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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S&P expects rating changes under Basel II
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02 March 2005 12:00amIn an investor and media briefing yesterday on the adoption of Basel II by banks in Asia Pacific, ratings agency Standard & Poor's said that "maintains its current view that there is not an excess of surplus capital in the Australian banking sector", and went on to warn that "that negative ratings implications could arise for those banks embracing materially lower capital benchmarks." » read more »
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Interstar delivers for Challenger
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02 March 2005 12:00amChallenger Financial Services on Monday reported that pre-tax profit from its wholesale finance division increased to $26.1 million December 2004 half, up from $20 million in the June 2004 half, and from $13 million in the December 2003 half. » read more »
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SuperBank keeps racking up the losses
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02 March 2005 12:00amSt George Bank's joint venture bank in New Zealand recorded a wider loss in the December 2004 quarter, as the bank pushed its way into the mortgage market for the first time. » read more »
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HSBC profit slumps in second half
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02 March 2005 12:00amHSBC Australia's profit in Australia and New Zealand dropped in the half year to December 2004, down to US$33 million, from US$53 million in the June 2004 half. » read more »
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Fewer farmers good for banks
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02 March 2005 12:00amWhile the effects of rural adjustment farm consolidation, less efficient farmers leaving the land and so on may be a mixed blessing for rural communities, they are good news for banks, National Australian Bank's general manager agricultural financial services, Mike Carroll, told the Australian Bureau of Agricultural Resource Economics' Outlook 2005 conference in Canberra yesterday. » read more »
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Notice: Melbourne Financial Services Symposium
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02 March 2005 12:00amSince 1998, the Melbourne Financial Services Symposium has brought together the leadership of the financial services community with the public and tertiary sectors to scan the future of the industry in the region. » read more »
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Liberty embarrassed in Bluestone brawl
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28 February 2005 12:00amLiberty Financial suffered another court defeat is what is becoming a sequence of setbacks in its quest to relieve its competitor Bluestone of $32 million in damages for the alleged misuse of confidential information. » read more »
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Suncorp's banking return flat
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28 February 2005 12:00amSuncorp may be getting its act together in the consumer market; flogging higher margin home loans and high yield deposit accounts, and avoiding the margin squeeze common to most other banks. » read more »
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High margin loans drive Suncorp
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28 February 2005 12:00amIn defiance of the trends elsewhere in the regional banking sector, Suncorp's net interest margin increased to 2.31 per cent during the June half, up by one basis point from the June 2004 half, and up by seven basis points on the December 2004 half. By comparison, Adelaide Bank, Bendigo Bank and Home Building Society all experienced declines of around 12 basis points in net interest margins over the last six months. » read more »
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Suncorp considers closing mortgage insurance arm
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28 February 2005 12:00amSuncorp's chief financial officer Chris Skilton said on Friday that Suncorp would definitely alter the arrangements for its specialist Singapore-based insurance subsidiary, which shares in 50 per cent of the risk of the lenders mortgage insurance business directed by Suncorp to PMI in Australia. » read more »
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BNZ renews discounting in fixed rate mortgages
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28 February 2005 12:00amBank of New Zealand drove much of its competition to distraction with its apparently profitless "Unbeatable" home loan campaign during the spring. And now BNZ's rolled out a similar promise for the autumn home buying season. » read more »
