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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Westpac lifts NZ profit
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03 March 2004 12:00amWestpac's spent some energy over the last year emphasising how it's rebuilding its brand and positioning in the New Zealand market, especially in the Auckland region. However, the bank seems to have the profit moving in line with plan, or better. » read more »
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ASB takes its time
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03 March 2004 12:00amASB Bank (the Commonwealth Bank subsidiary) still hasn't published its general disclosure statement for the December 2003 quarter, but did send out a press release in relation to the half year result at the same time as CBA reported its profit three weeks ago. » read more »
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ReD Motorcharges ahead
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03 March 2004 12:00amRetail Decision has a cash cow in its hands through the MotorCharge and Motorpass fuel payment card brands in Australia, which are operating on margins in excess of 50 per cent. » read more »
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HSBC on the boil
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02 March 2004 12:00amThe rapid growth in the mortgage market, a takeover, and the benefits of Australia's appreciating exchange rate, combined to lift the profits earned by HSBC in Australia and New Zealand. » read more »
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AMP Bank takeover drives HSBC profit
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02 March 2004 12:00amIn New Zealand, HSBC purchased the retail banking business of AMP Bank Limited in April 2003. That purchase comprised a residential mortgage portfolio of NZ$1.7 billion and deposits reported at the time to be NZ$390 million, but disclosed by HSBC at US$122 million, which mean that a large chunk of AMP Bank's deposit customers in New Zealand opted to move their business elsewhere. HSBC also entered into mortgage management and funding agreements with AMP, where AMP retained the credit risk on the loans. » read more »
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Westpac sees housing slowdown unfolding
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02 March 2004 12:00amInstitutional investors got the benefit of a closed door briefing from Westpac yesterday (of the kind, it must be said, that National Australia Bank seems to have made an art form in the course of crisis management over the last few weeks). » read more »
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Media reacts to ING, ANZ spin
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02 March 2004 12:00amANZ and ING banks must be having another laugh today at the ease with which the business media reacts to the press release cycle. » read more »
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Property develop underpins Suncorp profit
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01 March 2004 12:00amLending to property developers rather than to property buyers helped sustain growth in the banking profit at Suncorp, with the lender otherwise struggling to catch up with the rest of the market in the booming home lending segment. » read more »
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Suncorp repositions home loan business
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01 March 2004 12:00amSuncorp reacted very late to the apparent (but perhaps not very profitable) opportunities from Australia's sustained home loan boom, a market showing growth rates in excess of 20 per cent. While the bank increased its home loan book at a faster growth rate that in the June 2003 half, Suncorp is still lagging the rapid growth across the rest of the banking system. » read more »
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No sign of cards growth
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01 March 2004 12:00amSuncorp provided few details on the bank's new credit card business. Consumer loan assets increased to $485 million at December 2003, up from $477 million at June 2003, but down from $504 million at December 2002. This line presumably includes personal loans as well as credit card receivables. » read more »
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Edgar Dunn, KPMG reviews set Cuscal's future
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01 March 2004 12:00amThe following interview with Credit Union Service Corp chief executive John Gilbert was conducted two weeks ago. This extract is lengthy, and deals with issues pertaining to the special service provider's positioning, restructuring, and touches on debates within the credit union movement on the most cost effective to source core services. » read more »
