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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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 »
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Suncorp turns tier two capital into tier one
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30 August 2004 12:00amSuncorp will bump up the level of capital in its banking division by about $200 million. The insurance company, which is a subsidiary of the bank, will sell subordinated debt, that only qualifies as tier two within the insurance company, but that upstream that cash into the bank parent. » read more »
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No return on GIO technology integration
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30 August 2004 12:00amThis newsletter asked John Mulcahy to elaborate on his declaration six months ago that the integration of GIO into Suncorp was complete, and the talk an industry conference last month by Sucorp's chief information officer Carmel Gray in which she disclosed that the group had not integrated information technology systems for GIO and Suncorp and had no plans to do » read more »
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AFIG profit narrows
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27 August 2004 12:00amThe profitability of Australian Financial Investments Group meaning Wizard Home Loans and Australian Mortgage Securities - narrowed in the June 2004 half. Based on the reported equity accounted profit for Publishing and Broadcasting's one quarter stake in AFIG, the mortgage provider: » read more »
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All payments on us at Coles Myer
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27 August 2004 12:00amColes Myer this week took a major step forward in driving down its bank fees, with the retailer beginning to switch debit card and credit card transactions on Westpac-issued payment cards directly to Westpac, rather than via its usual acquiring bank, National Australia Bank. » read more »
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Baycorp promises dividends in 2005
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27 August 2004 12:00amLousy margins in the debt collection and credit scoring segments precluded any growth in earnings for Baycorp Advantage in the June 2003 half. In a profit report that's not marred by any major restructuring or writedowns (unlike over the last couple of years), the company's new management said that the core financial aim was to resume payment of dividends, after two years of more without any. » read more »
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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 »
