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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Interstar, Puma gain ground on banks
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17 May 2004 12:00amMarket share is not the only indicator of bank aptitude or even progress in the home loan market, but it's a good one. » read more »
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Big banks shed market share
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17 May 2004 12:00amAmong the bigger banks, National Australia Bank and Westpac said they deliberately lost market share over the last year, ANZ surprisingly held market share and St George Bank battled to recover in early 2004 after hitting the brakes on growth in the second half of 2003. » read more »
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Regionals lose share
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17 May 2004 12:00am
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Minnows lose ground
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17 May 2004 12:00am
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Non conforming sector prospers
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17 May 2004 12:00am• Funders such as Bluestone, Liberty and Pepper grew new business at more than twice the rate of growth of the overall market, but still account for less than one per cent of the market. » read more »
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National brand damaged
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13 May 2004 12:00amNational Australia Bank yesterday acknowledged the damage to the bank's brand in Australia from the drawn out power play over the bank's $360 million in foreign exchange option losses uncovered four months ago, and also admitted to a pattern of reactive investment in the business in Australia and Europe, and excessive caution towards business customers. » read more »
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NAB profit falls
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13 May 2004 12:00am• Underlying banking profit fell seven per cent to $2.76 billion in the March 2004 half, from $2.97 billion in the September 2003 half. » read more »
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Dead hand of costs
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13 May 2004 12:00amJohn Stewart talked yesterday of the "dead hand" of costs, and complained of misdirected investment in the business in compliance or remediation projects or other preventative work, which did not do much to grow the business. » read more »
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Surrenders home loan market share
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13 May 2004 12:00amNational estimated that its share of the home loan market in Australia dropped to 18.1 per cent at March 2004, down from a peak market share of 18.6 per cent at June 2003. » read more »
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Term deposits drag down profits
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13 May 2004 12:00amNational resorted to selective, and for profits, damaging, pricing tactics over the last four months to retain customers, with personal bankers in Australia given latitude to engage in "conversations" with customers that would persuade them to keep their business with the bank. » read more »
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Cards a soft spot
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13 May 2004 12:00amCredit card balances in Australia increased by three per cent over the half year, and nine per cent over the full year, to $3.97 billion, and reflects a loss of market share over the half. » read more »
