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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NAB cleans up its amortised software account
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11 November 2004 12:00amIf you spend money on developing computer software, the cost will hit your profit and loss account sometime, whatever your capitalisation and amortisations policies. » read more »
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NAB in reverse in the home loan market
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11 November 2004 12:00amNational lost more ground in the home loan market in Australia than even Westpac, with growth in home loans under management of five per cent over the half year and 11 per cent over the full year, to $151 billion at September 2004. » read more »
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Losing ground in consumer credit
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11 November 2004 12:00amNational also fell off the pace in unsecured consumer credit over the half. Credit card balances in Australia increased by 1.4 per cent, to $4.03 billion, and by 4.7 per cent in the year to September 2004, which was also below system growth. » read more »
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Still losing ground in business banking
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11 November 2004 12:00amNational said that it overcame its weak sales in the sole trader and SME segment in April and May at the height of the board brawl though the bank reported net customer attrition in Australia for the period from April to September 2004. » read more »
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Corporate and international downturn worse than expected
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11 November 2004 12:00amCorporate and international banking's cash earnings to September, before significant items, were down 36.3 per cent on the March half year, from $375 million to $243 million. » read more »
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Europe hit by declining margins
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11 November 2004 12:00amChief executive John Stewart has previously commented that NAB's European operations are high return on equity, low growth businesses and that he intends to change this. » read more »
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Laker cautions high growth targets in housing lending
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11 November 2004 12:00amNational's decision to dump its caution in home lending, and also in business banking, provides an interesting contrast to the theme of the speech by John Laker, head of the Australian Prudential Regulation Authority at a conference organised by East & Partners. » read more »
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Card issuers face charges over currency conversion fees
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10 November 2004 12:00amSeven credit card issuers must answer criminal charges that the New Zealand Commerce Commission said it would file in relation to the disclosure of currency conversion fees on credit card transactions undertaken outside New Zealand. » read more »
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No need for deposit insurance, says Westpac
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10 November 2004 12:00amAsked t Monday's media briefing on the bank's full year profit about the prospect of Australia adopting deposit insurance, Westpac managing director David Morgan said a that: "I do not support that. The prudential regime in this country has served us very well without formal deposit insurance." » read more »
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Suncorp ponders takeover options
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10 November 2004 12:00amSuncorp managing director John Mulcahy told a Brisbane lunch yesterday that the financer would consider taking over rival or related financial services providers in the event that one of them faltered. » read more »
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No IFRS impact on prudential standards before July 2005
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10 November 2004 12:00amThe Australian Prudential Regulation Authority has advised banks and other regulated institutions that it would not make any changes to prudential and reporting standards as a result of the introduction of International Financial Reporting Standards before 1 July 2005 at the earliest. » read more »
