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MIL-OSI Analysis: Why you can’t judge health by weight alone

Source: The Conversation – UK – By Rachel Woods, Senior Lecturer in Physiology, University of Lincoln

How much does your weight really say about your health? Probably less than you think. You could eat your five-a-day, hit the gym regularly, have textbook blood pressure and cholesterol levels – and still be dismissed as “unhealthy” based on the number on the scale. Meanwhile, someone with a so-called “healthy” weight might be skipping meals, running on stress and caffeine, and rarely moving their body.

We’ve been taught to equate thinness with wellness and excess weight with illness. But the science tells a more nuanced story – one where weight is just a single data point in a far more complex picture. So if weight alone doesn’t reflect how healthy we really are, what does?

Body weight is one of the most measured aspects of health. Society places huge emphasis on it, and criticism of a person’s weight is often framed as a health concern. So how much meaningful health information does weight actually offer?

Simply put, body weight measures exactly that – the total weight of a body. Changes in weight over time can give an indication of a person’s calorie intake. If they are gaining weight, they are eating more calories than they burn. If they are losing weight, they are burning more than they eat.

It is perhaps more useful to consider the health information weight doesn’t give us. Important health indicators, such as cholesterol, blood sugar, blood pressure and heart rate are not visible on the scales.

Neither does weight reflect the quality of someone’s diet. A person could be eating plenty of fruit, vegetables and whole foods, getting the vitamins and minerals needed for good energy, bone strength and immune function. Or they might not. They might be eating mostly healthy fats, like those found in olive oil, nuts and fish, which are linked to better heart health. Or they may get their fat from processed foods, high in saturated and trans fats, which increase the risk of heart disease. They may be getting plenty of fibre to support digestion, regulate their blood sugar and maintain healthy cholesterol, or they may be getting very little. Weight alone reveals none of these important dietary details.

Weight also doesn’t accurately reflect how much body fat someone carries, or more importantly, where that fat is located. Visceral fat (which surrounds the internal organs) is linked to a higher risk of heart disease, type 2 diabetes and some types of cancer, whereas subcutaneous fat, found just beneath the skin, poses fewer health risks .

Weight doesn’t give details about how much exercise someone does, which improves health even if it doesn’t lead to weight loss. Nor does weight reflect other major influences on health, like sleep quality or stress.

All of these factors are harder to measure than body weight, and far less visible at first glance, but they provide a much more meaningful picture of someone’s health.

This is not to say that there is no association between weight and these factors, but the link is not clear cut. Details such as someone’s diet quality or their activity patterns cannot be found by simply looking at their weight.

At a population level, there is a clear association between higher body weight and increased risk of disease. For instance, studies show that people classified as overweight or obese using body mass index (BMI), which is a measure of weight relative to height, tend to have higher rates of cardiovascular disease, type 2 diabetes and certain types of cancer.

Some people who are classified as overweight or obese have healthy blood pressure, cholesterol and blood sugar levels. This is often referred to as “metabolically healthy obesity”. On the other hand, someone with a “healthy” body weight might have high visceral fat, poor diet quality, or a sedentary lifestyle – increasing their health risks, despite appearing thin. Terms like “Tofi” (thin outside, fat inside) or “skinny-fat” have emerged to describe this.

These examples highlight how health cannot be judged accurately by weight alone. Someone eating a fibre-rich diet, high in vegetables, whole grains and healthy fats – all of which are linked to better health outcomes, might still fall into the “overweight” category, and be perceived as unhealthy simply because they eat more calories than they burn.

Conversely, a person eating a diet low in nutrients but not exceeding their calorie requirements may be considered a “healthy” weight. Which of these people would be viewed as healthy by society, and which by a doctor?

Why we think weight matters

So, why is so much emphasis put on a person’s weight? In truth, it probably shouldn’t be. However, it is a cheap and easy thing to measure, unlike blood tests, dietary assessments or body scans, which require more time, money and expertise. It’s not to say that more detailed tests are never carried out, but cost is usually a consideration.

Weight is also very visible. It is one of the few aspects of health that’s apparent to others at a glance. This makes it easy for society to pass judgement. But what is visible isn’t always what matters most. Societal ideas about what a “healthy” body looks like are deeply ingrained and not necessarily evidence based.

While losing weight as a result of healthy lifestyle modifications improves health, these modifications, such as increasing exercise and improving diet, have been shown to benefit health even if weight is not lost.

It has also been shown that the societal stigma surrounding obesity is not helpful in achieving weight loss, and can actually undermine it.

Therefore, if health really is the main concern, attention should shift away from weight as the primary focus and towards factors such as diet quality, physical activity, sleep and stress. Improvements in these areas can offer health benefits to people of all sizes.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Rachel Woods does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Why you can’t judge health by weight alone – https://theconversation.com/why-you-cant-judge-health-by-weight-alone-260659

MIL OSI Analysis –

July 26, 2025

MIL-OSI Analysis: Cuban government scrambling to deal with outrage about country’s economic crisis

Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

Cubans are leaving en masse:

A severe economic crisis in Cuba has prompted a mass exodus from the island.
Oficina Nacional de Estadísticas e Información

The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

Doubting official data

While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

Consumer prices have risen fourfold since 2020:

Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
Oficina Nacional de Estadísticas e Información

But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

Recovery blocked by US sanctions

For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Emily Morris does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

MIL OSI Analysis –

July 26, 2025

MIL-OSI Submissions: Cuban government scrambling to deal with outrage about country’s economic crisis

Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

Cubans are leaving en masse:

A severe economic crisis in Cuba has prompted a mass exodus from the island.
Oficina Nacional de Estadísticas e Información

The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

Doubting official data

While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

Consumer prices have risen fourfold since 2020:

Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
Oficina Nacional de Estadísticas e Información

But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

Recovery blocked by US sanctions

For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Emily Morris does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

MIL OSI –

July 26, 2025

MIL-OSI USA: Senator Ricketts Introduces the THINK TWICE Act to Combat Chinese Arms Sales

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – This week, U.S. Senator Pete Ricketts (R-NE) introduced the Tracking Hostile Industry Networks and Kit while Thwarting Weapons Imports from Chinese Entities (THINK TWICE) Act of 2025. The THINK TWICE Act would require an assessment of arms sales by Communist China and a strategy to dissuade countries from buying Chinese weapons systems and defense equipment.  The legislation was also sponsored by Senator Michael Bennet (D-CO).
“Communist China has emerged as a major weapons supplier. This is particularly true in Africa, the Middle East, and Asia,” said Ricketts.  “This development has major implications for American defense companies, our military operations, and our global security partnerships. The recent Pakistan-India clash saw significant use of Chinese-made weapons. This should be a major wake-up call that we must do more to combat these arms sales. That’s why I’ve introduced the THINK TWICE Act. This act requires a coordinated strategy to dissuade new purchases of Chinese-made weapons. It will also ensure our defense industrial base is better equipped to provide alternatives to prospective buyers.”
“As China wields arms sales to reshape the international system in Beijing’s image, the United States must reassert its role as a security partner of choice,” said Bennet.  “This legislation is an essential step toward countering China’s expanding military footprint and geopolitical influence.”
The THINK TWICE Act would:
Requires the Secretary of Defense, in coordination with the Secretary of State, to report on arms sales facilitated by entities of the People’s Republic of China (PRC). The report requires inclusion of:
The specific weapons systems, technical aspects, and capabilities of those weapons;
The countries mostly likely to procure weapons systems;
The weapons that present the greatest security risks regarding the potential to collect intelligence on or compromise U.S. platforms;
The factors that incentivize countries to procure Chinese weapons;
And the PRC’s strategy regarding arms sales.

Requires the Secretary of State, in coordination with the Secretary of Defense, to develop a strategy to dissuade purchases of new weapons systems and defense equipment from the PRC. The strategy would include:
An information campaign to warn countries interested in procuring weapons systems and defense equipment originating from China about risks;
A description of actions the U.S. can take, including FMS reforms, commercial sales, and foreign military financing;
An analysis of whether sanctions or economic restrictions targeting potential buyers could be used as an effective deterrent;
A plan to ensure sufficient representation of defense firms of the U.S. or trusted allies at defense trade shows;
And a plan to combat Chinese disinformation campaigns targeting the performance of Western weapons.

BACKGROUND:
Communist China is now the fourth largest arms exporter behind the U.S., Russia, and France. In recent years, Chinese-made drones, missiles, and fighter jets have been exported to 44 countries. All around the world, Communist China uses arms sales to promote strategic interests, improve its military’s image and reputation, acquire performance data of Chinese-made weapons in contested environments, exacerbate tensions between the U.S. and traditional security partners, and gain a foothold for further defense and security cooperation. With Russia unable to facilitate arms sales given its war of aggression in Ukraine, an opportunity has arisen for Communist China to fill the void.
Bill text can be found here.

MIL OSI USA News –

July 26, 2025

6 MoUs signed, ₹4,850 crore credit announced in PM Modi and President Muizzu bilateral talks

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi met Maldivian President Mohamed Muizzu at the President’s Office in Male on Friday, marking a diplomatic milestone during his visit to commemorate the 60th anniversary of Maldives’ independence and six decades of diplomatic relations between the two countries.

Reflecting on the partnership, the two leaders reviewed progress on the India-Maldives Joint Vision for a ‘Comprehensive Economic and Maritime Security Partnership’ that was adopted during President Muizzu’s state visit to India in October 2024. Modi reiterated India’s commitment to deepening engagement with Maldives in line with the “Neighbourhood First” and “Vision MAHASAGAR” doctrines.

President Muizzu, in turn, acknowledged India’s consistent support as the “first responder” in times of crisis, and both leaders discussed avenues for enhanced cooperation across infrastructure development, capacity building, health, climate action, and disaster preparedness. They also reviewed maritime security collaboration under the Colombo Security Conclave framework.

On the economic front, Prime Minister Modi emphasised the importance of concluding a proposed Free Trade Agreement and a Bilateral Investment Treaty to unlock new trade and investment opportunities. He also welcomed recent steps toward digital integration, including agreements for the use of India’s Unified Payments Interface (UPI), RuPay card acceptance, and local currency trade mechanisms, with a view to boosting tourism and digital commerce.

Six Memoranda of Understanding (MoUs) were exchanged across key areas such as fisheries, aquaculture, meteorology, digital public infrastructure, pharmacopoeia, and a concessional Line of Credit. A new Line of Credit, amounting to approximately ₹4,850 crore (about USD 550 million), was announced for infrastructure and other developmental activities in Maldives. An amended agreement on existing lines of credit was also signed, bringing down Maldives’s annual debt repayment by 40%, from USD 51 million to USD 29 million.

The leaders jointly inaugurated a roads and drainage project in Addu City and six High Impact Community Development Projects across various cities. Modi also handed over 3,300 social housing units and 72 vehicles intended for the Maldives National Defence Force and immigration authorities.

In a gesture of medical diplomacy, India gifted two units of Aarogya Maitri Health Cubes (BHISHM) to the Maldives. These mobile health units, equipped with modern medical devices, can support 200 casualties and sustain six personnel for up to 72 hours.

Further underlining shared environmental goals, Modi and Muizzu planted mango saplings, symbolising India’s “Ek Pedh Maa Ke Naam” campaign and the Maldives’ “Pledge of 5 Million Trees” initiative.

Prime Minister Modi also thanked President Muizzu for his condemnation of the recent terrorist attack in Pahalgam and for expressing solidarity with India’s fight against terrorism.

July 26, 2025

MIL-OSI: BitMart and Altrady Announce New Partnership for Enhanced Trading

Source: GlobeNewswire (MIL-OSI)

Mahe, Seychelles, July 25, 2025 (GLOBE NEWSWIRE) — BitMart, a leading global cryptocurrency exchange, is thrilled to announce its strategic integration with Altrady, a powerful cryptocurrency trading platform designed to streamline trading across multiple exchanges. This collaboration empowers BitMart users to connect their BitMart Futures accounts to Altrady, offering advanced trading tools, seamless portfolio management, and enhanced efficiency for traders of all levels.

The integration allows BitMart users to fully leverage Altrady’s powerful trading suite, including portfolio management, real-time market data, advanced order types, automated trading bots, and intelligent market scanners like the Crypto Base Scanner and Quick Scanner. Users can also take advantage of Altrady’s Backtesting feature to simulate and refine trading strategies based on historical data, ensuring better decision-making. With Altrady’s user-friendly interface and BitMart’s robust trading infrastructure, users can now manage their futures trading with greater precision and flexibility, all from a single platform.

“We are excited to partner with Altrady to provide our users with a more streamlined and powerful trading experience,” said Victor Wei, Vice President of Institutional Clients at BitMart. “This integration aligns with our mission to deliver innovative, user-centric solutions that empower traders worldwide. By combining BitMart’s extensive trading pairs and liquidity with Altrady’s advanced tools, we’re setting a new standard for crypto trading efficiency.”

Altrady’s platform simplifies the trading process by offering two connection methods for BitMart Futures accounts: Fast Connect for quick, automated setup and Manual Connection for users preferring a hands-on approach. This flexibility ensures that both novice and experienced traders can easily integrate their BitMart accounts and start trading with minimal setup time. The integration also supports Altrady’s IP whitelisting, ensuring secure and reliable connectivity.

“This collaboration with BitMart is an exciting opportunity for Altrady,” said Catalin Boruga, CMO of Altrady. “Our platform is designed to simplify and enhance the trading experience, and this partnership allows BitMart users to access our cutting-edge tools, from automated trading bots to real-time market insights, while benefiting from a secure trading ecosystem.”

Exclusive BitMart x Altrady Campaign – Limited Time Only!

To celebrate this partnership, BitMart and Altrady are offering:

New User Deposit Bonus: 20% rebate on first deposit (up to 30 USDT) for new users placing at least one order via Altrady.

Trading Volume Challenge: Earn bonuses trading Futures via Altrady—20 USDT (≥50,000 USDT), 30 USDT (≥125,000 USDT), 50 USDT (≥300,000 USDT), 80 USDT (≥500,000 USDT), 100 USDT (≥1,000,000 USDT).

Webinar Giveaway: Free Altrady subscriptions and USDT rewards for webinar attendees.

Details at: https://www.bitmart.com/activity/BitMartxAltrady_Exclusive.

With over 10 million users across 200+ countries and more than 1,700 trading pairs, BitMart continues to solidify its position as a global leader in the crypto exchange space. This integration with Altrady further enhances BitMart’s offerings, providing users with unparalleled access to advanced trading strategies and portfolio management tools.

For more information on how to connect a BitMart Futures account to Altrady, visit support.altrady.com. To explore BitMart’s full range of trading services, visit www.bitmart.com.

About BitMart

BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their Website, follow their X (Twitter), or join their Telegram for updates, news, and promotions. Download BitMart App to trade anytime, anywhere.

About Altrady

Altrady is a leading cryptocurrency trading platform that simplifies trading across multiple exchanges through a single, intuitive interface. Offering tools like real-time market data, trading bots, portfolio management, and advanced market scanners, Altrady empowers traders to make informed decisions and execute strategies efficiently. Available on desktop and mobile, Altrady is designed for traders of all experience levels.

Disclaimer:

Use of BitMart services is entirely at your own risk. All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.

The MIL Network –

July 26, 2025

MIL-OSI Africa: Coca-Cola Beverages Africa invests R365m in new high-speed line in South Africa

Source: APO – Report:

Coca-Cola Beverages Africa (CCBA) (www.CCBAGroup.com) has invested R365m in a new state-of-the-art bottling line capable of producing 72,000 bottles per hour at its plant in Midrand, South Africa.

The high-speed production line marks a South African first, producing Bonaqua Pump Still 750ml and Powerade 500ml packs with an innovative sports bottle cap. Beyond this milestone, the line will also produce Bonaqua Still in 330ml and 500ml packs, further driving the company’s efforts to expand its hydration category. Underscoring a commitment to innovation, the line will additionally produce the recently launched Powerade Springboks Edition.

“By launching this new line, we strengthen our ability to meet growing consumer demand and create shared value across the local value chain, including for our customers and communities,” said Moses Lubisi, Manufacturing and Technical Director at Coca-Cola Beverages South Africa (CCBSA), a company in the CCBA group.

“Importantly, this investment reaffirms the Coca-Cola system’s local approach – we produce locally, distribute locally and, where possible, source locally.”

“At CCBA, our passion for refreshing the continent drives everything we do,” said Sunil Gupta, Chief Executive Officer of CCBA. “This new production line in South Africa represents a key step in our ambitious growth plans in all our markets on the continent. It enhances our ability to meet consumer needs while reinforcing our commitment to delivering reliability and top-quality beverages across Africa.”

To help support the company’s environmental goals, the new production line features advanced technology to optimise water and energy use. Additionally, the line required skills training for employees, contributing to the development of a future-ready workforce for both the business and the country.

– on behalf of Coca-Cola Beverages Africa.

ISSUED BY:
Motshidisi Mokwena
Head: Reputation and Communication Coca-Cola Beverages South Africa
Tel: +27 83 306 0349
Email: mmokwena@ccbagroup.com

Keli Fernie
Head: Reputation and Communication Coca-Cola Beverages Africa
Tel: +27 82 419 8766
Email: kfernie@ccbagroup.com

Follow us on:
LinkedIn: https://apo-opa.co/456e7ua

About CCBA:
CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 18,000 employees in Africa, CCBA group services more than 735,000 customers with a host of international and local brands. CCBA group operates in 15 countries, including its six key markets of South Africa, Kenya, Ethiopia, Uganda, Mozambique and Namibia, as well as Tanzania, Botswana, Ghana, Zambia, the islands of Comoros and Mayotte, Eswatini, Lesotho, and Malawi.

Learn more at https://www.CCBAGroup.com

Media files

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MIL OSI Africa –

July 26, 2025

India proud to be most trusted friend of Maldives: PM Modi

Source: Government of India

Source: Government of India (4)

India takes great pride in being the Maldives’ “most trusted friend,” Prime Minister Narendra Modi said on Friday, reaffirming New Delhi’s deep-rooted partnership with the Indian Ocean nation. Speaking alongside Maldivian President Mohamed Muizzu during a joint press statement in Male, PM Modi emphasised the Maldives’ central role in India’s Neighbourhood First policy and its MAHASAGAR vision for maritime cooperation.

The remarks came as PM Modi visited the Maldives as the Guest of Honour for the country’s 60th Independence Day celebrations. Congratulating the people of Maldives on the historic milestone, he thanked President Muizzu for the warm invitation and recalled the long-standing ties between the two nations.

“This year, India and Maldives are also celebrating 60 years of their diplomatic relations. But, the roots of our relations are older than history and as deep as the sea,” PM Modi said. He highlighted the release of commemorative stamps featuring traditional boats of both countries as a symbolic reflection of shared heritage and neighbourly ties.

PM Modi underscored India’s unwavering support to the Maldives in times of crisis. “Be it a natural disaster or a pandemic, India has always stood with Maldives as a first responder. From providing essential commodities to supporting economic recovery post-COVID, our relationship is built on friendship first,” he said.

Stressing on mutual trust in the defence and security partnership, PM Modi noted the inauguration of the Maldives Defence Ministry building as a concrete symbol of that trust. A giant portrait of PM Modi displayed on the building marked the occasion.

To bolster economic ties, PM Modi announced a new Line of Credit of USD 565 million to the Maldives. He said both nations are now seeing results from the vision shared in October last year during President Muizzu’s visit to India, including significant progress in infrastructure and housing projects.

He cited key projects such as 4,000 social housing units built with Indian assistance, the Greater Male Connectivity Project, Addu Road Development Project, and the redevelopment of Hanimaadhoo International Airport as transformative initiatives that would boost connectivity and economic growth across the archipelago.

“With the ferry system soon in place, island connectivity will become faster and easier. We’ll measure distances by ferry time, not GPS coordinates,” PM Modi said.

In the economic sphere, the Prime Minister said efforts are underway to finalise a Bilateral Investment Treaty and to explore a Free Trade Agreement. He added that direct Rupee-Rufiyaa trade through a local currency settlement system will strengthen bilateral trade, while the growing popularity of UPI in Maldives will support tourism and retail sectors.

On regional and global issues, PM Modi reaffirmed India’s commitment to maritime security through the Colombo Security Conclave and highlighted climate change as a shared concern. “We will promote renewable energy and share India’s expertise with the Maldives,” he said.

PM Modi’s visit, his third to the Maldives, also marks the first by any head of state or government since President Muizzu took office.

-IANS

July 26, 2025

MIL-OSI China: Xinjiang’s foreign trade hits record high in H1

Source: People’s Republic of China – State Council News

Northwest China’s Xinjiang Uygur Autonomous Region saw its foreign trade expand 28 percent year on year to a record 280.8 billion yuan (about 39.3 billion U.S. dollars) in the first half of 2025, local customs authorities said on Friday.

During the period, the region’s trade growth outpaced the national average by over 20 percentage points.

According to Urumqi Customs, Xinjiang’s monthly foreign trade has exceeded 50 billion yuan for four consecutive months since March, with its volume in June reaching 53.17 billion yuan.

As the Belt and Road Initiative (BRI) continues to forge ahead, Xinjiang has committed to building itself into an important corridor linking Asia and Europe, and to serving as a gateway for China’s opening-up efforts in the western regions.

Xinjiang has continued to expand its trade network, trading with 222 countries and regions during the first six months of the year. Trade with countries participating in the BRI rose 17.9 percent year on year, accounting for more than 80 percent of the region’s total foreign trade.

The private sector has emerged as a primary growth engine for Xinjiang’s foreign trade, with the region’s private enterprises reporting a 29.5 percent increase in imports and exports, accounting for 94.3 percent of its total trade volume.

Li Qinghua, deputy director of Urumqi Customs, said the customs office will further optimize customs clearance procedures and promote innovation in supervision models to facilitate cross-border trade.

Xinjiang has set an annual GDP growth target of approximately 6 percent for 2025, after its GDP topped 2 trillion yuan last year, according to the region’s government work report.

In 2025, Xinjiang will advance high-quality development, deepen reform and expand high-level opening-up, the report said.

MIL OSI China News –

July 26, 2025

MIL-OSI Russia: Chinese Foreign Minister Meets ASEAN Secretary General

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 25 (Xinhua) — Chinese Foreign Minister Wang Yi met with ASEAN Secretary-General Kao Kim Horn in Beijing on Friday.

Wang Yi, also a member of the Politburo of the CPC Central Committee, said China has always given priority to ASEAN in its neighbourhood diplomacy and supports ASEAN’s aspiration to play a more active role in international and regional affairs.

Guided by the outcome of the Central Meeting on Neighboring Countries held in April this year, China is willing to work with ASEAN member states to build an even closer China-ASEAN community with a shared future, he said.

Under the current circumstances, China and ASEAN should focus on cooperation in three key areas, Wang said.

First, the two sides should work together to uphold free trade and the multilateral trading system. Wang Yi noted that as the major forces of the Global South, China and ASEAN should strengthen solidarity and cooperation, oppose unilateralism, uphold WTO rules, and ensure the credibility and integrity of the China-ASEAN Free Trade Area and the Regional Comprehensive Economic Partnership (RCEP).

Second, both sides should fully and effectively implement the Declaration on the Conduct of Parties in the South China Sea, building a new narrative of peace, friendship and cooperation in the South China Sea, Wang said.

Third, the two sides should work together to maintain regional peace and stability. “The recent border clashes between Cambodia and Thailand, which resulted in casualties, are regrettable and worrying,” Wang said, adding that China, as a mutual friend and neighbor of both countries, is willing to maintain an impartial stance and continue to play a constructive role in de-escalating tensions.

Kao Kim Horn, for his part, expressed gratitude to China for its firm support for ASEAN’s centrality in regional cooperation and the building of the ASEAN Community.

ASEAN hopes to use the 5th anniversary of the establishment of the ASEAN-China Comprehensive Strategic Partnership in 2026 as an opportunity to strengthen strategic alignment and deepen practical cooperation in all fields with China, he said.

Speaking about the tension on the border between Cambodia and Thailand these days, Kao Kim Horn thanked China for its active efforts to promote reconciliation and peace talks. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

.

MIL OSI Russia News –

July 26, 2025

MIL-OSI USA: House GOP Passes 50 Trump Executive Orders

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Six months into the Trump Administration, Republicans in the 119^th Congress are delivering on President Trump’s America First agenda. With the historic passage of the One Big Beautiful Bill and many more separate pieces of legislation, House Republicans have already voted to codify 50 of President Trump’s executive actions.

“The American people gave President Trump a clear mandate to enact his America First agenda – and House Republicans are answering that call. To date, we’ve voted to codify 50 of the President’s Executive Orders into law, from reining in waste, fraud, and abuse, to cutting bureaucratic red tape that has strangled America’s innovators, job creators, and entrepreneurs,” said Speaker Johnson. “The last four years under President Joe Biden made painfully clear how quickly progress can be undone unless Congress steps in. That’s why House Republicans are working around the clock to codify President Trump’s executive actions and enshrine his historic agenda into law.”

Executive Actions Passed by the House in the 119^th Congress listed below and can be found here:

1.      Preserving and Protecting the Integrity of American Elections

2.      Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government

3.      Unleashing Prosperity Through Deregulation

4.      Imposing Sanctions on the International Criminal Court

5.      Immediate Expansion of American Timber Production

6.      Restoring Names that Honor American Greatness

7.      Protecting American Communities from Criminal Aliens

8.      Small Business Administration Overhaul of the Reckless Biden-era Lending Program

9.      Ending Taxpayer Subsidization of Open Borders

10.  Making the District of Columbia Safe and Beautiful

11.  Memorandum for the Heads of Executive Departments and Agencies: Advancing United States Interests When Funding Nongovernmental Organizations

12.  Putting America First in International Environmental Agreements

13.  Radical Transparency About Wasteful Spending

14.  Withdrawing the U.S. from the World Health Organization

15.  Withdrawing the U.S. from and Ending Funding to Certain U.N. Organizations and Reviewing U.S. Support to All International Organizations

16.  Reevaluating and Realigning U.S. Foreign Aid

17.  Restoring Freedom of Speech and Ending Federal Censorship

18.  Ending Radical and Wasteful Government DEI Programs and Preferencing

19.  Securing Our Borders

20.  Protecting Children from Surgical Mutilation

21.  Expanding Migrant Operations Center at Naval Station Guantanamo Bay to Full Capacity

22.  Expanding Access to In Vitro Fertilization

23.  Restoring America’s Maritime Dominance

24.  Declaring a National Emergency at the Southern Border of the U.S.

25.  Reinvigorating America’s Beautiful Clean Coal Industry

26.  Unleashing American Energy

27.  Unleashing Alaska’s Extraordinary Resource Potential

28.  Celebrating America’s 250th Birthday with the Garden of Heroes

29.  Declaring a National Energy Emergency

30.  Enforcing the Hyde Amendment

31.  Immediate Measures to Increase American Mineral Production

32.  Restricting the Entry of Foreign Nationals to Protect the United States from Foreign Terrorists and Other National Security and Public Safety Threats

33.  The Iron Dome for America

34.  Clarifying The Military’s Role in Protecting the Territorial Integrity of the United States

35.  Keeping Americans Safe in Aviation

36.  Unleashing American Drone Dominance

37.  Implementing the President’s “Department of Government Efficiency” Cost Efficiency Initiative

38.  Improving Education Outcomes by Empowering Parents, States, and Communities

39.  Reforming Accreditation to Strengthen Higher Education

40.  Continuing the Reduction of the Federal Bureaucracy

41.  Establishing the President’s Make America Healthy Again Commission

42.  Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports

43.  The Organization for Economic Co-operation and Development (OECD) Global Tax Deal (Global Tax Deal)

44.  Protecting America’s Bank Account Against Fraud, Waste, and Abuse

45.  Stopping Waste, Fraud, and Abuse by Eliminating Information Silos

46.  Strengthening American Leadership in Digital Financial Technology

47.  Honoring Jocelyn Nungaray

48.  Ending Taxpayer Subsidization of Biased Media

49.  Restoring America’s Fighting Force

50.  Ending Illegal Discrimination and Restoring Merit-Based Opportunity

###

MIL OSI USA News –

July 26, 2025

MIL-OSI: HTX Gives Away $500,000 Rewards to Celebrate Ethereum’s 10th Anniversary: Newcomers, Traders, and Loyal Users All Win

Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, July 25, 2025 (GLOBE NEWSWIRE) — As the Ethereum blockchain approaches its 10th anniversary on July 30, HTX, a leading global crypto exchange, is commemorating this significant milestone with a week-long global giveaway totaling $500,000 in rewards. Running from July 25, 10:00 to August 1, 10:00 (UTC), the campaign honors a decade of DeFi, NFT, and DAO innovations that Ethereum helped shape, while empowering its community to continue exploring value in the new crypto cycle.

Diversified Trading and Referral Rewards for All Users

Welcome Gift for New Users & First-Time Traders: Simply complete a spot or futures trade of any amount during the campaign to unlock a welcome gift. Eligible participants will receive either $3 in ETH or free ETH futures positions worth up to 1,000 USDT. Daily rewards are limited to the first 2,000 qualifying users. Please note that futures position claims require Level 1 KYC verification and a minimum net deposit of 100 USDT into your Futures account.

Social Sharing & Referral Incentives: Share this exciting event on any social platform and invite a friend! If your friend registers and trades over 100 USDT on HTX, both of you can earn a 20 USDT Futures Trial Bonus. To qualify, both inviters and invitees must enroll in the event and complete Level 3 KYC verification. Rewards are available for the first 1,000 qualified participants.

Comeback Bonuses for Inactive Users: Red carpet for returning friends!

Spot Traders: Inactive spot traders who haven’t used HTX Spot since June 1, 2025, can receive a shot at winning up to 10 ETH through a lucky draw by simply restarting their spot trading.

Futures Traders: For inactive futures traders (last active before July 10, 2025), HTX is offering APY Booster Coupons for SmartEarn, increasing APY by 3-8% based on net deposits to their Futures accounts. Combined with the current 2% base APY, users can enjoy up to 10% APY for SmartEarn!

Special Offers for Ethereum’s Ecosystem Crypto Traders and HTX Earn Users

$200,000 Trading Contest for Top Ethereum Ecosystem Cryptos: A dedicated trading contest is now live on HTX for top Ethereum ecosystem cryptocurrencies, including ETH, ETHFI, UNI, LINK, ENA, AAVE, CRV, LDO, MKR, and ENS. Users who register for the contest and trade at least 5,000 USDT in spot or 20,000 USDT in futures with these cryptos will be ranked by volume. The top traders will share a 200,000 USDT prize pool based on their ranking:

The top five traders will receive individual $HTX rewards ranging from $6,000 to $30,000.

Participants ranked sixth through twentieth will split $60,000.

The remaining $66,000 will be distributed proportionally among other eligible participants.

Additionally, margin traders whose margin trading volume hits 5,000 USDT or more can compete for a dedicated $HTX token prize pool worth $30,000.

Exclusive ETH Earn Opportunities: ETH holders also have special opportunities:

First-time HTX Earn users can subscribe to a special ETH product offering a remarkable 100% APY! This is a one-time opportunity requiring Level 2 KYC verification.

Furthermore, all users can enjoy 6% APY on the ETH Flexible Earn product, featuring hourly compounding and instant withdrawals.

Important Note: All participants must click “Register Now” on the campaign page to enroll. Only trades, deposits, and subscriptions completed after registration will be counted. Rewards will be distributed within seven business days following the campaign’s end.

From 2015 to 2025, Ethereum has been the backbone of Web3 innovation. Now, HTX is proud to celebrate this milestone with a campaign designed to reward its community and fuel the future of decentralized finance. Register today on HTX and trade your way into the next decade of Ethereum.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

Disclaimer: This content is provided by HTX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a59ff0b-12f0-495f-b6e1-4d6e56171fcb

The MIL Network –

July 26, 2025

MIL-OSI Africa: Committee on Agriculture Commends Improved Performance of Agricultural Research Council (ARC), National Agricultural Marketing Council (NAMC) and Perishable Products Export Control Board (PPECB) in the Fourth Quarter of 2024/25

Source: APO

.

The Portfolio Committee on Agriculture welcomed the briefings it received yesterday from the Agricultural Research Council (ARC), National Agricultural Marketing Council (NAMC), and the Perishable Products Export Control Board (PPECB) on their performance in the fourth quarter of the 2024/25 financial year and commended their notable performance.

In welcoming the briefings from the three entities of the Department of Agriculture, the Chairperson of the Committee, Ms Dina Pule, said the committee was happy about the progress that the entities reported to the committee. She said the committee notes the hard work the entities have demonstrated and called for more improvement in all the areas of work that included implementation of the Auditor General’s recommendations on their last audit outcomes.

The ARC reported that funding for building of the new Foot-and-mouth Disease (FMD) Vaccine Facility is still a challenge and that, efforts to obtain the required funding for the new facility remains a priority. The entity reported that field assessment of the FMD vaccine in Mpumalanga and Limpopo is ongoing and the study on vaccine safety in pregnant cows and young calves has been initiated.

In appreciating the performance of the NAMC, the committee called on the entity to do more on finding market access for the small-scale farmers as markets are alfa and omega for their growth, survival and meaningful contribution to the South African economy and for national food security.

The Chairperson told the Deputy Minister of the Department of Agriculture, Ms Zoleka Capa, who led the departmental delegation, that the committee notes with appreciation the accountability of both the Minister and his Deputy that they demonstrate to the committee.

The Chairperson also said that accountability is a critical starting point for the success of the department. “We deeply appreciate your availability to our meetings with the department. Your presence solidifies the accountability of the department to the committee and the oversight responsibility of the committee over the department,” emphasised the Chairperson.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

MIL OSI Africa –

July 26, 2025

MIL-OSI Africa: Women producers in Togo to join international markets

Source: APO – Report:

.

Togo took a bold step toward inclusive trade. One hundred women entrepreneurs from across the country gathered in Lomé for a series of intensive trainings that aimed to do more than just transfer skills. The goal? To equip women entrepreneurs with the tools, confidence, and networks needed to enter and compete in international markets.

As part of GIZ’s PROCOMP initiative, the AMI COMMERCE Togo project, led by the International Trade Centre (ITC), brought together more than 100 women entrepreneurs with one goal: to expand their businesses beyond national borders.

PROCOMP promotes competitiveness across Togo’s private sector, and with the support of ITC’s SheTrades Initiative, women were placed at the centre of this economic transformation. The collaboration ensured that as Togo strengthens its export capacity, women-led businesses are not only included but also empowered.

Practical, tailored training

Held throughout June, the trainings targeted the real needs of women-led mico, small and medium-sized enterprises (MSMEs), many of whom operate informally or have limited access to capital and market information. Sessions were adapted to participants’ digital and export readiness.

For women less familiar with digital tools, the training focused on using WhatsApp Business, social media, and low-cost platforms to reach more customers. Export-ready participants explored EU buyer requirements, documentation, and trade fair preparation. Additional sessions supported those in agri-food and fresh produce, covering export logistics and sanitary and phytosanitary standards.

Building skills, confidence and collaboration

The trainings combined technical knowledge with interactive methods—roleplays, group work, and mock buyer meetings brought concepts to life. Participants reflected on their business models, shared challenges, and developed solutions together.

Importantly, the sessions strengthened market-related soft skills like communication and negotiation, critical for pitching products, responding to buyer inquiries, and navigating trade fairs. Many women gained more confidence to formalize their businesses and expand their reach.

Beyond skills-building, the sessions created a supportive environment for connection and collaboration. For many, it was the first time being in a space fully dedicated to their growth as entrepreneurs. Participants left not only with strategies but with new networks and a sense of community.

Toward inclusive economic growth

As Togo deepens its regional integration and export potential, women entrepreneurs are vital to achieving inclusive, resilient growth. With targeted support, they are now better equipped to enter international markets—not as a distant dream, but as a tangible opportunity.

In parallel, the project also strengthened key national trade facilitation mechanisms. The Mécanisme d’Alerte aux Obstacles au Commerce (MAOC) was relaunched with institutional backing and regional outreach, enabling businesses to report and resolve trade barriers more effectively.

In addition, the Togo Trade Portal was developed as a digital one-stop shop for import-export procedures, offering transparency and easier access to essential trade information, including for products commonly traded by women entrepreneurs.

– on behalf of International Trade Centre.

MIL OSI Africa –

July 25, 2025

MIL-OSI Banking: Euro area economic and financial developments by institutional sector: first quarter of 2025

Source: European Central Bank

25 July 2025

Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier

Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier

Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier

Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

The household debt-to-income ratio^[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

Financial transactions

2024 Q1

2024 Q2

2024 Q3

2024 Q4

2025 Q1

Financial investment*

2.0

2.3

2.4

2.4

2.5

Currency and deposits

1.5

2.3

2.5

3.0

3.0

Debt securities

41.4

29.8

17.1

8.2

3.0

Shares and other equity**

0.2

0.4

0.9

1.8

2.3

Life insurance

0.0

0.4

1.3

1.6

1.7

Pension schemes

2.0

1.8

1.9

1.8

2.1

Financing***

0.9

1.2

1.2

1.6

1.8

Loans

0.6

0.6

0.9

1.3

1.7

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and non-financial corporations (Chart 2)

Developments in household wealth distribution in 2024

The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

Chart 3

Household net wealth distribution and wealth inequality

(left-hand scale: EUR trillions; right-hand scale: percentages)

Sources: ECB.

The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

Chart 4

Contributions to growth of household net wealth between Q1 2019 and Q4 2024

(percentage points, percentage change)

Sources: ECB.

Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

Non-financial corporations

Financial transactions

2024 Q1

2024 Q2

2024 Q3

2024 Q4

2025 Q1

Financing*

0.8

0.9

1.0

0.9

1.3

Debt securities

2.0

2.9

2.5

1.5

1.6

Loans

1.6

1.4

1.4

1.3

2.0

Shares and other equity

0.3

0.6

0.6

0.4

0.5

Trade credits and advances

1.0

2.0

2.5

3.6

4.1

Financial investment**

1.7

1.8

2.0

1.8

2.0

Currency and deposits

0.2

2.6

1.7

2.4

2.1

Debt securities

10.9

8.1

3.9

2.1

4.1

Loans

3.9

3.7

3.2

2.6

2.8

Shares and other equity

1.1

0.9

1.2

0.7

0.4

MIL OSI Global Banks –

July 25, 2025

MIL-OSI Africa: Mashatile highlights role of SMEs in economic growth and job creation

Source: Government of South Africa

Deputy President Paul Mashatile has highlighted the critical role of small and medium enterprises (SMEs) as crucial contributors to economic development and job creation.

“Speaking of job creation, the SMEs are significant contributors to economic development and job creation globally. We can attribute their relevance in reducing unemployment to their ability to react swiftly to market changes,“ he said on Thursday.

The country’s second-in-command was delivering his closing remarks during the inaugural Global SME Ministerial Meeting at the Birchwood Hotel & OR Tambo Conference Centre, Boksburg, Gauteng.

The Deputy President has called for prioritising the development of SMEs to create jobs and enhance income for youth, women, and marginalised groups.

He stressed the need for a commitment to resolving regulatory bottlenecks related to cross-border trade and investment, urging participants to focus on local value creation and expanding local supply chain opportunities for micro, small, and medium enterprises (MSMEs).

“This can be achieved by ensuring that the Green Economy Transition is supported by clear green industrialisation policies,” he added.

The Global SME Ministerial Meeting served as a vital platform for fostering partnerships and setting a collaborative agenda aimed at propelling SMEs towards a more sustainable, inclusive, and prosperous future.

The meeting concluded with a renewed commitment to support SMEs worldwide, as leaders gathered to address the challenges and opportunities they face in a rapidly changing global landscape.

“This inaugural Global SME Ministerial Meeting could not have come at a better time,” he told the attendees.

The discussions revolved around key themes such as enhancing access to finance, promoting digital transformation, and facilitating green transitions within the SME sector.

Mashatile expressed optimism, highlighting the potential for collaboration and shared goals to unlock significant opportunities for SMEs globally.

He also took the time to commend the role of the United Nations (UN) in fostering multilateral cooperation during a time when unilateralism is challenging the sustainability of nations.

“This relationship is critical in this challenging period of abrupt shifts towards unilateralism, which jeopardise the sustainability of our respective countries and the world,” Mashatile added.

The Deputy President touched on the “Call to Action” that emerged from the meeting, which reaffirmed support for vital multilateral initiatives, including the Sustainable Development Goals, the Paris Agreement on Climate Change, the Pact for the Future, the Global Digital Compact, the Declaration on Future Generations, the Paris Agreement on Climate Change, and Group of 20 (G20).

He stressed South Africa’s position as the G20 Presidency, under the theme of ‘Solidarity, Equality, Sustainability,’ focused on championing developmental issues, particularly in Africa.

As the G20 Leaders’ Summit approaches, Deputy President Mashatile told attendees that the meeting was instrumental in gathering ministers from the continent and the Global South to exchange insights relevant to the larger G20 agenda.

“We have heard your voices and will ensure that we champion the issues you have raised in the broader G20 processes and the G20 Leaders’ Summit in November,” he said.

In addition, a meeting of Trade Promotion Organisations took place alongside the Ministerial Meeting, where participants discussed the impacts of trade protectionism and disruptions to global supply chains.

The Deputy President urged governments to enhance trade and economic diplomacy, emphasising the importance of multilateral trade agreements in bolstering economic growth.

“We must enhance our capabilities to strengthen trade and economic diplomacy, allowing ourselves to engage more effectively in both bilateral and multilateral trade agreements,” Mashatile stated.

South Africa’s efforts to strengthen regional trade through agreements like the Southern African Customs Union and the African Continental Free Trade Area (AfCFTA) were highlighted as pivotal steps towards unlocking Africa’s economic potential.

“The Free Trade Area Agreement can significantly enhance Africa’s entrepreneurial landscape by reducing trade barriers and increasing market access, enabling youth to expand businesses, innovate products and services, and seize untapped opportunities within the continent.” – SAnews.gov.za

MIL OSI Africa –

July 25, 2025

MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

“We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

Quarterly Financial Performance

Second Quarter 2025 versus Second Quarter 2024 highlights:

Return on average equity of 15.52%, compared to 14.19%

Return on average assets of 1.57%, compared to 1.37%

Tangible book value per share grew by $2.14, or 8%, to $27.48

Average loans grew by $194.8 million, or 4%, to $5.23 billion

Core deposits grew by $423.9 million, or 8%, to $6.03 billion

Net interest margin improved 25 basis points to 3.42% versus 3.17%

Net interest income increased by $6.6 million, or 14%

Provision expense of $3.0 million, compared to $8.5 million

Watch list loans as a percentage of total loans improved to 3.67% from 5.31%

Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million

Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%

Total risk-based capital ratio improved to 15.86%, compared to 15.53%

Tangible capital ratio improved to 10.15%, compared to 9.91%

Average equity increased by $58.0 million, or 9%

Second Quarter 2025 versus First Quarter 2025 highlights:

Return on average equity of 15.52%, compared to 11.70%

Return on average assets of 1.57%, compared to 1.20%

Average loans grew by $43.7 million, or 1%, to $5.23 billion

Core deposits grew by $191.6 million, or 3%, to $6.03 billion

Net interest margin improved 2 basis points to 3.42% versus 3.40%

Net interest income increased by $2.0 million, or 4%

Pretax, pre-provision earnings increased $4.9 million, or 16%

Provision expense of $3.0 million, compared to $6.8 million

Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million

Watch list loans as a percentage of total loans improved to 3.67% from 4.13%

Common equity tier 1 capital ratio of 14.73%, compared to 14.51%

Total risk-based capital ratio of 15.86%, compared to 15.77%

Tangible capital ratio of 10.15%, compared to 10.09%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

“Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

Loan Portfolio

Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

“We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

(in thousands) June 30, 2025 March 31, 2025 June 30, 2024

Retail $ 1,755,750 28.4 % $ 1,787,992 30.0 % $ 1,724,777 29.9 %

Commercial 2,256,620 36.6 2,336,910 39.2 2,150,127 37.3

Public funds 2,014,047 32.6 1,709,883 28.7 1,727,593 30.0

Core deposits 6,026,417 97.6 5,834,785 97.9 5,602,497 97.2

Brokered deposits 150,416 2.4 125,409 2.1 161,040 2.8

Total $ 6,176,833 100.0 % $ 5,960,194 100.0 % $ 5,763,537 100.0 %

Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

“Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

Asset Quality

The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

“We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

Investment Portfolio Overview

Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

Noninterest Income

The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

“The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

Noninterest Expense

Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION
SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

Three Months Ended Six Months Ended

(Unaudited – Dollars in thousands, except per share data) June 30, March 31, June 30, June 30, June 30,

END OF PERIOD BALANCES 2025 2025 2024 2025 2024

Assets $ 6,964,301 $ 6,851,178 $ 6,568,807 $ 6,964,301 $ 6,568,807

Investments 1,129,346 1,132,854 1,123,803 1,129,346 1,123,803

Loans 5,226,827 5,223,221 5,052,341 5,226,827 5,052,341

Allowance for Credit Losses 66,552 92,433 80,711 66,552 80,711

Deposits 6,176,833 5,960,194 5,763,537 6,176,833 5,763,537

Brokered Deposits 150,416 125,409 161,040 150,416 161,040

Core Deposits (1) 6,026,417 5,834,785 5,602,497 6,026,417 5,602,497

Total Equity 709,987 694,509 654,590 709,987 654,590

Goodwill Net of Deferred Tax Assets 3,803 3,803 3,803 3,803 3,803

Tangible Common Equity (2) 706,184 690,706 650,787 706,184 650,787

Adjusted Tangible Common
Equity (2) 866,758 854,585 820,534 866,758 820,534

AVERAGE BALANCES

Total Assets $ 6,904,681 $ 6,762,970 $ 6,642,954 $ 6,834,217 $ 6,598,711

Earning Assets 6,570,607 6,430,804 6,295,281 6,501,092 6,256,105

Investments 1,125,597 1,136,404 1,118,776 1,130,970 1,138,639

Loans 5,229,646 5,185,918 5,034,851 5,207,903 5,002,935

Total Deposits 6,096,504 5,874,725 5,819,962 5,986,227 5,725,196

Interest Bearing Deposits 4,852,446 4,616,381 4,589,059 4,735,066 4,472,693

Interest Bearing Liabilities 4,886,943 4,716,465 4,666,136 4,802,175 4,599,136

Total Equity 696,976 696,053 638,999 696,517 642,003

INCOME STATEMENT DATA

Net Interest Income $ 54,876 $ 52,875 $ 48,296 $ 107,751 $ 95,712

Net Interest Income-Fully Tax Equivalent 55,986 53,983 49,493 109,970 98,176

Provision for Credit Losses 3,000 6,800 8,480 9,800 10,000

Noninterest Income 11,486 10,928 20,439 22,414 33,051

Noninterest Expense 30,432 32,763 33,333 63,195 64,038

Net Income 26,966 20,085 22,549 47,051 45,950

Pretax Pre-Provision Earnings (2) 35,930 31,040 35,402 66,970 64,725

PER SHARE DATA

Basic Net Income Per Common Share $ 1.05 $ 0.78 $ 0.88 $ 1.83 $ 1.79

Diluted Net Income Per
Common Share 1.04 0.78 0.87 1.82 1.78

Cash Dividends Declared Per Common Share 0.50 0.50 0.48 1.00 0.96

Dividend Payout 48.08 % 64.10 % 55.17 % 54.95 % 53.93 %

Book Value Per Common Share (equity per share issued) $ 27.63 $ 26.99 $ 25.49 $ 27.63 $ 25.49

Tangible Book Value Per Common Share (2) 27.48 26.85 25.34 27.48 25.34

Market Value – High $ 62.39 $ 71.77 $ 66.62 $ 71.77 $ 73.22

Market Value – Low 50.00 58.24 57.59 50.00 57.59

Three Months Ended Six Months Ended

(Unaudited – Dollars in thousands, except per share data) June 30, March 31, June 30, June 30, June 30,

KEY RATIOS 2025 2025 2024 2025 2024

Basic Weighted Average Common Shares Outstanding 25,707,233 25,714,818 25,678,231 25,711,004 25,667,647

Diluted Weighted Average Common Shares Outstanding 25,776,205 25,802,865 25,742,871 25,782,817 25,746,773

Return on Average Assets 1.57 % 1.20 % 1.37 % 1.39 % 1.40 %

Return on Average Total Equity 15.52 11.70 14.19 13.62 14.39

Average Equity to Average Assets 10.09 10.29 9.62 10.19 9.73

Net Interest Margin 3.42 3.40 3.17 3.41 3.16

Efficiency (Noninterest Expense/Net Interest Income
plus Noninterest Income) 45.86 51.35 48.49 48.55 49.73

Loans to Deposits 84.62 87.64 87.66 84.62 87.66

Investment Securities to Total Assets 16.22 16.54 17.11 16.22 17.11

Tier 1 Leverage (3) 12.21 12.30 11.98 12.21 11.98

Tier 1 Risk-Based Capital (3) 14.73 14.51 14.28 14.73 14.28

Common Equity Tier 1 (CET1) (3) 14.73 14.51 14.28 14.73 14.28

Total Capital (3) 15.86 15.77 15.53 15.86 15.53

Tangible Capital (2) 10.15 10.09 9.91 10.15 9.91

Adjusted Tangible Capital (2) 12.17 12.19 12.18 12.17 12.18

ASSET QUALITY

Loans Past Due 30 – 89 Days $ 1,648 $ 4,288 $ 1,615 $ 1,648 $ 1,615

Loans Past Due 90 Days or More 7 7 26 7 26

Nonaccrual Loans 30,627 57,392 57,124 30,627 57,124

Nonperforming Loans 30,634 57,399 57,150 30,634 57,150

Other Real Estate Owned 284 284 384 284 384

Other Nonperforming Assets 183 193 90 183 90

Total Nonperforming Assets 31,101 57,876 57,624 31,101 57,624

Individually Analyzed Loans 52,069 81,346 78,533 52,069 78,533

Non-Individually Analyzed Watch List Loans 139,548 134,218 189,726 139,548 189,726

Total Individually Analyzed and Watch List Loans 191,617 215,564 268,259 191,617 268,259

Gross Charge Offs 29,111 508 1,076 29,619 1,580

Recoveries 230 181 127 411 319

Net Charge Offs/(Recoveries) 28,881 327 949 29,208 1,261

Net Charge Offs/(Recoveries) to Average Loans 2.22 % 0.03 % 0.08 % 1.13 % 0.05 %

Credit Loss Reserve to Loans 1.27 1.77 1.60 1.27 1.60

Credit Loss Reserve to Nonperforming Loans 217.25 161.04 141.23 217.25 141.23

Nonperforming Loans to Loans 0.59 1.10 1.13 0.59 1.13

Nonperforming Assets to Assets 0.45 0.84 0.88 0.45 0.88

Total Individually Analyzed and Watch List Loans to Total Loans 3.67 % 4.13 % 5.31 % 3.67 % 5.31 %

Three Months Ended Six Months Ended

(Unaudited – Dollars in thousands, except per share data) June 30, March 31, June 30, June 30, June 30

KEY RATIOS 2025 2025 2024 2025 2024,

OTHER DATA

Full Time Equivalent Employees 675 647 653 675 653

Offices 54 54 53 54 53

(1 ) Core deposits equals deposits less brokered deposits.

(2 ) Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.

(3 ) Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)

June 30,
2025 December 31,
2024

(Unaudited)

ASSETS

Cash and due from banks $ 97,413 $ 71,733

Short-term investments 212,767 96,472

Total cash and cash equivalents 310,180 168,205

Securities available-for-sale, at fair value 996,957 991,426

Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively) 132,389 131,568

Real estate mortgage loans held-for-sale 1,637 1,700

Loans, net of allowance for credit losses of $66,552 and $85,960 5,160,275 5,031,988

Land, premises and equipment, net 61,449 60,489

Bank owned life insurance 127,399 113,320

Federal Reserve and Federal Home Loan Bank stock 21,420 21,420

Accrued interest receivable 29,109 28,446

Goodwill 4,970 4,970

Other assets 118,516 124,842

Total assets $ 6,964,301 $ 6,678,374

LIABILITIES

Noninterest bearing deposits $ 1,261,740 $ 1,297,456

Interest bearing deposits 4,915,093 4,603,510

Total deposits 6,176,833 5,900,966

Borrowings

Federal Home Loan Bank advance 1,200 0

Other borrowings 5,000 0

Total borrowings 6,200 0

Accrued interest payable 9,996 15,117

Other liabilities 61,285 78,380

Total liabilities 6,254,314 5,994,463

STOCKHOLDERS’ EQUITY

Common stock: 90,000,000 shares authorized, no par value

26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025

25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024 130,664 129,664

Retained earnings 757,739 736,412

Accumulated other comprehensive income (loss) (161,121 ) (166,500 )

Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively) (17,384 ) (15,754 )

Total stockholders’ equity 709,898 683,822

Noncontrolling interest 89 89

Total equity 709,987 683,911

Total liabilities and equity $ 6,964,301 $ 6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

NET INTEREST INCOME

Interest and fees on loans

Taxable $ 84,418 $ 84,226 $ 166,158 $ 166,268

Tax exempt 291 632 583 1,532

Interest and dividends on securities

Taxable 3,457 3,104 6,846 6,143

Tax exempt 3,917 3,932 7,827 7,879

Other interest income 2,302 1,842 3,426 2,948

Total interest income 94,385 93,736 184,840 184,770

Interest on deposits 39,111 44,363 75,569 85,527

Interest on short-term borrowings 398 1,077 1,520 3,531

Total interest expense 39,509 45,440 77,089 89,058

NET INTEREST INCOME 54,876 48,296 107,751 95,712

Provision for credit losses 3,000 8,480 9,800 10,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 51,876 39,816 97,951 85,712

NONINTEREST INCOME

Wealth advisory fees 2,667 2,597 5,534 5,052

Investment brokerage fees 550 478 1,002 1,000

Service charges on deposit accounts 2,827 2,806 5,601 5,497

Loan and service fees 3,006 3,048 5,890 5,900

Merchant and interchange fee income 854 892 1,676 1,755

Bank owned life insurance income 1,040 890 1,362 1,926

Interest rate swap fee income 20 0 20 0

Mortgage banking income (loss) 124 23 73 75

Net securities gains (losses) 0 0 0 (46 )

Net gain on Visa shares 0 9,011 0 9,011

Other income 398 694 1,256 2,881

Total noninterest income 11,486 20,439 22,414 33,051

NONINTEREST EXPENSE

Salaries and employee benefits 17,096 16,158 34,998 32,991

Net occupancy expense 1,747 1,698 3,727 3,438

Equipment costs 1,437 1,343 2,819 2,755

Data processing fees and supplies 4,152 3,812 8,417 7,651

Corporate and business development 1,160 1,265 2,566 2,646

FDIC insurance and other regulatory fees 839 816 1,639 1,605

Professional fees 1,706 2,123 4,086 4,586

Other expense 2,295 6,118 4,943 8,366

Total noninterest expense 30,432 33,333 63,195 64,038

INCOME BEFORE INCOME TAX EXPENSE 32,930 26,922 57,170 54,725

Income tax expense 5,964 4,373 10,119 8,775

NET INCOME $ 26,966 $ 22,549 $ 47,051 $ 45,950

BASIC WEIGHTED AVERAGE COMMON SHARES 25,707,233 25,678,231 25,711,004 25,667,647

BASIC EARNINGS PER COMMON SHARE $ 1.05 $ 0.88 $ 1.83 $ 1.79

DILUTED WEIGHTED AVERAGE COMMON SHARES 25,776,205 25,742,871 25,782,817 25,746,773

DILUTED EARNINGS PER COMMON SHARE $ 1.04 $ 0.87 $ 1.82 $ 1.78

LAKELAND FINANCIAL CORPORATION
LOAN DETAIL
(unaudited, in thousands)

June 30,
2025 March 31,
2025 June 30,
2024

Commercial and industrial loans:

Working capital lines of credit loans $ 717,484 13.7 % $ 716,522 13.7 % $ 697,754 13.8 %

Non-working capital loans 776,278 14.9 807,048 15.5 828,523 16.4

Total commercial and industrial loans 1,493,762 28.6 1,523,570 29.2 1,526,277 30.2

Commercial real estate and multi-family residential loans:

Construction and land development loans 552,998 10.6 623,905 12.0 658,345 13.0

Owner occupied loans 780,285 14.9 804,933 15.4 830,018 16.4

Nonowner occupied loans 869,196 16.6 852,033 16.3 762,365 15.1

Multifamily loans 477,910 9.1 339,946 6.5 252,652 5.0

Total commercial real estate and multi-family residential loans 2,680,389 51.2 2,620,817 50.2 2,503,380 49.5

Agri-business and agricultural loans:

Loans secured by farmland 150,934 2.9 156,112 3.0 161,410 3.2

Loans for agricultural production 188,501 3.6 227,659 4.3 199,654 4.0

Total agri-business and agricultural loans 339,435 6.5 383,771 7.3 361,064 7.2

Other commercial loans 95,442 1.8 94,927 1.8 96,703 1.9

Total commercial loans 4,609,028 88.1 4,623,085 88.5 4,487,424 88.8

Consumer 1-4 family mortgage loans:

Closed end first mortgage loans 273,287 5.2 265,855 5.1 259,094 5.1

Open end and junior lien loans 226,114 4.4 217,981 4.2 197,861 3.9

Residential construction and land development loans 16,667 0.3 16,359 0.3 12,952 0.3

Total consumer 1-4 family mortgage loans 516,068 9.9 500,195 9.6 469,907 9.3

Other consumer loans 103,880 2.0 102,254 1.9 97,895 1.9

Total consumer loans 619,948 11.9 602,449 11.5 567,802 11.2

Subtotal 5,228,976 100.0 % 5,225,534 100.0 % 5,055,226 100.0 %

Less:  Allowance for credit losses (66,552 ) (92,433 ) (80,711 )

Net deferred loan fees (2,149 ) (2,313 ) (2,885 )

Loans, net $ 5,160,275 $ 5,130,788 $ 4,971,630

LAKELAND FINANCIAL CORPORATION
DEPOSITS AND BORROWINGS
(unaudited, in thousands)

June 30,
2025 March 31,
2025 June 30,
2024

Noninterest bearing demand deposits $ 1,261,740 $ 1,296,907 $ 1,212,989

Savings and transaction accounts:

Savings deposits 283,976 293,768 283,809

Interest bearing demand deposits 3,841,703 3,554,310 3,274,179

Time deposits:

Deposits of $100,000 or more 584,165 602,577 776,314

Other time deposits 205,249 212,632 216,246

Total deposits $ 6,176,833 $ 5,960,194 $ 5,763,537

FHLB advances and other borrowings 6,200 108,200 55,000

Total funding sources $ 6,183,033 $ 6,068,394 $ 5,818,537

LAKELAND FINANCIAL CORPORATION
AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
(UNAUDITED)

Three Months Ended June 30, 2025 Three Months Ended March 31, 2025 Three Months Ended June 30, 2024

(fully tax equivalent basis, dollars in thousands) Average Balance Interest Income Yield (1)/
Rate Average Balance Interest Income Yield (1)/
Rate Average Balance Interest Income Yield (1)/
Rate

Earning Assets

Loans:

Taxable (2)(3) $ 5,204,006 $ 84,418 6.51 % $ 5,160,031 $ 81,740 6.42 % $ 4,993,270 $ 84,226 6.78 %

Tax exempt (1) 25,640 359 5.62 25,887 361 5.66 41,581 783 7.57

Investments: (1)

Securities 1,125,597 8,416 3.00 1,136,404 8,338 2.98 1,118,776 8,082 2.91

Short-term investments 2,832 28 3.97 2,964 28 3.83 2,836 35 4.96

Interest bearing deposits 212,532 2,274 4.29 105,518 1,096 4.21 138,818 1,807 5.24

Total earning assets $ 6,570,607 $ 95,495 5.83 % $ 6,430,804 $ 91,563 5.77 % $ 6,295,281 $ 94,933 6.07 %

Less:  Allowance for credit losses (93,644 ) (87,477 ) (74,166 )

Nonearning Assets

Cash and due from banks 66,713 71,004 64,518

Premises and equipment 61,280 60,523 58,702

Other nonearning assets 299,725 288,116 298,619

Total assets $ 6,904,681 $ 6,762,970 $ 6,642,954

Interest Bearing Liabilities

Savings deposits $ 285,944 $ 43 0.06 % $ 283,888 $ 42 0.06 % $ 289,107 $ 48 0.07 %

Interest bearing checking accounts 3,767,903 31,499 3.35 3,486,447 28,075 3.27 3,275,502 33,323 4.09

Time deposits:

In denominations under $100,000 208,770 1,745 3.35 212,934 1,832 3.49 217,146 1,871 3.47

In denominations over $100,000 589,829 5,824 3.96 633,112 6,509 4.17 807,304 9,121 4.54

Other short-term borrowings 33,297 398 4.79 99,830 1,122 4.56 77,077 1,077 5.62

Long-term borrowings 1,200 0 0.00 254 0 0.00 0 0 0.00

Total interest bearing liabilities $ 4,886,943 $ 39,509 3.24 % $ 4,716,465 $ 37,580 3.23 % $ 4,666,136 $ 45,440 3.92 %

Noninterest Bearing Liabilities

Demand deposits 1,244,058 1,258,344 1,230,903

Other liabilities 76,704 92,108 106,916

Stockholders’ Equity 696,976 696,053 638,999

Total liabilities and stockholders’ equity $ 6,904,681 $ 6,762,970 $ 6,642,954

Interest Margin Recap

Interest income/average earning assets 95,495 5.83 % 91,563 5.77 % 94,933 6.07 %

Interest expense/average earning assets 39,509 2.41 37,580 2.37 45,440 2.90

Net interest income and margin $ 55,986 3.42 % $ 53,983 3.40 % $ 49,493 3.17 %

(1 ) Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

(2 ) Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.

(3 ) Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

Three Months Ended Six Months Ended

Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024

Total Equity $ 709,987 $ 694,509 $ 654,590 $ 709,987 $ 654,590

Less: Goodwill (4,970 ) (4,970 ) (4,970 ) (4,970 ) (4,970 )

Plus: DTA Related to Goodwill 1,167 1,167 1,167 1,167 1,167

Tangible Common Equity 706,184 690,706 650,787 706,184 650,787

Market Value Adjustment in AOCI 160,574 163,879 169,747 160,574 169,747

Adjusted Tangible Common Equity 866,758 854,585 820,534 866,758 820,534

Assets $ 6,964,301 $ 6,851,178 $ 6,568,807 $ 6,964,301 $ 6,568,807

Less: Goodwill (4,970 ) (4,970 ) (4,970 ) (4,970 ) (4,970 )

Plus: DTA Related to Goodwill 1,167 1,167 1,167 1,167 1,167

Tangible Assets 6,960,498 6,847,375 6,565,004 6,960,498 6,565,004

Market Value Adjustment in AOCI 160,574 163,879 169,747 160,574 169,747

Adjusted Tangible Assets 7,121,072 7,011,254 6,734,751 7,121,072 6,734,751

Ending Common Shares Issued 25,697,093 25,727,393 25,679,066 25,697,093 25,679,066

Tangible Book Value Per Common Share $ 27.48 $ 26.85 $ 25.34 $ 27.48 $ 25.34

Tangible Common Equity/Tangible Assets 10.15 % 10.09 % 9.91 % 10.15 % 9.91 %

Adjusted Tangible Common Equity/Adjusted Tangible Assets 12.17 % 12.19 % 12.18 % 12.17 % 12.18 %

Net Interest Income $ 54,876 $ 52,875 $ 48,296 $ 107,751 $ 95,712

Plus:  Noninterest Income 11,486 10,928 20,439 22,414 33,051

Minus:  Noninterest Expense (30,432 ) (32,763 ) (33,333 ) (63,195 ) (64,038 )

Pretax Pre-Provision Earnings $ 35,930 $ 31,040 $ 35,402 $ 66,970 $ 64,725

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

Three Months Ended Six Months Ended

Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024 Jun. 30, 2025 Jun. 30, 2024

Noninterest Income $ 11,486 $ 10,928 $ 20,439 $ 22,414 $ 33,051

Less: Net Gain on Visa Shares 0 0 (9,011 ) 0 (9,011 )

Less: Insurance Recovery 0 0 0 0 (1,000 )

Adjusted Core Noninterest Income $ 11,486 $ 10,928 $ 11,428 $ 22,414 $ 23,040

Noninterest Expense $ 30,432 $ 32,763 $ 33,333 $ 63,195 $ 64,038

Less: Legal Accrual 0 0 (4,537 ) 0 (4,537 )

Adjusted Core Noninterest Expense $ 30,432 $ 32,763 $ 28,796 $ 63,195 $ 59,501

Earnings Before Income Taxes $ 32,930 $ 24,240 $ 26,922 $ 57,170 $ 54,725

Adjusted Core Impact:

Noninterest Income 0 0 (9,011 ) 0 (10,011 )

Noninterest Expense 0 0 4,537 0 4,537

Total Adjusted Core Impact 0 0 (4,474 ) 0 (5,474 )

Adjusted Earnings Before Income Taxes 32,930 24,240 22,448 57,170 49,251

Tax Effect (5,964 ) (4,155 ) (3,261 ) (10,119 ) (7,414 )

Core Operational Profitability (1) $ 26,966 $ 20,085 $ 19,187 $ 47,051 $ 41,837

Diluted Earnings Per Common Share $ 1.04 $ 0.78 $ 0.87 $ 1.82 $ 1.78

Impact of Adjusted Core Items 0.00 0.00 (0.13 ) 0.00 (0.16 )

Core Operational Diluted Earnings Per Common Share $ 1.04 $ 0.78 $ 0.74 $ 1.82 $ 1.62

Adjusted Core Efficiency Ratio 45.86 % 51.35 % 48.22 % 48.55 % 50.11 %

(1 ) Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.

Contact Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

July 25, 2025

MIL-OSI NGOs: Israel-OPT: UN conference must act to end Israel’s genocide, occupation and apartheid – Amnesty briefing

Source: Amnesty International –

Amnesty’s briefing urges action to pressure Israel to end its ongoing genocide in Gaza, lift the humanitarian blockade, and dismantle its unlawful occupation and apartheid system over Palestinians

‘With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes’ – Agnès Callamard

Amnesty International has called for next week’s high-level UN conference to discuss the peaceful settlement of the question of Palestine and the two-state solution to focus squarely on the immediate and effective enforcement of international law – including governments’ obligations to prevent and punish genocide and apartheid, and to end Israel’s unlawful occupation of Palestinian territory.

In a new briefing, Amnesty outlines a series of recommendations for governments to take meaningful action and exert the necessary pressure on Israel to end its ongoing genocide against the Palestinians in Gaza, lift the inhumane humanitarian blockade and dismantle its unlawful occupation of the Palestinian territory and its system of apartheid imposed on all Palestinians whose rights it controls.

Agnès Callamard, Amnesty International’s Secretary General, said:

“If the ministers gathering in New York next week are truly committed to forging just, comprehensive and lasting peace and security for both Israelis and Palestinians, the first priority must be to take concrete action to end Israel’s ongoing genocide against Palestinians in Gaza and its unlawful military occupation of Palestinian territory, which has fuelled mass violations against Palestinians and enabled and entrenched Israel’s cruel system of apartheid.

“The current catastrophic crisis created by Israel in Gaza is unbearable, and states must act with urgency and resolve. Statements, condemnation and limited government actions are failing to protect civilians and uphold international humanitarian law.

“Genuine and meaningful action by governments must begin, first and foremost, with the demand for an immediate and sustained ceasefire, as well as the lifting of Israel’s illegal blockade. Without these fundamental urgent steps, any process aimed at addressing the future of Palestinians lacks credibility. How such process be considered meaningful when Palestinians are being slaughtered, starved and forcibly displaced into ever-shrinking pockets of land on a daily basis?

“Governments must be unequivocal: Israel is not above the law and accountability is a priority. They must seize the opportunity presented by this conference to end their active or tacit support for Israeli violations or their self-imposed inertia. The conference must lead to a clear commitment by all states to suspend all economic activity that contributes to or is directly linked to Israel’s illegal occupation, its system of apartheid or its genocide against the Palestinians in Gaza.

“With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes. As people continue to take to the streets to demand global action and as more and more states are recognising Israel’s genocide for what it is, an empty, performative exercise would not be just tone-deaf, it would be unconscionable.

“For this conference to be anything more than a charade, governments must heed our calls. They must turn words into action that is firmly rooted in international law and protection of human rights.”

Among the recommendations, Amnesty is urgently calling on governments to:

Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organisations must be maintained and expanded.

End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.

Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.

Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.

Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.

Amnesty is also urgently calling on corporations and civil society:

Corporations must refuse any involvement in, or direct linkage to Israel’s unlawful actions and ensure that they are not contributing to serious human rights violations themselves.

Civil society and the public at large must continue mobilising and campaigning to demand that governments abide by their legal obligations under international law and denounce companies, banks and other economic actors that contribute to or are directly linked to Israel’s violations of international law, and demand that they stop.

Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.

Amnesty’s Briefing and Recommendations: July 2025 High-Level Conference on the Question of Palestine and the Two-State Solution available here.

MIL OSI NGO –

July 25, 2025

MIL-OSI United Kingdom: IMF supports growth agenda and fiscal framework

Source: United Kingdom – Government Statements

News story

IMF supports growth agenda and fiscal framework

IMF endorses Plan for Change growth mission and fiscal reforms.

The IMF’s Article IV surveillance report has stated that economic recovery in the UK is underway, with growth projected at 1.2% in 2025 before gaining momentum next year.  

The IMF also endorsed the government’s fiscal plans which it says strike a balance between supporting growth and safeguarding fiscal sustainability, and the Growth Mission covers the right areas to lift productivity.

Since the election the government has been clear on the need to kickstart economic growth, built on stability and investment to deliver on the Plan for Change. The publication of the IMF’s first Article IV surveillance report on the UK economy since last year’s election reveals that the UK’s economic recovery is underway, and will see the third fastest economic growth in the G7 and the fastest growth among European G7 countries.  

The IMF have also endorsed the government’s fiscal framework as growth-friendly, as well as appropriately accommodating spending pressures and investment needs, while safeguarding fiscal sustainability.   

Structural reform and government strategy 

Through the Growth Mission, the government is restoring stability, increasing investment, and reforming the economy to drive up prosperity and living standards across every region of the UK.

The IMF recognised the bold reforms that we have launched since taking office in July 2024. We have been clear that planning reform is central to unlocking private investment. The IMF has stated that the UK’s new industrial strategy has real potential to unlock private investment and boost UK productivity in key sectors. 

Trade, global integration, and external environment 

Given the high level of uncertainty emanating from the external environment, the IMF has stated that the government should continue advocating for a stable global trading system and welcomes recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrating a commitment to finding common ground and establishing a more predictable environment for UK exporters.

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Published 25 July 2025

MIL OSI United Kingdom –

July 25, 2025

India–UK FTA will boost Indian manufacturing, services: RBI Governor

Source: Government of India

Source: Government of India (4)

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the India–UK Free Trade Agreement (FTA) is expected to provide a boost to multiple sectors of the Indian economy, including manufacturing and services.

Speaking at an event in Mumbai, Malhotra said that with multilateralism losing momentum globally, such bilateral agreements are becoming increasingly important for India’s trade strategy.

“The UK FTA is the way forward, because unfortunately, multilateralism appears to have taken a back seat,” Malhotra said, adding that trade negotiations with the United States are also at an advanced stage.

Malhotra also noted that India is actively pursuing several other trade agreements, many of which are currently under negotiation.

The RBI Governor’s remarks came a day after Union Commerce and Industry Minister Piyush Goyal said India is expanding its trade relations across geographies, following the signing of the landmark FTA with the UK.

“Very good talks are going on with New Zealand, Oman, Chile, Peru, and the European Union. And on the bilateral trade agreement (BTA), good discussions are also underway with the United States,” Goyal told IANS in London. “I firmly believe that all these negotiations will lead to positive outcomes.”

India and the US recently concluded the fifth round of BTA negotiations in Washington, DC.

The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to come into effect on October 1. The agreement is projected to generate around one million direct jobs in India.

The India–UK FTA, now officially termed the Comprehensive Economic and Trade Agreement (CETA), is being viewed as a key milestone in India’s global trade policy, with the potential to unlock billions of dollars in trade and investment.

—IANS

July 25, 2025

MIL-OSI Russia: The 21st China-Russia-Mongolia Trade and Economic Fair Opens in Hailar

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People’s Republic of China – State Council News

BEIJING, July 25 (Xinhua) — The 21st China-Russia-Mongolia Economic and Trade Fair opened in Hailar District, Hulunbuir City, north China’s Inner Mongolia Autonomous Region on Thursday. A commodity exhibition is also being held as part of the fair.

This year’s event, with the theme “Jointly Building the China-Mongolia-Russia Economic Corridor to Share New Opportunities for Regional Cooperation,” will last for five days, according to local newspaper Neimenggu Ribao (Inner Mongolia Daily).

This fair will serve as an incentive to further deepen pragmatic trade and economic cooperation between China, Mongolia and Russia, and assist the three neighboring countries in participating in the construction of the Belt and Road and the construction of the China-Mongolia-Russia Economic Corridor at a deeper level.

The total area of the current exhibition event, which includes 8 pavilions, is about 7 thousand square meters, where there are 262 stands, including 200 Chinese, 12 Russian and 50 Mongolian.

The fair features a wide range of products, including local products, tea from China, handmade cashmere, leather, wool felt products from Russia and Mongolia, as well as various specialty products from the UK, France, South Korea and other countries. -0-

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 25, 2025

MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected controlled cosmetic injections worth about $76,000 (with photo)

Source: Hong Kong Government special administrative region – 4

Hong Kong Customs on July 16 and 17 seized 249 pieces of suspected controlled cosmetic injections with an estimated market value of about $76,000. Some of the seized cosmetic injections were suspected to contain Part 1 poisons.

Through risk assessment, Customs on July 16 inspected an express parcel, declared as carrying body lotion, imported from Korea to Hong Kong via the Shenzhen Bay Control Point. Upon inspection, Customs officers found 20 cosmetic injection vials suspected to contain Part 1 poisons in the parcel.

After a follow-up investigation, Customs officers conducted a controlled delivery operation the following day (July 17) at the consignee’s address in Hung Hom and arrested two persons suspected to be connected with the case: a 20-year-old man who collected the parcel and a 45-year-old female consignee. Two hundred and twenty-nine pieces of suspected controlled cosmetic injections, some of which were suspected to contain Part 1 poisons, with an estimated market value of about $59,000, were further seized at the consignee’s address.

An investigation is ongoing, and the arrested persons have been released on bail pending further investigation.

Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction. Any person who imports pharmaceutical products and medicines without a valid import licence commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for two years.

Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years.

Members of the public may report any suspected violation of the above-mentioned ordinances to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

July 25, 2025

MIL-OSI Asia-Pac: Eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to Belt and Road Initiative held in Beijing (with photos)

Source: Hong Kong Government special administrative region – 4

     The Government of the Hong Kong Special Administrative Region (HKSAR), the National Development and Reform Commission (NDRC) and relevant central ministries held the eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative (B&RI) in Beijing today (July 25).

     Vice Chairman of the NDRC Mr Zhou Haibing attended the conference with Mainland officials led by him, including representatives from the NDRC, the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, the Hong Kong and Macao Affairs Office of the State Council, the Supreme People’s Court, the Ministry of Foreign Affairs, the Ministry of Science and Technology, the Ministry of Justice, the Ministry of Commerce, the Ministry of Transport, the People’s Bank of China, the State-owned Assets Supervision and Administration Commission of the State Council, the National Financial Regulatory Administration, and the Liaison Office of the Central People’s Government in the HKSAR.

     The Secretary for Justice, Mr Paul Lam, SC, in his capacity as chairperson of the Working Group on Belt and Road (B&R) Development under the Steering Group on Integration into National Development, led HKSAR Government officials to attend the conference. They included the Secretary for Commerce and Economic Development, Mr Algernon Yau, who was also the Hong Kong-side Convenor of the Joint Conference, and representatives from the Commerce and Economic Development Bureau (CEDB), the Department of Justice, the Financial Services and the Treasury Bureau, the Innovation, Technology and Industry Bureau, the Development Bureau, the Environment and Ecology Bureau, the Belt and Road Office of the CEDB, and the Office of the Government of the HKSAR in Beijing. The Chairman of the Hong Kong Trade Development Council, Professor Frederick Ma, and a representative from the Airport Authority Hong Kong also attended the meeting.

     Mr Lam said that the HKSAR Government has been taking forward B&R co-operation to go deeper and deliver outcomes, thereby fully participating in and contributing to the B&RI under the continued guidance of the eight major steps the country has been taking to support high-quality B&R co-operation, with a view to facilitating Hong Kong’s active integration into overall national development. With the country’s support, Hong Kong will continue to deepen international exchanges and co-operation and will actively utilise its own advantages to exert a greater role in the country’s high-level opening up to the world.

     He pointed out that over the past year, the HKSAR Government has actively served as a proponent for institutional openness through Hong Kong’s strengths as a platform for two-way opening up; a pioneer for co-operation in new fields through strengths in education, science and technology and talent; and a facilitator for people-to-people bonds through strengths as a melting pot of diversified cultures. The HKSAR Government has been exploring emerging markets such as the Middle East, the Association of Southeast Asian Nations and other B&R countries, while making full use of Hong Kong’s professional services aligned with international standards, thereby building Hong Kong as the gateway between the country and the world and highlighting Hong Kong’s role as the premier B&R functional platform. He expressed gratitude to the Central Government for the staunch support of hosting the International Organization for Mediation headquarters in Hong Kong, which will help strengthen Hong Kong’s roles as an international dispute resolution services centre and a capital for international mediation.

     Mr Yau stated in the meeting that the HKSAR Government will fully capitalise on the 10th Belt and Road Summit to showcase Hong Kong’s important roles as an active participant and the premier B&R functional platform to the Mainland and overseas. He reported on Hong Kong’s progress in carrying out B&R work, including the CEDB’s ongoing pursuit of the early accession of Hong Kong to the Regional Comprehensive Economic Partnership, the pursuit of early conclusion of ongoing negotiations for free trade and investment agreements, and actively following up on the plan to establish Economic and Trade Offices in Kuala Lumpur, Malaysia and Riyadh, Saudi Arabia, to fully take forward the economic and trade relations between Hong Kong and B&R countries.

     The meeting also focused its discussion on the seven work proposals on further promoting the B&RI that the HKSAR Government put forward for consideration by central ministries, covering capacity building, deepening exchanges and co-operations with B&R countries, legal and dispute resolution services, cross-boundary financing, and the expansion of international co-operation and ties in innovation and technology. Representatives of relevant Joint Conference Mainland ministries introduced their respective work in supporting Hong Kong’s participation in and contribution to the B&RI and provided feedback on the HKSAR Government’s work proposals. The HKSAR Government is grateful for the support expressed by relevant central ministries at the meeting on various work proposals and will actively follow up with them.

     In addition, the meeting noted the HKSAR Government’s key areas and major work in its future participation and contribution to the B&RI, including leveraging Hong Kong’s role as a B&R functional platform to explore business opportunities and facilitating business matching and participation in B&R projects. The HKSAR Government will continue to consolidate Hong Kong’s unique advantage of connecting with the Mainland and the rest of the world under “one country, two systems”, seize the enormous opportunities brought about by national development, strengthen and deepen exchanges and co-operations with B&R countries, and give full play to its role as a “super connector” and “super value-adder”.

     The Arrangement between the NDRC and the HKSAR Government for Advancing Hong Kong’s Full Participation in and Contribution to the B&RI, signed between the HKSAR Government and the NDRC in 2017, provides the direction and a blueprint for Hong Kong’s full participation in and contribution to the B&RI, as well as sets up the Joint Conference mechanism to discuss relevant matters, with meetings convened at least once a year.

MIL OSI Asia Pacific News –

July 25, 2025

MIL-OSI Russia: Alexander Novak held a meeting on the construction of generation in the south of Russia

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Deputy Prime Minister Alexander Novak held a meeting on issues of generating construction in the south of Russia in the context of growing economic needs.

The event was attended by representatives of the Ministry of Energy, the Ministry of Economic Development, the Ministry of Industry and Trade, the Federal Antimonopoly Service, the authorities of the Republic of Crimea and Krasnodar Krai, PJSC Gazprom, energy companies, and industry associations.

Representatives of the Ministry of Energy, Gazprom, generating companies, authorities of the Krasnodar Territory and the Republic of Crimea reported to the Deputy Prime Minister on the current status of providing territory and gas infrastructure for the construction of new generating facilities in the south of Russia.

We are talking about the construction of thermal power plants in the Krasnodar Territory and the Republic of Crimea with a total capacity of 2.25 GW.

According to the Ministry of Energy, the demand for new generation gas in the south of Russia will be around 4 billion cubic meters per year.

At the same time, according to the Ministry of Energy and the authorities of the Krasnodar Territory and the Republic of Crimea, six out of seven generating facilities have currently been provided with land plots for the construction of generating facilities.

A representative of PAO Gazprom reported that in order to ensure the declared volume of gas, it will be necessary to expand the capacity of two gas pipelines.

Alexander Novak instructed the Ministry of Energy, together with generating companies, Gazprom and regional authorities, to promptly develop a comprehensive plan and schedule for the construction of new generating facilities in the south of Russia, providing for the gasification of these facilities and the provision of land plots for them, with the establishment of deadlines and responsible contractors.

Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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MIL OSI Russia News –

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Champions Women-Led Digital Trade in West Africa

Source: APO

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The Economic Community of West African States (ECOWAS), in collaboration with the United Nations Conference on Trade and Development (UNCTAD) and with the support of the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank, convened an eTrade for Women Joint Workshop in Lagos, on Friday July 17th, 2025, to spotlight and strengthen the role of women-led digital businesses in regional trade. This event was held as part of a broader regional agenda to build a more inclusive, connected, and digitally enabled West Africa.

In his statement on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade at the ECOWAS Commission, welcomed participants and noted the event’s importance in advancing inclusive digital transformation. He highlighted that the ECOWAS E-Commerce Strategy, adopted by the ECOWAS Council of Ministers in July 2023, places women, youth, and small-scale producers at the centre of digital trade reforms to promote regional integration and inclusive development. Through platforms and dialogues such as the workshop, ECOWAS reaffirms its commitment to gender-responsive policymaking and sustainable digital trade development in West Africa.

In her opening remarks, Madam Sonia NNAGOZIE, the representative of the United Nations Conference on Trade and Development (UNCTAD) highlighted the role of digital trade in unlocking new opportunities for women entrepreneurs across West Africa. She echoed the importance of the workshop in delivering actionable recommendations to improve women’s participation in digital trade. She went on to commend ECOWAS for leading the way in building an enabling digital ecosystem that supports women and appreciated the ongoing partnership between UNCTAD and ECOWAS.

The workshop served as a platform for dialogue, policy coordination, and knowledge sharing. Participants discussed the structural and policy barriers women face in participating in the digital economy, and shared practical solutions and good practices that promote women’s digital empowerment.

The event also showcased ECOWAS-led initiatives such as the ECOWAS Trade and Gender Action Plan, export readiness trainings, and platforms like the 50 Million African Women Speak (50MAWS) and the Business-to-Business matchmaking platform of the West Africa Competitiveness Observatory.

The Workshop was attended by a cross-section of stakeholders including women entrepreneurs, representatives of Ministries responsible for trade in ECOWAS, and development partners.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Launches Regional E-Commerce Committee to Accelerate Digital Trade Integration

Source: APO

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The Economic Community of West African States (ECOWAS) has officially launched the Regional E-Commerce Committee, marking another milestone in the implementation of the ECOWAS Regional E-Commerce Strategy (2023–2027) on Wednesday July 16th, 2025, in Lagos, Nigeria. The launch was immediately followed by the Committee’s first meeting, which brought together representatives from Member States and Community institutions.

In his opening remarks during the launch ceremony, Dr. Tony Luka Elumelu, the Acting Director of Private Sector, ECOWAS Commission highlighted the private sector as both a key driver and beneficiary of digital transformation. He stressed the significance of e-commerce in unlocking opportunities under African Continental Free Trade Agreement and called for robust implementation of digital reforms. He described the establishment of the Regional E-Commerce Committee as pivotal to fostering private-sector-led digital economies.

Madam Sally Koroma, the representative of the Ministry of Trade and Industry of the Republic of Sierra Leone and Chair of the Meeting emphasized the potential of e-commerce to boost inclusive growth. She highlighted the importance of harmonized regulations, secure infrastructure, digital literacy, and tailored financing to unlock the full benefits of digital trade. She commended the ECOWAS E-Commerce Strategy as critical to addressing these barriers and called for collective action among Member States, development partners, and the private sector to move from ambition to implementation, and build an inclusive, gender-responsive digital economy.

In his goodwill message, Mr. Pedro Manuel Moreno, Deputy Secretary-General of the United Nations Trade and Development (UNCTAD) congratulated ECOWAS on its 50th anniversary, marking five decades of regional cooperation. He celebrated the adoption of the ECOWAS Regional E-Commerce Strategy and highlighted the role of digitalisation in realizing ECOWAS Vision 2050. He reaffirmed UNCTAD’s commitment to support digital reform, encourage inclusive digital ecosystems, and advance women’s economic empowerment within the region. He closed with a call to action to make e-commerce a driver of prosperity, innovation, and regional unity.

In the keynote address, on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade of the ECOWAS Commission, underscored the significance of the launch of the Regional E-Commerce Committee during the 50th Anniversary celebrations of ECOWAS, noting the progress that had been made in advancing regional integration and the opportunities that lay ahead through digitalisation. He emphasized that the Committee would serve as a platform for implementing strategic goals, aligning policies, and accelerating digital trade across borders.

Mr. Sofola called for continued collaboration across all stakeholders to realise the Strategy’s vision of an inclusive and sustainable digital future for West Africa. Finally, he declared the ECOWAS Regional E-Commerce Committee launched.

The newly established Committee is a central feature of the governance framework outlined in the ECOWAS E-Commerce Strategy, which was adopted by the ECOWAS Council of Ministers in July 2023. It is designed to steer the implementation of digital trade reforms, foster inter-institutional coordination, and promote inclusive participation across the region, particularly of women, youth, and MSMEs.

The launch and first meeting were attended by representatives of the Ministries responsible for Trade from ECOWAS Member States and the internal working group on e-commerce, consisting of key directorates and agencies of the ECOWAS Commission. Prior to the launch, the internal working group on e-commerce received a training on the e-Trade Reform Tracker, a tool for monitoring implementation of the E-Commerce Strategy. Both activities were supported by the UNCTAD and the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank.

The meeting considered the overview of the ECOWAS E-Commerce Strategy, continental and regional digital initiatives as well as key initiatives from Member States in advancing e-commerce. The meeting concluded with the adoption of the terms of reference for the Committee and a call for continued collaboration among ECOWAS Member States to promote implementation of the E-Commerce Strategy.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

Sealing the Deal: How the India–UK FTA redefines global trade dynamics

Source: Government of India

Source: Government of India (4)

The India–UK Free Trade Agreement (FTA), signed on July 24, 2025, marks a historic milestone in bilateral relations, transforming the economic landscape between two influential democracies with shared historical ties. At its core, this agreement aims to double the volume of trade between the two nations to $120 billion by 2030, signalling a shift in strategic and economic alignment in a post-Brexit global order. This comprehensive trade pact not only strengthens commercial ties but also deepens diplomatic and development-oriented collaboration across sectors. The agreement is ambitious in scope, eliminating tariffs on 99% of Indian exports to the United Kingdom covering almost 100% of trade value while India reciprocates by reducing tariffs on 90% of UK goods, with 85% becoming duty-free within a decade. The FTA is expected to boost India’s annual exports by $5 billion and create over one million jobs within five years, catalysing both industrial growth and employment in labour-intensive and technology-oriented sectors.

India’s principal gain lies in its sweeping access to the UK market for sectors where it has a strong comparative advantage. Labour-intensive industries textiles and clothing, leather and footwear, processed food, gems and jewellery, and marine exports stand to benefit immediately from duty-free treatment. The UK has agreed to eliminate tariffs that previously ranged from 4% to as high as 70% on many Indian goods. For example, the processed food sector, which was earlier subject to duties of up to 70%, now enjoys zero-duty access on 99.7% of tariff lines. This development is monumental for rural India, where the agri-processing ecosystem is vital for both livelihood generation and export earnings.

India’s textile and apparel industry, a major source of employment and a vital segment of its exports, is among the biggest beneficiaries. Previously subject to duties of up to 10–12% in the UK, Indian textiles now enjoy duty-free access. This policy move levels the playing field for Indian exporters against rivals such as Bangladesh and Vietnam, enhancing the competitiveness of cotton, synthetic fabrics, and finished garments. With projected gains of $5 billion in textile exports alone, this sector is poised for accelerated growth, enhanced investments, and large-scale job creation, especially in states like Gujarat, Maharashtra, and Tamil Nadu.

Equally significant is the liberalisation of leather and footwear exports. These products, which were earlier taxed up to 16%, now enter the UK market duty-free. This shift supports the expansion of India’s footwear and leather goods industry key employment-generating sectors largely dominated by SMEs and artisanal clusters. The FTA is likely to generate substantial growth opportunities for exporters in Uttar Pradesh, West Bengal, and Tamil Nadu, giving a much-needed fillip to these traditionally under-capitalised industries.

In the high-value gems and jewellery sector, which contributes significantly to India’s export basket, the FTA brings immediate benefits. Duties of up to 4% on diamonds, gold, and silver ornaments have now been abolished. With duty-free access to a discerning and high-spending UK consumer base, Indian jewellery exporters are expected to see a surge in orders. The improved price competitiveness will also draw investment into India’s precious stones and jewellery sector, especially in Mumbai, Surat, and Jaipur, reinforcing India’s position as a global jewellery hub.

The agreement also opens new frontiers for engineering goods, auto components, mechanical machinery, and organic chemicals. Tariffs in these segments, previously ranging from 4% to 14%, have been brought down to zero, strengthening India’s manufacturing ecosystem. The UK has also agreed to slash tariffs on automobiles from over 100% to just 10%, albeit under a quota system. This will allow Indian auto parts and engine manufacturers to increase their exports significantly, supporting India’s ‘Make in India’ agenda and integrating more deeply into global supply chains.

India’s marine products sector particularly shrimp and frozen prawn exports gains a significant boost. Tariffs of up to 20% have been brought to zero, opening a $5.4 billion UK market. The removal of import duties will enhance price competitiveness for Indian seafood in the UK and directly benefit coastal communities and fishermen in Kerala, Andhra Pradesh, and Odisha. This measure also aligns with India’s broader objective of revitalising traditional sectors and expanding their global reach.

In agriculture and processed foods, the FTA proves to be a game-changer. With tariff-free access on 95% of agricultural products including spices, mango pulp, pulses, and tea India’s agri-exports are projected to grow by 20% within three years. This liberalisation directly benefits farmers and small agro-industrial units, integrating them into international markets. Importantly, India has retained full protection for sensitive sectors like dairy, poultry, apples, vegetables, cooking oils, and oats. By refusing tariff concessions in these areas, the agreement ensures that India’s small and marginal farmers are not displaced by foreign competition.

The India–UK FTA also provides significant advantages in high-tech sectors. Indian electronics exports smartphones, optical fibre cables, inverters, and electronic components now enjoy zero-duty access to the UK. The inclusion of streamlined customs processes and provisions on digital trade further lowers entry barriers, particularly for SMEs venturing into cross-border e-commerce. This has strong implications for India’s fast-growing technology manufacturing ecosystem and supports the expansion of Indian firms into high-value global markets.

One of the most transformative features of the agreement is its support for the mobility of Indian professionals and skilled workers. The FTA includes provisions to facilitate temporary movement for Indian professionals such as IT engineers, architects, nurses, financial consultants, and even niche cultural workers such as yoga instructors and chefs. Up to 1,800 Indian professionals in these categories will be allowed to work in the UK temporarily. These mobility concessions expand India’s soft power and human capital exports, aligning with the government’s strategy to promote services-led growth.

Additionally, the Double Contribution Convention (DCC) clause in the FTA exempts Indian workers from making social security contributions in the UK for a period of three years. This is expected to benefit over 75,000 Indian workers currently residing in the UK by significantly reducing their financial burden and enhancing the attractiveness of temporary employment opportunities in Britain. This provision is particularly impactful for the IT/ITeS sector, financial services professionals, and other knowledge economy workers.

In tandem with these trade and labour mobility benefits, the UK’s offer also includes 99.3% tariff elimination for animal products, 100% duty elimination for marine products, and full liberalisation of key sectors such as chemicals, electrical machinery, plastics, base metals, headgear, ceramics, glass, and clocks. Across all categories, the agreement promises enhanced market access, easier customs procedures, and a simplified regulatory environment each element helping Indian exporters reduce transaction costs and achieve scale.

Strategically, the FTA supports India’s broader development agenda. It reinforces the objectives of ‘Make in India’, the Production Linked Incentive (PLI) Scheme, and the goal of integrating Indian enterprises particularly MSMEs into global supply chains. The liberalised trade framework incentivises higher production volumes, improved quality standards, and adherence to international compliance norms, all of which contribute to India’s export dynamism. At the same time, by insulating sensitive sectors from duty concessions, the government has safeguarded domestic food security, protected vulnerable producer groups, and upheld rural economic stability.

The India–UK FTA also carries strong geopolitical undertones. For post-Brexit Britain, deepening trade relations with India a rising economic power is a strategic imperative. For India, the agreement allows diversification of export markets at a time when supply chain realignments are underway globally, particularly due to tensions with China and economic uncertainties in Europe. The FTA offers a resilient and rules-based alternative route to prosperity for both partners, anchored in democratic values and mutual respect.

The India–UK Free Trade Agreement of 2025 is a landmark pact with far-reaching consequences for trade, employment, mobility, and strategic cooperation. By unlocking duty-free access across vast sectors, protecting domestic interests, and enabling professional mobility, it serves as a blueprint for future FTAs India may sign with other developed economies. The deal is comprehensive, development-oriented, and forward-looking positioning India for a new era of global economic leadership and strengthening its strategic partnership with the United Kingdom in a rapidly evolving world order.

In conclusion the India–UK Free Trade Agreement (FTA) could serve as a significant catalyst in shaping India’s ongoing and future trade negotiations with the United States and the European Union. As a comprehensive and balanced agreement with a G7 nation, the UK FTA strengthens India’s credibility as a serious and capable negotiator on the global stage. The successful inclusion of sensitive sectors, labour mobility, digital trade provisions, and extensive tariff liberalisation sets a precedent that India can leverage in its stalled or complex discussions with the U.S. and EU. For the United States, which has been engaged in hectic negotiations with India on Bi-lateral Trade Agreement, the Indo-UK FTA could act as a catalyst and a template for further negotiations on a prospective BTA. Similarly, the European Union has also been in talks with India to clinch a FTA by the end of FY26 and the UK deal demonstrates India’s willingness to offer concessions while protecting key domestic interests. This FTA could thus help bridge trust deficits, unlock political momentum, and create negotiating templates for market access, investment protection, and digital standards. Ultimately, the India–UK FTA could become a benchmark, enhancing India’s bargaining position in global trade diplomacy.

(Navroop Singh is a New Delhi-based IP attorney and geopolitical analyst)

July 25, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: first quarter of 2025

Source: European Central Bank

25 July 2025

Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier

Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier

Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier

Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

The household debt-to-income ratio^[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

Financial transactions

2024 Q1

2024 Q2

2024 Q3

2024 Q4

2025 Q1

Financial investment*

2.0

2.3

2.4

2.4

2.5

Currency and deposits

1.5

2.3

2.5

3.0

3.0

Debt securities

41.4

29.8

17.1

8.2

3.0

Shares and other equity**

0.2

0.4

0.9

1.8

2.3

Life insurance

0.0

0.4

1.3

1.6

1.7

Pension schemes

2.0

1.8

1.9

1.8

2.1

Financing***

0.9

1.2

1.2

1.6

1.8

Loans

0.6

0.6

0.9

1.3

1.7

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and non-financial corporations (Chart 2)

Developments in household wealth distribution in 2024

The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

Chart 3

Household net wealth distribution and wealth inequality

(left-hand scale: EUR trillions; right-hand scale: percentages)

Sources: ECB.

The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

Chart 4

Contributions to growth of household net wealth between Q1 2019 and Q4 2024

(percentage points, percentage change)

Sources: ECB.

Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

Non-financial corporations

Financing of NFCs increased at a higher annual rate of 1.3% in the first quarter of 2025 (after 0.9% in the previous quarter). This was the result of an acceleration in financing by loans (2.0% after 1.3%) and trade credits (4.1% after 3.6%), while the financing via the issuance of debt securities and of equity grew at broadly unchanged rates (see Table 2).The acceleration in loan financing is mainly due to loans granted by MFIs (2.6% after 1.6%, see Table 3.2 in the Annex), by the rest of the world (1.6% after -0.2%), and by other financial institutions (-0.5% after -2.5%).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in the first quarter of 2025, from 68.4% first quarter of 2024; the non-consolidated, wider debt measure decreased to 138.9% from 140.6% (see Chart 2).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

Financial transactions

2024 Q1

2024 Q2

2024 Q3

2024 Q4

2025 Q1

Financing*

0.8

0.9

1.0

0.9

1.3

Debt securities

2.0

2.9

2.5

1.5

1.6

Loans

1.6

1.4

1.4

1.3

2.0

Shares and other equity

0.3

0.6

0.6

0.4

0.5

Trade credits and advances

1.0

2.0

2.5

3.6

4.1

Financial investment**

1.7

1.8

2.0

1.8

2.0

Currency and deposits

0.2

2.6

1.7

2.4

2.1

Debt securities

10.9

8.1

3.9

2.1

4.1

Loans

3.9

3.7

3.2

2.6

2.8

Shares and other equity

1.1

0.9

1.2

0.7

0.4

Source: ECB.

* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financial investment and financing of non-financial corporations (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the first quarter of 2025 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 3 July 2025.

The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.

The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.

The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.

Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

The release of results of experimental Distributional Wealth Accounts (DWA) for the first quarter of 2025 is planned for 29 August 2025 (tentative date).

MIL OSI Europe News –

July 25, 2025

MIL-OSI China: Loan data points to stabilizing realty sector

Source: People’s Republic of China – State Council News

This aerial panoramic photo taken on Jan. 10, 2023 shows a view of Lujiazui area in the China (Shanghai) Pilot Free Trade Zone in east China’s Shanghai. [Photo/Xinhua]

The latest lending data showing a rebound in property-related loans indicates early signs of stabilization in China’s real estate market, signaling a gradual recovery in financing activity and a renewed sense of confidence among developers and homebuyers, industry experts said on Thursday.

They said that more supportive measures are expected to be rolled out to restore momentum in the property market while existing policies gradually take effect, which will further boost market confidence and pave the way for overall market stabilization in the coming months.

Data released on Tuesday by the People’s Bank of China, the nation’s central bank, shows that as of the end of the second quarter of 2025, outstanding renminbi real estate loans amounted to 53.33 trillion yuan ($7.45 trillion), up 0.4 percent year-on-year, an increase of 0.6 percentage point over the end of 2024.

In the first half of the year, real estate loans increased by 416.6 billion yuan, while property development loans rose 292.6 billion yuan, reaching 13.81 trillion yuan, up 0.3 percent year-on-year.

The data also showed that outstanding individual housing loans stood at 37.74 trillion yuan, down 0.1 percent year-on-year, but the decline narrowed by 1.2 percentage points from the end of 2024.

“This is a clear and encouraging sign that the real estate market is gradually stabilizing. Consecutive quarters of positive loan growth suggest that financing is flowing more smoothly again — both for developers and homebuyers,” said Shaun Brodie, head of research content for China with Cushman & Wakefield, a global real estate services company.

“It also reflects improving confidence among financial institutions and a more supportive policy environment. These factors collectively indicate that the market is transitioning from a correction phase toward a more balanced and sustainable footing,” Brodie said.

Yao Yao, head of research at JLL China, said the growth tendency is more evident in property development loans.

“Although property loan growth is still subdued, it has posted year on-year gains for a second straight quarter, with development loan balances rising even faster. That momentum has been largely echoed by stronger land auction results in core cities since the start of the year, backed by a rising supply of prime land,” said Yao.

Ding Zuyu, chairman of China Real Estate Information Corp, said that since June, while the central government has actively worked to boost domestic demand and stimulate consumption, local governments have also continued to strengthen market-stabilizing policies.

“Notable examples are Guangdong province’s Shenzhen and Zhuhai promoting mutual recognition of housing provident fund loans; Hangzhou allowing the use of provident fund savings for down payments; and Binhu district of Jiangsu province’s Wuxi launching a “SuChao” (Jiangsu Football City League) ticket stub subsidy program offering up to 50,000 yuan for homebuyers,” said Ding.

In the first half of this year, local governments rolled out over 340 measures, primarily focusing on optimizing housing provident fund policies, offering home purchase subsidies and adjusting land supply, according to media reports.

Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute, said that in the first half of 2025, China’s real estate market showed positive momentum, reflecting both the effective impact of supportive housing policies and strong underlying demand.

This upward trend has laid a solid foundation for further market recovery in the second half of the year, Yan said, adding that with supply and demand having undergone substantial adjustments, the sector is well-positioned for more balanced and sustainable growth moving forward.

MIL OSI China News –

July 25, 2025

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financial investment*	2.0	2.3	2.4	2.4	2.5
Currency and deposits	1.5	2.3	2.5	3.0	3.0
Debt securities	41.4	29.8	17.1	8.2	3.0
Shares and other equity**	0.2	0.4	0.9	1.8	2.3
Life insurance	0.0	0.4	1.3	1.6	1.7
Pension schemes	2.0	1.8	1.9	1.8	2.1
Financing***	0.9	1.2	1.2	1.6	1.8
Loans	0.6	0.6	0.9	1.3	1.7

(in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
Retail	$	1,755,750	28.4	%	$	1,787,992	30.0	%	$	1,724,777	29.9	%
Commercial		2,256,620	36.6			2,336,910	39.2			2,150,127	37.3
Public funds		2,014,047	32.6			1,709,883	28.7			1,727,593	30.0
Core deposits		6,026,417	97.6			5,834,785	97.9			5,602,497	97.2
Brokered deposits		150,416	2.4			125,409	2.1			161,040	2.8
Total	$	6,176,833	100.0	%	$	5,960,194	100.0	%	$	5,763,537	100.0	%

LAKELAND FINANCIAL CORPORATION SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
END OF PERIOD BALANCES		2025			2025			2024			2025			2024
Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Investments		1,129,346			1,132,854			1,123,803			1,129,346			1,123,803
Loans		5,226,827			5,223,221			5,052,341			5,226,827			5,052,341
Allowance for Credit Losses		66,552			92,433			80,711			66,552			80,711
Deposits		6,176,833			5,960,194			5,763,537			6,176,833			5,763,537
Brokered Deposits		150,416			125,409			161,040			150,416			161,040
Core Deposits (1)		6,026,417			5,834,785			5,602,497			6,026,417			5,602,497
Total Equity		709,987			694,509			654,590			709,987			654,590
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		706,184			690,706			650,787			706,184			650,787
Adjusted Tangible Common Equity (2)		866,758			854,585			820,534			866,758			820,534
AVERAGE BALANCES
Total Assets	$	6,904,681		$	6,762,970		$	6,642,954		$	6,834,217		$	6,598,711
Earning Assets		6,570,607			6,430,804			6,295,281			6,501,092			6,256,105
Investments		1,125,597			1,136,404			1,118,776			1,130,970			1,138,639
Loans		5,229,646			5,185,918			5,034,851			5,207,903			5,002,935
Total Deposits		6,096,504			5,874,725			5,819,962			5,986,227			5,725,196
Interest Bearing Deposits		4,852,446			4,616,381			4,589,059			4,735,066			4,472,693
Interest Bearing Liabilities		4,886,943			4,716,465			4,666,136			4,802,175			4,599,136
Total Equity		696,976			696,053			638,999			696,517			642,003
INCOME STATEMENT DATA
Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Net Interest Income-Fully Tax Equivalent		55,986			53,983			49,493			109,970			98,176
Provision for Credit Losses		3,000			6,800			8,480			9,800			10,000
Noninterest Income		11,486			10,928			20,439			22,414			33,051
Noninterest Expense		30,432			32,763			33,333			63,195			64,038
Net Income		26,966			20,085			22,549			47,051			45,950
Pretax Pre-Provision Earnings (2)		35,930			31,040			35,402			66,970			64,725
PER SHARE DATA
Basic Net Income Per Common Share	$	1.05		$	0.78		$	0.88		$	1.83		$	1.79
Diluted Net Income Per Common Share		1.04			0.78			0.87			1.82			1.78
Cash Dividends Declared Per Common Share		0.50			0.50			0.48			1.00			0.96
Dividend Payout		48.08	%		64.10	%		55.17	%		54.95	%		53.93	%
Book Value Per Common Share (equity per share issued)	$	27.63		$	26.99		$	25.49		$	27.63		$	25.49
Tangible Book Value Per Common Share (2)		27.48			26.85			25.34			27.48			25.34
Market Value – High	$	62.39		$	71.77		$	66.62		$	71.77		$	73.22
Market Value – Low		50.00			58.24			57.59			50.00			57.59

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
KEY RATIOS		2025			2025			2024			2025			2024
Basic Weighted Average Common Shares Outstanding		25,707,233			25,714,818			25,678,231			25,711,004			25,667,647
Diluted Weighted Average Common Shares Outstanding		25,776,205			25,802,865			25,742,871			25,782,817			25,746,773
Return on Average Assets		1.57	%		1.20	%		1.37	%		1.39	%		1.40	%
Return on Average Total Equity		15.52			11.70			14.19			13.62			14.39
Average Equity to Average Assets		10.09			10.29			9.62			10.19			9.73
Net Interest Margin		3.42			3.40			3.17			3.41			3.16
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		45.86			51.35			48.49			48.55			49.73
Loans to Deposits		84.62			87.64			87.66			84.62			87.66
Investment Securities to Total Assets		16.22			16.54			17.11			16.22			17.11
Tier 1 Leverage (3)		12.21			12.30			11.98			12.21			11.98
Tier 1 Risk-Based Capital (3)		14.73			14.51			14.28			14.73			14.28
Common Equity Tier 1 (CET1) (3)		14.73			14.51			14.28			14.73			14.28
Total Capital (3)		15.86			15.77			15.53			15.86			15.53
Tangible Capital (2)		10.15			10.09			9.91			10.15			9.91
Adjusted Tangible Capital (2)		12.17			12.19			12.18			12.17			12.18
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	1,648		$	4,288		$	1,615		$	1,648		$	1,615
Loans Past Due 90 Days or More		7			7			26			7			26
Nonaccrual Loans		30,627			57,392			57,124			30,627			57,124
Nonperforming Loans		30,634			57,399			57,150			30,634			57,150
Other Real Estate Owned		284			284			384			284			384
Other Nonperforming Assets		183			193			90			183			90
Total Nonperforming Assets		31,101			57,876			57,624			31,101			57,624
Individually Analyzed Loans		52,069			81,346			78,533			52,069			78,533
Non-Individually Analyzed Watch List Loans		139,548			134,218			189,726			139,548			189,726
Total Individually Analyzed and Watch List Loans		191,617			215,564			268,259			191,617			268,259
Gross Charge Offs		29,111			508			1,076			29,619			1,580
Recoveries		230			181			127			411			319
Net Charge Offs/(Recoveries)		28,881			327			949			29,208			1,261
Net Charge Offs/(Recoveries) to Average Loans		2.22	%		0.03	%		0.08	%		1.13	%		0.05	%
Credit Loss Reserve to Loans		1.27			1.77			1.60			1.27			1.60
Credit Loss Reserve to Nonperforming Loans		217.25			161.04			141.23			217.25			141.23
Nonperforming Loans to Loans		0.59			1.10			1.13			0.59			1.13
Nonperforming Assets to Assets		0.45			0.84			0.88			0.45			0.88
Total Individually Analyzed and Watch List Loans to Total Loans		3.67	%		4.13	%		5.31	%		3.67	%		5.31	%


	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30
KEY RATIOS		2025			2025			2024			2025			2024,
OTHER DATA
Full Time Equivalent Employees		675			647			653			675			653
Offices		54			54			53			54			53

(1	)	Core deposits equals deposits less brokered deposits.
(2	)	Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3	)	Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Cash and due from banks	$	97,413		$	71,733
Short-term investments		212,767			96,472
Total cash and cash equivalents		310,180			168,205
Securities available-for-sale, at fair value		996,957			991,426
Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)		132,389			131,568
Real estate mortgage loans held-for-sale		1,637			1,700
Loans, net of allowance for credit losses of $66,552 and $85,960		5,160,275			5,031,988
Land, premises and equipment, net		61,449			60,489
Bank owned life insurance		127,399			113,320
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		29,109			28,446
Goodwill		4,970			4,970
Other assets		118,516			124,842
Total assets	$	6,964,301		$	6,678,374

LIABILITIES
Noninterest bearing deposits	$	1,261,740		$	1,297,456
Interest bearing deposits		4,915,093			4,603,510
Total deposits		6,176,833			5,900,966

Borrowings
Federal Home Loan Bank advance		1,200			0
Other borrowings		5,000				0
Total borrowings		6,200			0

Accrued interest payable		9,996			15,117
Other liabilities		61,285			78,380
Total liabilities		6,254,314			5,994,463

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024		130,664			129,664
Retained earnings		757,739			736,412
Accumulated other comprehensive income (loss)		(161,121	)		(166,500		)
Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)		(17,384	)		(15,754		)
Total stockholders’ equity		709,898			683,822
Noncontrolling interest		89			89
Total equity		709,987			683,911
Total liabilities and equity	$	6,964,301		$	6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	84,418	$	84,226	$	166,158	$	166,268
Tax exempt		291		632		583		1,532
Interest and dividends on securities
Taxable		3,457		3,104		6,846		6,143
Tax exempt		3,917		3,932		7,827		7,879
Other interest income		2,302		1,842		3,426		2,948
Total interest income		94,385		93,736		184,840		184,770

Interest on deposits		39,111		44,363		75,569		85,527
Interest on short-term borrowings		398		1,077		1,520		3,531
Total interest expense		39,509		45,440		77,089		89,058

NET INTEREST INCOME		54,876		48,296		107,751		95,712

Provision for credit losses		3,000		8,480		9,800		10,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		51,876		39,816		97,951		85,712

NONINTEREST INCOME
Wealth advisory fees		2,667		2,597		5,534		5,052
Investment brokerage fees		550		478		1,002		1,000
Service charges on deposit accounts		2,827		2,806		5,601		5,497
Loan and service fees		3,006		3,048		5,890		5,900
Merchant and interchange fee income		854		892		1,676		1,755
Bank owned life insurance income		1,040		890		1,362		1,926
Interest rate swap fee income		20		0		20		0
Mortgage banking income (loss)		124		23		73		75
Net securities gains (losses)		0		0		0		(46	)
Net gain on Visa shares		0		9,011		0		9,011
Other income		398		694		1,256		2,881
Total noninterest income		11,486		20,439		22,414		33,051

NONINTEREST EXPENSE
Salaries and employee benefits		17,096		16,158		34,998		32,991
Net occupancy expense		1,747		1,698		3,727		3,438
Equipment costs		1,437		1,343		2,819		2,755
Data processing fees and supplies		4,152		3,812		8,417		7,651
Corporate and business development		1,160		1,265		2,566		2,646
FDIC insurance and other regulatory fees		839		816		1,639		1,605
Professional fees		1,706		2,123		4,086		4,586
Other expense		2,295		6,118		4,943		8,366
Total noninterest expense		30,432		33,333		63,195		64,038

INCOME BEFORE INCOME TAX EXPENSE		32,930		26,922		57,170		54,725
Income tax expense		5,964		4,373		10,119		8,775
NET INCOME	$	26,966	$	22,549	$	47,051	$	45,950

BASIC WEIGHTED AVERAGE COMMON SHARES		25,707,233		25,678,231		25,711,004		25,667,647

BASIC EARNINGS PER COMMON SHARE	$	1.05	$	0.88	$	1.83	$	1.79

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,776,205		25,742,871		25,782,817		25,746,773

DILUTED EARNINGS PER COMMON SHARE	$	1.04	$	0.87	$	1.82	$	1.78

LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	June 30, 2025					March 31, 2025					June 30, 2024
Commercial and industrial loans:
Working capital lines of credit loans	$	717,484		13.7	%	$	716,522		13.7	%	$	697,754		13.8	%
Non-working capital loans		776,278		14.9			807,048		15.5			828,523		16.4
Total commercial and industrial loans		1,493,762		28.6			1,523,570		29.2			1,526,277		30.2

Commercial real estate and multi-family residential loans:
Construction and land development loans		552,998		10.6			623,905		12.0			658,345		13.0
Owner occupied loans		780,285		14.9			804,933		15.4			830,018		16.4
Nonowner occupied loans		869,196		16.6			852,033		16.3			762,365		15.1
Multifamily loans		477,910		9.1			339,946		6.5			252,652		5.0
Total commercial real estate and multi-family residential loans		2,680,389		51.2			2,620,817		50.2			2,503,380		49.5

Agri-business and agricultural loans:
Loans secured by farmland		150,934		2.9			156,112		3.0			161,410		3.2
Loans for agricultural production		188,501		3.6			227,659		4.3			199,654		4.0
Total agri-business and agricultural loans		339,435		6.5			383,771		7.3			361,064		7.2

Other commercial loans		95,442		1.8			94,927		1.8			96,703		1.9
Total commercial loans		4,609,028		88.1			4,623,085		88.5			4,487,424		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		273,287		5.2			265,855		5.1			259,094		5.1
Open end and junior lien loans		226,114		4.4			217,981		4.2			197,861		3.9
Residential construction and land development loans		16,667		0.3			16,359		0.3			12,952		0.3
Total consumer 1-4 family mortgage loans		516,068		9.9			500,195		9.6			469,907		9.3

Other consumer loans		103,880		2.0			102,254		1.9			97,895		1.9
Total consumer loans		619,948		11.9			602,449		11.5			567,802		11.2
Subtotal		5,228,976		100.0	%		5,225,534		100.0	%		5,055,226		100.0	%
Less: Allowance for credit losses		(66,552	)				(92,433	)				(80,711	)
Net deferred loan fees		(2,149	)				(2,313	)				(2,885	)
Loans, net	$	5,160,275				$	5,130,788				$	4,971,630

LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest bearing demand deposits	$	1,261,740	$	1,296,907	$	1,212,989
Savings and transaction accounts:
Savings deposits		283,976		293,768		283,809
Interest bearing demand deposits		3,841,703		3,554,310		3,274,179
Time deposits:
Deposits of $100,000 or more		584,165		602,577		776,314
Other time deposits		205,249		212,632		216,246
Total deposits	$	6,176,833	$	5,960,194	$	5,763,537
FHLB advances and other borrowings		6,200		108,200		55,000
Total funding sources	$	6,183,033	$	6,068,394	$	5,818,537

LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended June 30, 2025							Three Months Ended March 31, 2025							Three Months Ended June 30, 2024
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,204,006		$	84,418	6.51	%	$	5,160,031		$	81,740	6.42	%	$	4,993,270		$	84,226	6.78	%
Tax exempt (1)		25,640			359	5.62			25,887			361	5.66			41,581			783	7.57
Investments: (1)
Securities		1,125,597			8,416	3.00			1,136,404			8,338	2.98			1,118,776			8,082	2.91
Short-term investments		2,832			28	3.97			2,964			28	3.83			2,836			35	4.96
Interest bearing deposits		212,532			2,274	4.29			105,518			1,096	4.21			138,818			1,807	5.24
Total earning assets	$	6,570,607		$	95,495	5.83	%	$	6,430,804		$	91,563	5.77	%	$	6,295,281		$	94,933	6.07	%
Less: Allowance for credit losses		(93,644	)						(87,477	)						(74,166	)
Nonearning Assets
Cash and due from banks		66,713							71,004							64,518
Premises and equipment		61,280							60,523							58,702
Other nonearning assets		299,725							288,116							298,619
Total assets	$	6,904,681						$	6,762,970						$	6,642,954

Interest Bearing Liabilities
Savings deposits	$	285,944		$	43	0.06	%	$	283,888		$	42	0.06	%	$	289,107		$	48	0.07	%
Interest bearing checking accounts		3,767,903			31,499	3.35			3,486,447			28,075	3.27			3,275,502			33,323	4.09
Time deposits:
In denominations under $100,000		208,770			1,745	3.35			212,934			1,832	3.49			217,146			1,871	3.47
In denominations over $100,000		589,829			5,824	3.96			633,112			6,509	4.17			807,304			9,121	4.54
Other short-term borrowings		33,297			398	4.79			99,830			1,122	4.56			77,077			1,077	5.62
Long-term borrowings		1,200			0	0.00			254			0	0.00			0			0	0.00
Total interest bearing liabilities	$	4,886,943		$	39,509	3.24	%	$	4,716,465		$	37,580	3.23	%	$	4,666,136		$	45,440	3.92	%
Noninterest Bearing Liabilities
Demand deposits		1,244,058							1,258,344							1,230,903
Other liabilities		76,704							92,108							106,916
Stockholders’ Equity		696,976							696,053							638,999
Total liabilities and stockholders’ equity	$	6,904,681						$	6,762,970						$	6,642,954
Interest Margin Recap
Interest income/average earning assets					95,495	5.83	%					91,563	5.77	%					94,933	6.07	%
Interest expense/average earning assets					39,509	2.41						37,580	2.37						45,440	2.90
Net interest income and margin				$	55,986	3.42	%				$	53,983	3.40	%				$	49,493	3.17	%

(1	)	Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
(2	)	Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
(3	)	Nonaccrual loans are included in the average balance of taxable loans.

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Total Equity	$	709,987		$	694,509		$	654,590		$	709,987		$	654,590
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		706,184			690,706			650,787			706,184			650,787
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Common Equity		866,758			854,585			820,534			866,758			820,534

Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,960,498			6,847,375			6,565,004			6,960,498			6,565,004
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Assets		7,121,072			7,011,254			6,734,751			7,121,072			6,734,751

Ending Common Shares Issued		25,697,093			25,727,393			25,679,066			25,697,093			25,679,066

Tangible Book Value Per Common Share	$	27.48		$	26.85		$	25.34		$	27.48		$	25.34

Tangible Common Equity/Tangible Assets		10.15	%		10.09	%		9.91	%		10.15	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.17	%		12.19	%		12.18	%		12.17	%		12.18	%

Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Plus: Noninterest Income		11,486			10,928			20,439			22,414			33,051
Minus: Noninterest Expense		(30,432	)		(32,763	)		(33,333	)		(63,195	)		(64,038	)
Pretax Pre-Provision Earnings	$	35,930		$	31,040		$	35,402		$	66,970		$	64,725

(1	)	Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.

Category: Trade

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Recovery blocked by US sanctions

Total euro area economy

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Households

Table 1

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Developments in household wealth distribution in 2024

Chart 3

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Non-financial corporations

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Total euro area economy

Chart 1

Households

Table 1

Chart 2

Developments in household wealth distribution in 2024

Chart 3

Chart 4

Non-financial corporations

Table 2

Notes

Total euro area economy

Chart 1

Households

Table 1

Chart 2

Developments in household wealth distribution in 2024

Chart 3

Chart 4

Non-financial corporations

Table 2

Notes