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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

ECB fines Goldman Sachs US$7.2m for misreporting capital needs

The ECB, which supervises 115 of the eurozone's largest banks, has imposed some 20 sanctions on private institutions. (AFP)
  • Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
  • Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.

BERLIN, GERMANY The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for misreporting its capital needs, it said on Monday.

Goldman Sachs Bank Europe was found to have “breached credit risk reporting rules” in 2019, 2020 and 2021, the ECB said in a statement.

“For eight consecutive quarters, the bank reported lower risk-weighted assets for credit risk than it should have done,” it said.

In particular, Goldman Sachs “misclassified corporate exposures”, the Frankfurt-based institution said.

“Deficiencies in internal controls prevented the bank from detecting this mistake in a timely manner,” it added.

Capital ratios are key indicators of a bank’s strength and ability to absorb losses in the event of market turmoil.

The ECB tightened its supervision of such ratios after the 2008 financial crisis.

It recently said the move had made the European banking sector stronger in the face of fears of contagion over inflation-related struggles facing many US banks.

The ECB classified Goldman Sachs’ breach as “severe”, the third of five possible levels.

The ECB, which supervises 115 of the eurozone’s largest banks, has imposed some 20 sanctions on private institutions.

In July 2017, it fined the Italian bank Banca Popolare di Vicenza $9.4 million (8.7 million euros) for missing requirements in quarterly and annual reports.