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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Vale NAB's global wholesale bank
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26 August 2004 12:00amThe final curtain came down on the most recent attempt by a major Australian bank to become a global player as National Australia Bank announced further management changes. » read more »
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Credit Corp confident
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26 August 2004 12:00amTwo of the five listed debt collection companies reported full year profits to the ASX yesterday, with a divergence in the operational performance of the pair, Credit Corp and Collection House. Credit Corp, the first report, though only a quarter the size of Collection House, is probably producing the most consistent earnings, and earnings growth, in the segment, while margins are much more shaky at Collection House (of which more in the next two items). » read more »
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Costs cuts sustain Collection House
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26 August 2004 12:00amBrisbane-based Collection House, which has a more diverse business than Credit Corp, also reported an improved result for the June 2004 full year. However, doubts persist about the revenue recognition policies of the company and quality of its earnings. » read more »
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Collection House earnings questioned
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26 August 2004 12:00amThis newsletter sought guidance from Roger Mendelson, chief executive of privately owned collections agency Prushka on the Collection House (and also Credit Corp) results. » read more »
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Virgin Money profit eases
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26 August 2004 12:00amThe profit earned by Virgin Money appears to have eased in the June 2004 half year, based on disclosures by HHG in that company's final profit to includes any earnings from its now sold 50 per cent stake in the financial services arm of Richard Branson's conglomerate. » read more »
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ANZ National earnings subdued
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25 August 2004 12:00amANZ Bank's expanded banking business in New Zealand reported a subdued result for the June 2004 quarter, with a decline in returns relative to those reported by ANZ's antecedent banks, and with below average growth in assets but above average growth in deposits. The general disclosure statement for ANZ National shows: » read more »
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ANZ gains ground in business banking
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25 August 2004 12:00amANZ Bank yesterday reiterated its pretty misleading profit forecast for the full year to September 2004 year, of cash earnings per share growth of at least nine per cent. » read more »
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Home aspires to be a challenger brand
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25 August 2004 12:00amProfits from one-off items and property development helped bolster earnings for Home Building Society in the year to June 2004. The Perth-based bank published its full year financials on Monday night. » read more »
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Mortgage churn dampens ACCU profit
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24 August 2004 12:00amThe level of churn at regional lender Australian Central Credit union appears to have taken a turn for the worse, and taken a shine off the bank's profit in the June 2004 half year. Working off the press release published by ACCC late yesterday rather than full financial statements: » read more »
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Low doc loans equal to seven per cent of home loan market
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24 August 2004 12:00amMoody's Investors Service have shed some more light on the size of the low doc loan market in Australia, in an analysis of the booming issuance of mortgage-backed securities into the domestic and international bond market this year. » read more »
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Regional banks may pay a premium for cheque handling
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24 August 2004 12:00am
