Can the Man Who Cleaned up UK Banks Fix the Water Industry?
For the past nine months, Cunliffe — a career civil servant described by current and former colleagues as someone who is not afraid of saying what he thinks — has been traveling around England and Wales to find out what is wrong with the nation's water sector. Next week he will reveal what he found. Some believe his recommendations could be the last chance to restore public trust and possibly the finances of a sector that is key for economic growth but which has struggled to contain everything from shareholder dividends to sewage spills.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Beach Cities Commercial Bank Announces Second Quarter 2025 Financial Results
IRVINE, Calif., August 05, 2025--(BUSINESS WIRE)--Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended June 30, 2025. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $162.5 million as of June 30, 2025, which increased by $81.3 million from June 30, 2024 (100% growth). Total loans were $131.3 million as of June 30, 2025, which increased by $68.2 million from June 30, 2024, (108% growth). Total deposits were $133.0 million as of June 30, 2025, which increased by $71.7 million from June 30, 2024 (117%). Total liquidity remains high at $27.6 million, which equates to 17.01% of the Bank's total assets. The Bank also maintains contingent available borrowing sources at $20.3 million which equals 12.5% of total assets. The loan portfolio average yield was 7.57% which contributed to a healthy net interest margin at 3.48% as of June 30, 2025. The Bank maintains a reserve for credit losses of $1.272 million which equates to 0.97% of total loans. As of June 30, 2025, the Bank had zero dollars in both delinquent and non-performing loans. The shareholders' equity was at $14.9 million as of June 30, 2025, which was reduced by $305k from December 31, 2024, mainly due to the operating loss. The Bank's tier 1 capital to average assets ratio was at 9.55%, which is considered well-capitalized under the regulatory framework. The Bank reported the second-quarter of 2025 net loss of $260.7k which increased slightly from the first-quarter of 2025 loss of $242k. During the second quarter, the Bank increased its loan portfolio by $7.85 million, which increased its quarterly total interest income by $476.1k. During the second quarter of 2025 the total interest income was $2.77 million compared to $2.28 million recorded during the first quarter of 2025, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.26 million for the second quarter of 2025 compared to $1.08 million for the first quarter of 2025 an increase of 16.7%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high- cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. During the second quarter of 2025, the Bank increased its borrowings from the Federal Home Loan Bank of San Francisco (FHLBSF). As a result, the Bank's borrowing interest expense increased to $47k in the second quarter of 2025 compared to $4.9k interest expense from borrowings during the first quarter, 2025. The second quarter 2025 net interest income increased by $302k from the first quarter 2025, an increase of 25.1%. In the second quarter of 2025, the Bank sold SBA loans which netted gains of $168k compared to $255k in gain on sale realized in the first quarter 2025. Total non-interest expenses for the second quarter of 2025 were $1.88 million compared to $1.71 million incurred during the first quarter, 2025, an increase of $171.1k. During the second quarter, the technology/data processing expense increased due to the Bank's growth in opening new accounts and adding new products/services such as Zelle. The legal expenses were $49k in the second quarter, 2025, compared to $16.5k in the first quarter, 2025. The $32.5k increase was for non-recurring legal costs related to leadership and staff changes incurred during the second quarter, 2025. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal home loan Bank of San Francisco. As of June 30, 2025, total contingent borrowing sources unused totaled $20.3 million or 12.5% of total assets outstanding. "The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet. Our quality deal flow for both loans and deposits continue to look strong," commented Matt Blackmer, Chief Credit Officer. "In June this year, the Bank completed its two years in operation. The Bank's growth has been in par with our planned projected growth. Our goal for the remainder of this year is to continue to grow revenues and control operating costs. With this trajectory, we plan to achieve sustained profitability," commented Najam Saiduddin, Chief Financial Officer. "As we embark on our search for our new President/CEO, the Bank continues to grow in a thoughtful, safe, and sound manner. We continue our commitment to high ethics and business standards, all the hallmarks in creating a successful enterprise. Our Board, and the entire Beach Cities Commercial Bank team remains focused in attaining and achieving our strategic goals and objectives," commented Angela Bienert, Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the "BCCB" stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would," and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. Beach Cities Commercial Bank Unaudited Statements of Financial Condition Asset As of June 30, 2025 As of Dec 31, 2024 Qtr. Growth $ Qtr. Growth % As of June 30, 2024 Annual Growth $ Annual Growth % Total Cash and Cash Equivalent $ 27,629,896 $ 22,112,065 $ 5,517,831 25 % $ 14,345,518 $ 13,284,378 93 % Debt Securities Available for Sale $ 998,522 984,026 14,496 1 % $ 992,559 5,963 1 % FHLB Stock $ 572,000 124,800 447,200 358 % $ 108,500 463,500 427 % Total Investments $ 1,570,522 1,108,826 461,696 42 % $ 1,101,059 469,463 43 % Gross Loans $ 131,335,545 105,648,160 25,687,385 24 % $ 63,135,638 68,199,907 108 % Allowance for Credit Losses ($ 1,272,000 ) (1,214,000 ) (58,000 ) (5 %) ($ 726,000 ) (546,000 ) (75 %) Net Loans $ 130,063,545 104,434,160 25,629,385 25 % $ 62,409,638 67,653,907 108 % Fixed Assets $ 163,382 189,606 (26,225 ) (14 %) $ 222,669 (59,288 ) (27 %) Right of Use Assets $ 1,202,008 1,386,721 (184,713 ) (13 %) $ 1,566,409 (364,401 ) (23 %) Prepaid $ 1,170,016 1,061,411 108,606 10 % $ 1,158,273 11,743 1 % Total Other Assets $ 692,369 492,926 199,444 40 % $ 388,870 303,500 78 % Total Assets $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % Demand Deposit Accounts $ 15,011,398 $ 13,870,624 $ 1,140,774 8 % $ 7,192,511 $ 7,818,887 109 % NOW Accounts $ 922,522 938,289 (15,767 ) (2 %) $ 859,602 62,920 7 % Money Market Accounts $ 50,456,931 48,539,814 1,917,116 4 % $ 26,145,078 24,311,852 93 % Total Demand Deposits $ 66,390,850 63,348,727 3,042,123 5 % $ 34,197,191 32,193,659 94 % Savings Accounts $ 5,060,922 5,058,477 2,445 0 % $ 39,286 5,021,636 12,782 % Total CDs $ 61,587,394 44,484,698 17,102,696 38 % $ 27,101,286 34,486,108 127 % Total Deposits $ 133,039,166 112,891,902 20,147,264 18 % $ 61,337,763 71,701,403 117 % Other Borrowed < 1 Yr $ 12,000,000 - 12,000,000 100 % $ 0 12,000,000 100 % Total Other Liabilities $ 2,526,114 2,661,935 (135,821 ) (5 %) $ 2,846,402 (320,288 ) (11 %) Total Liabilities $ 147,533,280 115,553,837 31,979,444 28 % $ 64,184,166 83,349,115 130 % Common Stock $ 25,116,895 25,116,895 - 0 % $ 25,019,375 97,520 0 % Surplus $ 667,786 470,347 197,439 42 % $ 416,786 251,000 60 % Retained Earnings ($ 10,355,311 ) (5,831,485 ) (4,523,826 ) (78 %) ($ 5,831,485 ) (4,523,826 ) (78 %) FAS 115 Unrealized Gain/Loss ($ 296 ) (54 ) (242 ) (448 %) ($ 1,424 ) 1,128 79 % Profit/Loss YTD ($ 502,616 ) (4,523,826 ) 4,021,210 89 % ($ 2,594,981 ) 2,092,365 81 % Total Equity $ 14,926,458 $ 15,231,877 ($ 305,419 ) (2 %) $ 17,008,270 ($ 2,081,812 ) (12 %) Total Liabilities & Equity $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS For the Three Months Ended For the Six Months Ended For the Twelve Months Ended For the twelve Months Ended June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,515,860 $ 2,062,683 $ 1,634,051 $ 4,578,543 $ 1,643,372 $ 4,692,037 $ 336,181 Interest on securities 18,549 13,586 13,814 32,135 26,259 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 231,188 207,270 213,719 438,458 467,161 860,018 821,283 Total Interest Income 2,765,597 2,283,539 1,861,584 5,049,136 2,136,792 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,212,316 1,074,406 859,137 2,286,722 841,701 2,404,973 348,700 Interest on Borrowings 47,128 4,968 945 52,096 19 12,941 - Total Interest Expense 1,259,444 1,079,374 860,082 2,338,818 841,720 2,417,914 348,700 Net Interest Income 1,506,153 1,204,165 1,001,502 2,710,318 1,295,072 3,188,195 826,084 Provisions for Credit Losses 64,000 - 381,000 64,000 429,000 927,000 317,000 Net interest income after provisions for loan losses 1,442,153 1,204,165 620,502 2,646,318 866,072 2,261,195 509,084 Non-interest income: Service charges, fees and other 9,656 7,769 3,004 17,425 9,264 18,662 1,706 Gain on sale of loans 168,249 255,034 127,399 423,283 - 127,399 - 177,905 262,803 130,403 440,708 9,264 146,061 1,706 Non-Interest expense: Salaries and employee benefits 1,167,215 1,134,486 1,134,175 2,301,701 2,240,449 4,481,445 2,318,336 Occupancy and Equipment expenses 171,924 167,812 169,431 339,736 346,325 691,504 408,909 Organization Expenses - - - - - 1,045,800 Data Processing 192,403 150,569 172,028 342,972 303,432 628,030 332,424 Legal 49,198 16,485 19,633 65,683 34,785 Professional/Consulting 100,652 41,749 40,101 142,401 248,524 444,450 469,110 Other Expenses 198,597 197,752 204,097 396,349 295,201 684,053 294,946 Total Non-interest expense 1,879,989 1,708,853 1,739,465 3,588,842 3,468,716 6,929,482 4,869,525 Income (Loss) before taxes (259,931 ) (241,885 ) (988,560 ) (501,816 ) (2,593,380 ) (4,522,226 ) (4,358,735 ) Income tax expense 800 - - 800 1,600 1,600 800 Net Income (Loss) $ (260,731 ) $ (241,885 ) $ (988,560 ) $ (502,616 ) $ (2,594,980 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.10 ) $ (0.09 ) $ (0.39 ) $ (0.20 ) $ (1.02 ) $ (1.76 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,565,864 $ 2,565,864 2,556,112 2,565,864 2,556,112 View source version on Contacts Najam Saiduddin, CFO/EVPnajam@ 949.704.2275 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
29 minutes ago
- Forbes
Will FTSE 100 Energy Giant BP Finally Give Investors Some Joy?
BP logo sits on a totem sign at fuel station in Cambridge, U.K. (Photo: Jason Alden/Bloomberg) © 2020 Bloomberg Finance LP After a good few years of disappointment languishing in the shadows of Big Oil rivals, executive departures, costly renewables forays, rumors of a takeover and an activist investor on its back, BP (LON: BP) has finally signalled to the market and its investors that a change might be on the horizon, backed up an improved quarterly performance. On Tuesday, the energy major revealed better-than-expected results for the second quarter of 2025, with an adjusted net income of $2.4 billion, down 14% year-on-year, but well above market forecasts in the $1.7-$1.9 billion range. The announcement of an improved performance came a day after BP claimed it had made its largest oil and gas discovery in 25 years in the Santos basin, 400 km off Brazil's east coast. It was also accompanied by a pledge from CEO Murray Auchincloss that his company "can and will do better." The Brazilian discovery - said to be as game changing for the company as its Shah Deniz gas field find in the Caspian Sea in 1999 - would likely help as it continues to pull back from renewable energy moves made under Auchincloss' scandal-ridden predecessor Bernard Looney and departing chairman Helge Lund. Since taking over as CEO in 2024, Auchincloss has been steadily reducing BP's renewable energy exposure and investing in oil and gas. The Brazil discovery, coupled with successes in Namibia, Egypt, Mauritania, Senegal, Trinidad & Tobago, and an overt desire to raise both onshore and offshore production in the U.S., are all clear signs of a return to oil and gas basics, ahead of the arrival of incoming chairman Albert Manifold. He is expected to join BP's board next month to fully replace Lund in October. The company is planning on increasing investment in its upstream oil and gas business by around 20% to $10 billion a year through to 2027 in order to 'grow and strengthen' its portfolio. Murray Auchincloss, CEO of BP (Photo: Aaron M. Sprecher/Bloomberg) © 2025 Bloomberg Finance LP "We will conduct a thorough review of our portfolio of businesses to ensure we are maximizing shareholder value moving forward – allocating capital effectively. We are also initiating a further cost review. BP can and will do better for its investors," Auchincloss said, at the release of the latest financials. Can Investors Breathe A Sigh Of Relief? To provide some comfort to patient investors, BP also raised its quarterly dividend by 4% to 8.32 cents a share and will repurchase $750 million in shares before third quarter results, keeping the pace of its buyback steady. Another reset from a reset back February is coming their way, as Auchincloss noted in an analysts' call: "It's time to take stock as Albert joins as a new chair, and work together on this conundrum of lots of lots of great opportunities, but you can only choose so many." The initial reset arrived after February 13 as activist investor Elliott Investment Management revealed it had taken a near-5% stake in BP, and amid persistent rumors of a takeover approach by Shell, which was recently denied by the latter. BP's focus, back then as it is now, is on cost cuts too. The company said it had already achieved $1.7 billion of its $4-$5 billion cost-cutting target for 2023–27. BP's net debt also fell by $1 billion to $26 billion, compared with a target range of $14-$18 billion by 2027. BP's divestment program also appears to be going well too. It has completed $3 billion in divestments towards its $3-$4 billion goal for the end of the current year. It all seems encouraging, and valuation rewards may follow if the market sees the turnaround momentum being maintained. Following Tuesday's uptick, BP's share price was up by 3.3% since the start of the year, down 3.4% on an annualized basis. The intraday gains also dragged BP's 5-year share price gains to around 45%. But by contrast, on a comparable 5-year gains basis on Tuesday, Shell's (LON: SHEL) share price came in 133% higher, Chevron's (NYSE: CVX) 75% ,and ExxonMobil's (LON: XOM) 146%. That shows BP, Auchincloss and Manifold still have a lot of work to do to bridge that gap. But for the first time in years, something feels different. How it all ultimately pans out remains to be seen. Disclaimer: The above commentary is meant to stimulate discussion based on the author's opinion and analysis offered in a personal capacity. It is not solicitation, recommendation or investment advice to trade oil and gas stocks, futures, options or products. Energy and equity markets can be highly volatile and opinions in the sector may change instantaneously and without notice.
Yahoo
44 minutes ago
- Yahoo
Liverpool to REPLACE Federico Chiesa with £30m winger
Liverpool have a replacement in mind for , even before the Italian departs. The forward line has already gone through some significant changes this summer and we're set for more if the rumoured moves come to fruition. Each of the absentees will need to be replaced. 🔴 Shop the LFC 2025/26 adidas home range 🚨2025/26 LFC x adidas range🚨 LFC x adidas Shop the away range TODAY LFC x adidas Shop the home range today! LFC x adidas Shop the goalkeeper range today LFC x adidas Shop the new adidas range today! We've already seen Hugo Ekitike join to help replace Darwin Nunez when he moves on and Diogo Jota's passing has sadly meant that another striker could join - Alexander Isak is highly favoured. Luis Diaz's move to Bayern Munich might result in Malick Fofana at Lyon being approached, although Cody Gakpo will be given an even bigger role in his absence and Rio Ngumoha's extraordinary performances throughout pre-season have given the Englishman hopes of some senior minutes. Since it's likely that Chiesa will leave, someone has already been identified as his replacement. Liverpool already have Chiesa's replacement Playing as Mohamed Salah's understudy was always going to be a difficult job. At times, you feel there might be an opportunity to play a substantial role in the team, but if you have a season where the Egyptian delivers 57 goal contributions, then you might feel shut-out on the sidelines. Slot didn't really know what to do with Chiesa last season and regular minutes are going to be essential if he has plans of making Italy's World Cup squad next summer. A move is understandable. Now that Salah has signed a new two-year deal with the club, you would expect him to have another main role in the team this season, which would be a spanner in the Italian's plans. But if you have a developing young player as his understudy at right-wing, then things start to make more sense. The 33-year-old Egyptian will need to be replaced eventually as he starts to slow down towards the end of his career, and having his successor develop alongside him would be a beneficial move. As such, it seems logical for Ben Doak to be promoted to the first team after a number of loan moves. He spent last season on loan with Middlesbrough in the Championship and he played a particularly extensive role, making featuring for 1787 minutes and delivering three goals and seven assists. In addition, he was heavily reported to have put most of the defenders he faced on skids, dribbling past them with relative ease, even despite him being marked by three opposition players at times. At Anfield on Monday afternoon, when the Reds played Athletic Bilbao in a pre-season friendly, he scored from a tight angle and delivered a pin-point ball into Ngumoha to assist the second goal.
