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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SME's out of NAB's reach in southern England
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14 February 2005 12:00amThe centrepiece of National Australia Bank's strategy for the south of England is to open some 30 Integrated Financial Solutions centres under the Clydesdale Bank brand name. » read more »
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Kiwi brokers unite
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14 February 2005 12:00amPremium mortgage broker Approved Mortgage Brokers has agreed to sell out to New Zealand Finance Holdings. » read more »
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ME may branch out
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14 February 2005 12:00amMembers Equity chief Anthony Wamsteker tells The Australian that the super fund-owned bank is considering opening branches, but doesn't elaborate on this idea. » read more »
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CBA in Wonderland
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10 February 2005 12:00amReported bank profits can be a confusing affair. We are offered a smorgasbord of profit numbers to choose from, related to the latest institutional investor fad or a recent management success or failure to spin, with no shortage of justification as to which measure has the most merit. » read more »
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Commonwealth stretches returns in December half
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10 February 2005 12:00am
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Core bank profit increases 18 per cent
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10 February 2005 12:00amIf this litany of alternative profit measures isn't turning readers interested in how CBA fared over the last six months a little cross-eyed, there's just one more attempt to portray the bank's banking profit worth a discussion: » read more »
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CBA answers its critics
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10 February 2005 12:00amCommonwealth Bank's doing pretty well based on its half year financial statements and management commentary, and the bank upgraded its earnings outlook. CBA said it now expected compound annual growth in cash earnings per share over the period 2003 to 2006 to now exceed 12 per cent, compared with a prior estimate for this period of 10 per cent. » read more »
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Commonwealth wins market share in consumer banking
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10 February 2005 12:00amThe profit announcement and investor briefing packs published yesterday provide the usual estimates by CBA about its market share. To the extent that these rely on APRA data for the denominator for the estimates, they are dead dodgy, a theme this newsletter plan to explain in a later edition. » read more »
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Ion an indicator of trouble to come
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10 February 2005 12:00amThanks to the demise of Ion Limited in December, where CBA is major creditor, automotive manufacturing makes its debut as a sector that a bank feels obliged to anticipate questions over, and so to own up to a few details. Motor vehicle manufacturing comprises about 0.1 per cent of the bank's assets, with more than half of this below investment grade. » read more »
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Jinan City a long term investment
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10 February 2005 12:00amCBA chief executive David Murray yesterday said that the bank hoped that through skills transfer, its investment in an 11 per cent stake in Jinan City Commercial Bank in China would evolve into a broader investment in banking opportunities in that country. » read more »
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NAB's fixation with the south of England
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09 February 2005 12:00amNational Australia Bank's four and a half hour presentation on its UK strategy to analysts on Monday contained a lot of material, but lacked some significant information. Closer to a sales pitch for the strategy selected by management than an informed analysis of its strategic options, it was long on rhetoric about the opportunities in the UK market and short on quantification of the costs, benefits and timings. » read more »
