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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Citigroup critics delight at departure of Ahmed Fahour
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13 August 2004 12:00amAhmed Fahour, the incoming chief executive officer, Australia for National Australia Bank is going to be a vital change agent at an organisation whose recent history, according to his new boss John Stewart, is a "burning platform for change." » read more »
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Fahour dropped from alternative investment job
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13 August 2004 12:00amAnd what did he do for Citigroup, after he joined for venture capital group iFormation in 2000? (iFormation with a VC entity in part sponsored by his employer of eight years, Boston Consulting Group). » read more »
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Returns declines at The Rock
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13 August 2004 12:00amThe Rock Building Society yesterday reported a decline in returns for the June 2004 half year, if the $1.66 million boost to net profit from the sale of the bank's stake in Cashcard is ignored. The bank also reported growth in loans under management of about half the rate of growth of the rest of the market. » read more »
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New Zealand banks pay less than 10 per cent company tax
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13 August 2004 12:00amThe National Business Review has some interesting data, sourced from the Reserve Bank of New Zealand, on the real rate of tax paid by banks in New Zealand. » read more »
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Commonwealth massages June half profit
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12 August 2004 12:00amCommonwealth Bank yesterday painted a picture of growth in underlying profit in the full year to June 2004, but a closer look at the result for the half year to June 2004 suggests the bank's profit actually declined, when a number of one off items are omitted. » read more »
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CBA limits banking disclosure
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12 August 2004 12:00amCommonwealth Bank has stuck to its limited, and deficient, approach to disclosure, with the most limited breakdown of the contributions to the bank's core banking profit of any major banks. » read more »
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ASB returns ease
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12 August 2004 12:00amIn New Zealand, ASB Bank increased net profit in the June 2004 quarter to NZ$79.5 million, from NZ$77.7 million in the March 2004 quarter. » read more »
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Home loan market share stabilises
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12 August 2004 12:00am• Home loans under management increased to $112.5 billion, up nine per cent from $103 billion at December 2003, and up 19.5 per cent from $94.1 billion at June 2003. » read more »
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Cards share stable
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12 August 2004 12:00am• Credit card balances in Australia increased to $5.89 billion at June 2004, up by 5.5 per cent from $5.58 billion at December 2003, and 12.6 per cent from $5.23 billion at June 2003. » read more »
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Business lending steady
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12 August 2004 12:00amBusiness lending market share increased only marginally to 14.2 per cent compared to 14 per cent in June 2003, according to the East & Partners figures quoted in the announcement. » read more »
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Progress, of sorts, on Which new bank
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12 August 2004 12:00amOne aspect of all Commonwealth Bank's "Which new bank" rhetoric that is consistently surprising are the examples cited of the time taken, under the old processes, to accomplish routine pieces of work. » read more »
