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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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
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Green light for cheque joint venture
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23 August 2004 12:00amBig banks have finally received endorsement from the competition watchdog for a joint venture arrangement in the cheque processing arena, around seven years after Commonwealth Bank first floated a plan to undertake back office work on behalf of other banks. » read more »
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NAB accelerates Fahour hiring
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23 August 2004 12:00amNational Australia Bank has persuaded new hire Ahmed Fahour to start five weeks earlier than planned. Fahour, who will be the bank's chief executive for all its Australian operations, will now join the bank next week. » read more »
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Credit card revolve rate in decline
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23 August 2004 12:00amThe profitability of credit cards business in New Zealand may be taking a hit, with a steady decline the revolve rate, or the ratio of balances bearing interest to credit provided by banks to their credit card customers. » read more »
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Homeloans makes more from less
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23 August 2004 12:00amListed mortgage funder and manager Homeloans Limited improved its earnings in the second half of the financial year despite what looks like lower levels of business, though the Perth-based company published few details beyond its statutory financial statements. » read more »
