Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).
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High yield deposits work for BankWest
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05 May 2005 12:00amAnd in the same report in The Australian, BankWest rejected suggestions by investment bank Goldman Sachs JBWere that BankWest's rate of growth in high yield deposits through its "TeleNet" deposit product had stalled. » read more »
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Westpac invests in service to woo mortgage brokers
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05 May 2005 12:00amThe Australian also reports that Westpac told a mortgage industry briefing that it would hire 60 more people to speed up and improve the quality of home loan processes sourced from third-party brokers. » read more »
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Kelly confirms interest in shifting to CBA
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04 May 2005 12:00amOne way of thinking about the March 2005 half year profit reported by St George Bank yesterday is as the central exhibit in Gail Kelly's application for the job as chief executive of Commonwealth Bank. Kelly confirmed her interest in this job yesterday, courtesy of repetitive variations of convoluted no comment answers to repeated questions by analysts and journalists at separate briefings and interviews. Kelly even waffled on about how enthusiastic she was about her job at St George Bank. » read more »
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St George's profit growth more a cost than a revenue story
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04 May 2005 12:00amThe primary hole that could be picked in the St George Bank half year profit is that for all the rhetoric about terrific growth in revenues (up 7.8 per cent over the last year), the subdued growth in costs (1.1 per cent over 12 months, and continuing a flat trend) seems implausibly low, and its hard to believe the trend will endure. » read more »
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Retail earnings drive St George profit
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04 May 2005 12:00am• The retail bank's pre-tax profit increased to $329 million in the March 2005 half, from $289 million in the September 2004 half. This result includes the losses from the bank's share of the SuperBank venture in New Zealand, which are not yet disclosed for the half. This result excludes business banking earnings from the bank's activities in South Australia. » read more »
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Mortgage mix shifts to higher margin loans
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04 May 2005 12:00amSt George said it recorded growth of 15.1 per cent in residential receivables in the year to March 2005, and growth of 12.1 per cent annualised in the March 2005 half. » read more »
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Middle market growth looks low margin
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04 May 2005 12:00amSt George said that commercial lending increased by 19.5 per cent over the last 12 months to receivables of $18.8 billion, a rate of growth of more than twice system. » read more »
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Transport and construction sectors muddy credit quality
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04 May 2005 12:00amCredit quality indicators at St George, as at all banks, remain very low. However, the trend is turning slightly adverse, and the trend is a little more pronounced in the St George bank profit for the March 2005 half than it was in the ANZ profit. » read more »
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Results for captive insurer provided for first time
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04 May 2005 12:00amFor the first time in a profit announcement St George revealed some financial details of its Singapore-registered captive lenders mortgage insurer, St George Insurance Pte Ltd. » read more »
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Limited quantification of IFRS impact
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04 May 2005 12:00amCompliance with new International Financial Reporting Standards with effect from the 2005/06 financial year will affect how St George accounts for items including executive option payments, goodwill, some fixed assets, superannuation liabilities, hedging instruments and loan loss provisions. » read more »
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St George seeks advanced accreditation under Basel II
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04 May 2005 12:00amSt George Bank made clear yesterday that the bank would seek accreditation from the Australian Prudential Regulation Authority to allocate capital for regulatory purposes from 2008 in line with the "advanced" approach under the new guidelines broadly known as Basel II. » read more »
