer (3) 123,755 12.01 3,665 131,954 11.93 3,956 128,858 11.79 3,778 Total loans receivable (3) 4,591,395 6.41 72,606 4,556,770 6.50 74,413 4,428,751 6.51 71,700 Interest-bearing deposits with the Federal Reserve and other financial institutions 413,704 4.20 4,284 373,875 5.08 4,771 190,009 5.26 2,485 Total earning assets 5,803,526 5.73 $ 82,639 5,674,794 5.84 $ 83,962 5,350,126 5.81 $ 78,122 Noninterest-bearing assets: Cash and due from banks 58,152 59,445 53,523 Premises and equipment 129,188 124,398 110,038 Other assets 277,051 273,326 261,863 Allowance for credit losses (47,342 ) (46,686 ) (45,771 ) Total non interest-bearing assets 417,049 410,483 379,653 TOTAL ASSETS $ 6,220,575 $ 6,085,277 $ 5,729,779 LIABILITIES AND SHAREHOLDERS’ EQUITY: Demand—interest-bearing $ 704,874 0.88 % $ 1,527 $ 686,359 0.83 % $ 1,437 $ 739,931 0.65 % $ 1,195 Savings 3,131,697 3.09 23,840 3,068,451 3.26 25,139 2,965,279 3.47 25,611 Time 738,129 3.99 7,267 687,340 4.02 6,953 523,925 3.64 4,742 Total interest-bearing deposits 4,574,700 2.89 32,634 4,442,150 3.00 33,529 4,229,135 3.00 31,548 Short-term borrowings — 0.00 — — 0.00 — — 0.00 — Finance lease liabilities 15,143 6.32 236 212 3.75 2 282 4.28 3 Subordinated notes and debentures 105,228 4.15 1,078 105,153 4.17 1,103 104,925 4.34 1,132 Total interest-bearing liabilities 4,695,071 2.93 $ 33,948 4,547,515 3.03 $ 34,634 4,334,342 3.03 $ 32,683 Demand—noninterest-bearing 814,441 832,168 736,965 Other liabilities 91,654 93,410 81,944 Total Liabilities 5,601,166 5,473,093 5,153,251 Shareholders’ equity 619,409 612,184 576,528 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 6,220,575 $ 6,085,277 $ 5,729,779 Interest income/Earning assets 5.73 % $ 82,639 5.84 % $ 83,962 5.81 % $ 78,122 Interest expense/Interest-bearing liabilities 2.93 33,948 3.03 34,634 3.03 32,683 Net interest spread 2.80 % $ 48,691 2.81 % $ 49,328 2.78 % $ 45,439 Interest income/Earning assets 5.73 % 82,639 5.84 % 83,962 5.81 % 78,122 Interest expense/Earning assets 2.36 33,948 2.41 34,634 2.43 32,683 Net interest margin (fully tax-equivalent) 3.37 % $ 48,691 3.43 % $ 49,328 3.38 % $ 45,439 (1) Includes unamortized discounts and premiums. (2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $260 thousand, $284 thousand and $217 thousand, respectively. (3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. (4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 was $(48.1) million, $(47.0) million and $(55.1) million, respectively. CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of merger costs, net of tax (non-GAAP): Merger costs – non deductible $ 1,327 $ — $ — Merger costs – deductible 202 — — Statutory federal tax rate 21 % 21 % 21 % Tax benefit of merger costs (non-GAAP) 42 — — Merger costs – deductible, net of tax 160 — — Merger costs, net of tax (non-GAAP) $ 1,487 $ — $ — Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of net income available to common (GAAP): Net income $ 11,481 $ 15,064 $ 12,600 Less: preferred stock dividends 1,075 1,076 1,075 Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Adjusted calculation of net income available to common (non-GAAP): Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted net income available to common shareholders (non-GAAP) $ 11,893 $ 13,988 $ 11,525 Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of PPNR (non-GAAP): (1) Net interest income $ 48,431 $ 49,044 $ 45,222 Add: Non-interest income 8,507 10,321 8,955 Less: Non-interest expense 41,038 37,805 37,424 PPNR (non-GAAP) $ 15,900 $ 21,560 $ 16,753 Adjusted calculation of PPNR (non-GAAP): (1) Net interest income $ 48,431 $ 49,044 $ 45,222 Add: Non-interest income 8,507 10,321 8,955 Less: Non-interest expense 41,038 37,805 37,424 Add: Merger costs 1,529 — — Adjusted PPNR (non-GAAP) $ 17,429 $ 21,560 $ 16,753 (1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation’s ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies. CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2025December 31,
2024March 31,
2024Basic earnings per common share computation: Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Less: net income available to common shareholders allocated to participating securities 57 98 92 Net income available to common shareholders allocated to common stock $ 10,349 $ 13,890 $ 11,433 Weighted average common shares outstanding, including shares considered participating securities 20,981 20,992 20,979 Less: Average participating securities 114 135 155 Weighted average shares 20,867 20,857 20,824 Basic earnings per common share $ 0.50 $ 0.67 $ 0.55 Diluted earnings per common share computation: Net income available to common shareholders allocated to common stock $ 10,349 $ 13,890 $ 11,433 Weighted average common shares outstanding for basic earnings per common share 20,867 20,857 20,824 Add: Dilutive effect of stock compensation 58 73 63 Weighted average shares and dilutive potential common shares 20,925 20,930 20,887 Diluted earnings per common share $ 0.50 $ 0.66 $ 0.55 Adjusted basic earnings per common share computation (non-GAAP): Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Less: net income available to common shareholders allocated to participating securities 57 98 92 Less: Adjustment to net income available to common shareholders allocated to participating securities for merger cost impact, net of tax (non-GAAP) 8 — — Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828 $ 13,890 $ 11,433 Weighted average common shares outstanding, including shares considered participating securities 20,981 20,992 20,979 Less: Average participating securities 114 135 155 Weighted average shares 20,867 20,857 20,824 Adjusted basic earnings per common share (non-GAAP) $ 0.57 $ 0.67 $ 0.55 Adjusted diluted earnings per common share computation (non-GAAP): Adjusted net income available to common shareholders allocated to common stock (non-GAAP) $ 11,828 $ 13,890 $ 11,433 Weighted average common shares outstanding for basic earnings per common share 20,867 20,857 20,824 Add: Dilutive effect of stock compensation 58 73 63 Weighted average shares and dilutive potential common shares 20,925 20,930 20,887 Adjusted diluted earnings per common share (non-GAAP) $ 0.57 $ 0.66 $ 0.55 CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of dividend payout ratio: Cash dividends per common share $ 0.180 $ 0.180 $ 0.175 Diluted earnings per common share 0.50 0.66 0.55 Dividend payout ratio 36 % 27 % 32 % Adjusted calculation of dividend payout ratio (non-GAAP): Cash dividends per common share $ 0.180 $ 0.180 $ 0.175 Adjusted diluted earnings per common share (non-GAAP) 0.57 0.66 0.55 Adjusted dividend payout ratio (non-GAAP) 32 % 27 % 32 % Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of net interest margin: Interest income $ 82,379 $ 83,678 $ 77,905 Interest expense 33,948 34,634 32,683 Net interest income $ 48,431 $ 49,044 $ 45,222 Average total earning assets $ 5,803,526 $ 5,674,794 $ 5,350,126 Net interest margin (GAAP) (annualized) 3.38 % 3.44 % 3.40 % Calculation of net interest margin (fully tax equivalent basis) (non-GAAP): Interest income $ 82,379 $ 83,678 $ 77,905 Tax equivalent adjustment (non-GAAP) 260 284 217 Adjusted interest income (fully tax equivalent basis) (non-GAAP) 82,639 83,962 78,122 Interest expense 33,948 34,634 32,683 Net interest income (fully tax equivalent basis) (non-GAAP) $ 48,691 $ 49,328 $ 45,439 Average total earning assets $ 5,803,526 $ 5,674,794 $ 5,350,126 Less: average mark to market adjustment on investments (non-GAAP) (48,070 ) (46,988 ) (55,146 ) Adjusted average total earning assets, net of mark to market (non-GAAP) $ 5,851,596 $ 5,721,782 $ 5,405,272 Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) 3.37 % 3.43 % 3.38 % CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
March 31,
2025December 31,
2024March 31,
2024Calculation of tangible book value per common share and tangible common
equity / tangible assets (non-GAAP):Shareholders’ equity $ 624,508 $ 610,695 $ 578,640 Less: preferred equity 57,785 57,785 57,785 Common shareholders’ equity 566,723 552,910 520,855 Less: goodwill and other intangibles 43,874 43,874 43,874 Less: core deposit intangible 190 206 260 Tangible common equity (non-GAAP) $ 522,659 $ 508,830 $ 476,721 Total assets $ 6,295,508 $ 6,192,010 $ 5,801,412 Less: goodwill and other intangibles 43,874 43,874 43,874 Less: core deposit intangible 190 206 260 Tangible assets (non-GAAP) $ 6,251,444 $ 6,147,930 $ 5,757,278 Ending shares outstanding 20,980,245 20,987,992 21,024,695 Book value per common share (GAAP) $ 27.01 $ 26.34 $ 24.77 Tangible book value per common share (non-GAAP) $ 24.91 $ 24.24 $ 22.67 Common shareholders’ equity / Total assets (GAAP) 9.00 % 8.93 % 8.98 % Tangible common equity / Tangible assets (non-GAAP) 8.36 % 8.28 % 8.28 % Adjusted calculation of book value per common share (non-GAAP): Common shareholders’ equity $ 566,723 $ 552,910 $ 520,855 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted common shareholders’ equity (non-GAAP) $ 568,210 $ 552,910 $ 520,855 Ending shares outstanding 20,980,245 20,987,992 21,024,695 Adjusted book value per common share (non-GAAP) $ 27.08 $ 26.34 $ 24.77 Adjusted calculation of tangible book value per common share (non-GAAP): Tangible common equity (non-GAAP) $ 522,659 $ 508,830 $ 476,721 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted tangible common equity (non-GAAP) $ 524,146 $ 508,830 $ 476,721 Ending shares outstanding 20,980,245 20,987,992 21,024,695 Adjusted tangible book value per common share (non-GAAP) $ 24.98 $ 24.24 $ 22.67 Adjusted calculation of tangible common equity / tangible assets (non-GAAP): Adjusted common shareholders’ equity (non-GAAP) $ 524,146 $ 508,830 $ 476,721 Tangible assets (non-GAAP) $ 6,251,444 $ 6,147,930 $ 5,757,278 Add: Merger costs, net of tax (non-GAAP) 1,529 — — Adjusted tangible assets (non-GAAP) $ 6,252,973 $ 6,147,930 $ 5,757,278 Adjusted tangible common equity / Adjusted tangible assets (non-GAAP) 8.38 % 8.28 % 8.28 % CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of efficiency ratio: Non-interest expense $ 41,038 $ 37,805 $ 37,424 Non-interest income $ 8,507 $ 10,321 $ 8,955 Net interest income 48,431 49,044 45,222 Total revenue $ 56,938 $ 59,365 $ 54,177 Efficiency ratio 72.07 % 63.68 % 69.08 % Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): Non-interest expense $ 41,038 $ 37,805 $ 37,424 Less: core deposit intangible amortization 17 16 20 Adjusted non-interest expense (non-GAAP) $ 41,021 $ 37,789 $ 37,404 Non-interest income $ 8,507 $ 10,321 $ 8,955 Net interest income $ 48,431 $ 49,044 $ 45,222 Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) 1,464 1,508 1,337 Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP) 2,076 2,111 1,932 Adjusted net interest income (fully tax equivalent basis) (non-GAAP) 49,043 49,647 45,817 Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550 $ 59,968 $ 54,772 Efficiency ratio (fully tax equivalent basis) (non-GAAP) 71.28 % 63.02 % 68.29 % Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): Adjusted non-interest expense (non-GAAP) $ 41,021 $ 37,789 $ 37,404 Less: Merger costs (non-GAAP) 1,529 — — Adjusted non-interest expense (non-GAAP) $ 39,492 $ 37,789 $ 37,404 Adjusted net revenue (fully tax equivalent basis) (non-GAAP) $ 57,550 $ 59,968 $ 54,772 Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP) 68.62 % 63.02 % 68.29 % CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL DATA
Unaudited
(dollars in thousands, except per share data)Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of return on average assets: Net income $ 11,481 $ 15,064 $ 12,600 Average total assets $ 6,220,575 $ 6,085,277 $ 5,729,779 Return on average assets (GAAP) (annualized) 0.75 % 0.98 % 0.88 % Adjusted calculation of return on average assets (non-GAAP): Net income $ 11,481 $ 15,064 $ 12,600 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted net income $ 12,968 $ 15,064 $ 12,600 Average total assets $ 6,220,575 $ 6,085,277 $ 5,729,779 Adjusted return on average assets (non-GAAP) (annualized) 0.85 % 0.98 % 0.88 % Three Months Ended March 31,
2025December 31,
2024March 31,
2024Calculation of return on average tangible common equity (non-GAAP): Net income $ 11,481 $ 15,064 $ 12,600 Less: preferred stock dividends 1,075 1,076 1,075 Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Average shareholders’ equity $ 619,409 $ 612,184 $ 576,528 Less: average goodwill & intangibles 44,074 44,091 44,147 Less: average preferred equity 57,785 57,785 57,785 Average tangible common shareholders’ equity (non-GAAP) $ 517,550 $ 510,308 $ 474,596 Return on average equity (GAAP) (annualized) 7.52 % 9.79 % 8.79 % Return on average common equity (GAAP) (annualized) 7.51 % 10.04 % 8.94 % Return on average tangible common equity (non-GAAP) (annualized) 8.15 % 10.90 % 9.77 % Adjusted calculation of return on average equity (non-GAAP): Net income $ 11,481 $ 15,064 $ 12,600 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted net income (non-GAAP) $ 12,968 $ 15,064 $ 12,600 Average shareholders’ equity $ 619,409 $ 612,184 $ 576,528 Adjusted return on average equity (non-GAAP) (annualized) 8.49 % 9.79 % 8.79 % Adjusted calculation of return on average tangible common equity (non-GAAP): Net income available to common shareholders $ 10,406 $ 13,988 $ 11,525 Add: Merger costs, net of tax (non-GAAP) 1,487 — — Adjusted net income available to common shareholders $ 11,893 $ 13,988 $ 11,525 Average tangible common shareholders’ equity (non-GAAP) $ 517,550 $ 510,308 $ 474,596 Adjusted return on average tangible common equity (non-GAAP) (annualized) 9.32 % 10.90 % 9.77 % -
MIL-OSI: South Plains Financial, Inc. Announces First Quarter 2025 Earnings Call
Source: GlobeNewswire (MIL-OSI)
LUBBOCK, Texas, April 14, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank, today announced that its first quarter 2025 financial results will be released after market close on Thursday, April 24, 2025. The Company will host a conference call and webcast at 5:00 p.m. ET on the same day to discuss the financial results.
Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the Company’s website at https://www.spfi.bank/news-events/events.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed through the News & Events tab of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752910. The replay will be available until May 8, 2025.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
Contact: Mikella Newsom, Chief Risk Officer and Secretary investors@city.bank (866) 771-3347 Source: South Plains Financial, Inc.
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MIL-OSI: Amalgamated Financial Corp. Announces First Quarter 2025 Earnings Conference Call
Source: GlobeNewswire (MIL-OSI)
NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its first quarter 2025 financial results will be released before market open on Thursday, April 24, 2025. The Company will host a conference call at 11:00 a.m. Eastern Time on the same day to discuss the financial results.
Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available on the website at https://ir.amalgamatedbank.com/.
A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online and by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13752421. The replay will be available until May 1, 2025.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of December 31, 2024, our total assets were $8.3 billion, total net loans were $4.6 billion, and total deposits were $7.2 billion. Additionally, as of December 31, 2024, our trust business held $35.0 billion in assets under custody and $14.6 billion in assets under management.
Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172Source: Amalgamated Financial Corp.