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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Margins contain gains at Elders Rural Bank
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04 February 2005 12:00amElders Rural Bank is finding trading conditions a little more difficult as it matures. Through a press release (rather than through more detailed financial statements), ERB yesterday said that it recorded: » read more »
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Raters divided over Bridgecorp rating
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04 February 2005 12:00amA new service from banking monitor interest.co.nz that ranks financial institutions according to their strength, quality and profitability and known by the acronym SQP - produces some curious results. » read more »
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Adelaide Bank reconsiders retail strategy
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03 February 2005 12:00amAdelaide Bank is studying a shift in strategy, in which the bank would significantly reduce and even withdraw from conventional retail banking services in its home market in South Australia. » read more »
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Jamie McPhee confirmed as next Adelaide ceo
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03 February 2005 12:00amA more concrete decision that's emerged from the board of Adelaide Bank is that the bank's chief general manager of operations, Jamie McPhee, is now the board's preferred candidate to replace Barry Fitzpatrick as chief executive of the bank. No firm date has been set for Fitzpatrick's retirement, but that is likely in late 2006. » read more »
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Walter Construction calls in administrators
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03 February 2005 12:00amThe emerging credit quality issues in business banking arena aren't confined to the middle market. » read more »
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IMB turns to personal loans
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03 February 2005 12:00amWollongong-based bank IMB blamed a "cluttered and competitive" market, and a further contraction in interest margins for a decline in the group's profit in the half year to December 2004. » read more »
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Expenses jump at Wizard
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03 February 2005 12:00amAustralian Financial Investments Group and its subsidiary Wizard Home Loans reported inconsistent earnings for the year to June 2004, according to accounts finally published via the Australian Securities and Investment Commission. » read more »
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AFG new loans ease one per cent in January
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03 February 2005 12:00amAustralian Finance Group yesterday published its monthly "AFG Mortgage Index", a measure of the aggregator's new business and a rough proxy for the wider mortgage market. » read more »
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Brokers behind Suncorp's home loan turnaround
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03 February 2005 12:00amA shade less than 10 per cent of Suncorp Metway's new home lending business is in low doc loans, according to the Standard & Poor's pre-sale report into a pool of $1.6 billion in mortgages the bank plans to refinance via the Apollo Series 2005-1E Trust. » read more »
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Lincraft defaults on ANZ loan
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02 February 2005 12:00amThe credit quality of companies in the middle market might be emerging as one of the more significant issues facing banks this year, with a curious alignment of companies going broke over the last few weeks. » read more »
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A familiar pattern to credit quality stress
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02 February 2005 12:00amOne analyst of middle market credit quality happy to comment at some length on issues surrounding middle market credit quality more broadly, and over Henry Walker Eltin and Westbus in particular, is Graham Soper, managing director of Corporate ScoreCard. Corporate ScoreCard consults to banks on credit assessment, and maintain their own database of company credit ratings. » read more »
