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&L beats budget in December half
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08 February 2005 12:00amAdelaide-based Savings & Loans recorded a pre-tax profit of $7.70 million in the half year to December 2004, and a net profit of $5.39 million in the half. The Adelaide-based credit union reported a full year profit $14.1 million in the year to June 2004, and a full year net profit of $10.7 million. » read more »
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ACCU back to normal
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08 February 2005 12:00amAustralian Central Credit Union managing director Peter Evers said yesterday that the sales pattern for new consumer credit and home loan business was "back to normal" in January, meaning that there was a lull in sales, more in line with the Australian tradition of a slow mid-summer break. » read more »
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NAB makes few profit promises for British banks
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08 February 2005 12:00amIn a four and a half hour presentation, National Australia Bank yesterday attempted to justify to analysts its strategy for rejuvenating its remaining franchises in Britain, Clydesdale and Yorkshire banks. » read more »
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BOQ buys Autocash
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08 February 2005 12:00amBank of Queensland yesterday said it paid $800,000 for Autocash Systems Australia, a Sydney-based independent deployer of automatic teller machines. » read more »
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Mortgage origination declines but profit rises for Australian Central
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07 February 2005 12:00amNew business at Australian Central Credit Union crashed in the December half, with the Adelaide-based bank advancing 42 per cent less in loans over the half than in the first half of calendar 2004. » read more »
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PMI pockets cartel profits
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07 February 2005 12:00amAustralia's mortgage insurance cartel continues to enjoy the rewards arising from the reduction in the number of providers from three to two and the continued strength in house prices and employment levels. » read more »
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FiServ centralises cheque processing at CBA
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07 February 2005 12:00amFiServ, the contractor to Commonwealth, National Australia and Westpac banks will use a shelf company to employ however many staff they opt to use to take over the cheque and voucher processing work from the three banks. » read more »
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National Lending Solutions lands RAMS mortgage contract
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07 February 2005 12:00amThe price and profits of processing the legal documentation for mortgages are in the spotlight, with the decision by Unisys Credit Services to engage National Lending Solutions to undertake the documentation processing for Rams Home Loans nationwide. NLS is the main operating arm InfoChoice. » read more »
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Westpac waters down deposit requirements
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07 February 2005 12:00amWestpac Banking Corp will allow borrowers to capitalise the cost of mortgage insurance in the loan, rather than have to come up with this bank fee in addition to their deposit. » read more »
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Resi breaks Wizard rate lead
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07 February 2005 12:00amResi Mortgage Corp has taken the lead at the super cheap end of the home loan market in Australia, advertising a basic home loan rate of 5.88 per cent in weekend newspapers. Resi quotes a comparison rate of 5.93 per cent for the loan. » read more »
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Suncorp working on BOQ
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07 February 2005 12:00amThere's quite a catalogue of financial services takeover rumours in the Due Diligence column of the Financial Review. One new one is a suggestion that "Suncorp is working on a big deal, but people close to the company reckon nothing is happening", with "speculation that Suncorp will team up with the Bank of Queensland." » read more »
