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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Mid-market corporates benefit from increased competition
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01 September 2004 12:00amThe cost of credit for mid-market Australian corporates is falling as some banks cut prices to maintain or increase market share, according to new research by East & Partners. » read more »
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Mortgage Choice plays it straight
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01 September 2004 12:00amMortgage Choice yesterday reported its maiden profit as a listed entity, and the profit and other highlights differ from the prospectus forecasts (published two months ago and dated the last day of the financial year) by only a few dollars here and there. » read more »
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Interstar earnings double
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31 August 2004 12:00amInterstar, the mortgage funding business of Challenger Financial Services Group, more than doubled its profit in the June 2004 half over the December 2003 half year. » read more »
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SuperBank losses mount
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31 August 2004 12:00amSuperBank's losses are mounting in New Zealand for St George Bank and its partner Foodstuffs. While deposit levels doubled in the course of the last quarter, the bank's losses increased by 50 per cent. The quarterly disclosure statement for SuperBank shows that: » read more »
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Westpac market share slips in NZ
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31 August 2004 12:00amJune 2004 quarter disclosure statement for Westpac's New Zealand branch shows that the bank's given up some market share over the course of the last couple of quarters: » read more »
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APRA registers GE Money as specialised card institution
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31 August 2004 12:00amThe Australian Prudential Regulation Authority has allocated the first licence under the regime established to foster entry to the credit market, though the newly licenced entity GE Money has been operating in the credit card space in Australia for more than decade. » read more »
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Suncorp stabilises banking returns
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30 August 2004 12:00amFinancial services group Suncorp achieved the primary aim for its banking division in the 2004 year, with the group fixing up its underperforming home loan business. » read more »
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Brokers and low doc loans underpin mortgage sales
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30 August 2004 12:00amSuncorp finally revived its mortgage sales in the course of the first half of calendar 2004, with the bank asserting that it is achieving growth in market share. » read more »
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Credit card accounts double
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30 August 2004 12:00amSuncorp is finding some sales momentum for its "Clear" credit card product, a little more than a year after its soft launch. » read more »
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Development finance outlook softens
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30 August 2004 12:00am• Growth in business banking assets eased in the June 2004 half, with assets increasing by 8.5 per cent. » read more »
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Everyday account passes $500 million mark
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30 August 2004 12:00amSuncorp said that its Everyday account, with an interest rate nowehere near the low to mid five per cent range of genuine high yield accounts, had attracted close to $500 million in deposits since its launch in March 2004, and that "significant amounts [were] new money from existing customers." » read more »
