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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Business and consumer bank profit rises 10 per cent
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06 May 2005 12:00amWithin Westpac's business and consumer banking business in Australia, cash earnings increased 10 per cent to $757 million in the March 2005 half from $690 million in the September 2004 half. » read more »
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Institutional banking up; business banking lifts profit on smaller market share
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06 May 2005 12:00amInstitutional lending had a good half while some ground was lost in business lending compared to the same period last year. » read more »
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Mortgage war and regulatory costs reduce profit in New Zealand
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06 May 2005 12:00amWestpac in New Zealand's second quarter net profit fell one percent or NZ$2 million to NZ$155 million compared with the same quarter last year. » read more »
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Westpac plays catch up in low doc loans and high yield deposits
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06 May 2005 12:00amA second major theme from Westpac's media and investor briefings yesterday was around "competitor intensity", and the overlapping assault on a number of the bank's core product markets in housing (which has been going on for years), deposit markets (which is fairly new) and also in wealth management. » read more »
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Proprietary credit cards and personal loans weak
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06 May 2005 12:00amWestpac's personal loans and consumer credit card business fell well behind growth in the market, a trend the bank sought to portray as being as much by design as through any failure to achieve targets. » read more »
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Westpac completes recovery of credit card fees
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06 May 2005 12:00amWestpac said non-interest income from credit card fees increased by $26 million over the last 12 months, and especially in the last six months, as the card business "benefited from the full impact of reward points repricing, which commenced in the second half of 2004." » read more »
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IFRS impact partially quantified
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06 May 2005 12:00amWestpac's implementation project for the new International Financial Reporting Standards is on track and will cost $14 million, which compares with $20 million at ANZ and $5 million at St George. » read more »
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Basel II implementation on track
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06 May 2005 12:00amImplementation of new Basel II capital adequacy reporting is costing $27 million, compared to $60 million at ANZ and $35 million at St George. » read more »
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Cosmos caught out over bogus share issue
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05 May 2005 12:00am
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Capricornia and Mackay in wrangle about nothing
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05 May 2005 12:00amMackay Permanent Building Society has triggered what may turn out to be a precedent setting decision by the companies regulator over access by potential acquirers to the membership lists of target credit unions. » read more »
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HBOS seeks to outrank St George in mortgage market
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05 May 2005 12:00amThe Australian reported that BankWest, the Australian retail banking subsidiary of British bank HBOS, has private briefings for the mortgage broking industry that the bank wants to become the nation's fifth-biggest lender. » read more »
