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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Fewer banks behaving badly
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10 November 2004 12:00amFinancial institutions supervised by the Australian Prudential Regulation Authority, including deposit taking institutions, may be operating on a sounder footing than they were a year ago, if the number of more intrusive actions by the regulator is any measure. APRA said in its annual report for 2003/04 that: » read more »
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Banks warned on housing lending and internet banking
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10 November 2004 12:00am
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ACCC alleges Wizard is a repeat deceiver
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10 November 2004 12:00amThe Australian Competition and Consumer Commission has decided to take action in the federal court against Wizard Home Loans for misleading and deceiving advertising, in what is at least the third time in five years » read more »
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Westpac finds a formula for business banking
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09 November 2004 12:00amAbove average growth in business lending in Australia and improved profits from the institutional bank helped Westpac offset a lacklustre sales effort in the mortgage market in the September half year, though overall returns for the bank flagged over the last six months. » read more »
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Distribution in reverse in the second half
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09 November 2004 12:00amWestpac said that the cash earnings for its business and consumer banking business increased seven per cent to $698 million in the September 2004 half from $652 million in the March 2004 half. » read more »
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Home loan sales flag
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09 November 2004 12:00amHome lending emerged as the weakest link within Westpac over the last six months, with growth in mortgages under management in Australia of five per cent to $92 billion at September 2004, from $88 billion at March 2004, and up by 12 per cent from $82 billion at September 2003. » read more »
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Card momentum stalls
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09 November 2004 12:00amWithin the consumer lending and credit card business in Australia, credit card balances increased by three per cent over the half year to $5.2 billion at September 2004, and increased by 14 per cent over the full year. » read more »
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Business banking doubles system growth
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09 November 2004 12:00amWestpac's extended effort to revive its share of business banking paid off over the last year, and helped the bank record stronger growth in business and corporate lending over the last year compared with growth in housing lending. Westpac said this was the first time in many years that business banking loan growth exceeded consumer banking loan growth. » read more »
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Institutional bank contribution up after bad debt write-backs
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09 November 2004 12:00amA 32 per cent increase in expenses offset much of a 20 per cent improvement in operating income to leave Westpac institutional bank's cash earnings up 14 per cent at $256 million for the half year compared to $225 million for the first half. Over the full year, WIB's cash earnings increased by 25 per cent to $481 million. » read more »
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Cost to in income ratio down everywhere except institutional banking
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09 November 2004 12:00am
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Epic almost over
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09 November 2004 12:00am
