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).
- GE may exit credit insurance
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13 May 2013 6:28amGE Capital may be seeking a buyer for its Australian credit insurance arm, and the sale could fetch the group around A$300 million. » read more »
- Banks need new sources of earnings growth
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13 May 2013 6:26amThe big banks may not be able to get much more mileage out of the cost cutting and reduction in bad debt charges that are driving their earnings growth. » read more »
- All ADIs need a chief risk officer
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13 May 2013 6:25amAll credit unions and other ADIs will need to hire or designate a chief risk officer and set up a board risk committee, if they do not already have one, says APRA. » read more »
- Briefs: Hackers steal US$45m, AMMB attracts bidders
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13 May 2013 6:23amHackers steal US$45 million from Gulf and US; ANZ's Malaysian arm, AMMB, attracts bidders for life insurance unit.
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Major banks' profits only average
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10 May 2013 6:38amMajor banks lifted their profits over the last half, but their earnings constitute no record. Measured by return on equity, they are well short of their best. » read more »
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Scrappy outlook for NAB wholesale
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10 May 2013 6:37amCash earnings at NAB's wholesale bank increased by A$97 million, or 19 per cent, to $615 million over the March 2013 half year. » read more »
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NAB results at a glance; lower bad debt charge the key
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10 May 2013 6:36amNAB made a net profit of A$2.5 billion for the six months to March – up 22.8 per cent on the previous corresponding period and up 24.1 per cent on the previous half. » read more »
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Business bankers fight over the scraps
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10 May 2013 6:34amThe business banking market will come under greater margin pressure as lenders chase scarce lending opportunities with increasingly competitive offers. This was the picture painted by NAB executives yesterday. » read more »
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RBNZ's changes concern banks
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10 May 2013 6:33amNew Zealand banks have expressed concern over the Reserve Bank of New Zealand's decision to increase capital requirements for its four biggest banks for those mortgages with high loan-to-valuation ratios. » read more »
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Greater Building Society cuts by 30
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10 May 2013 6:32amGreater Building Society is cutting all its variable home loan rates by 30 basis points – the only lender to cut its rate by more than 25 bps this week. » read more »
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Mortgage brokers missing their chance to diversify
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10 May 2013 6:31amMortgage brokers are failing to capitalise on the high levels of trust and satisfaction that home buyers and property investors report after using their services. They have an opportunity to sell other products to these satisfied customers but are not doing so.
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