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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Bank funding costs continue to fall
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13 May 2013 6:30amThe RBA's decision to cut the cash rate by 25 basis points last week, to 2.75 per cent, may have been the catalyst for a rush of bank and corporate bond issuance from Wednesday on that highlights the trend towards lower wholesale funding costs for banks. » read more »
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Strong RMBS market conditions continue
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13 May 2013 6:29amInvestor demand for mortgage-backed securities remains strong, despite the high volume of issuance so far this year. On Friday, Suncorp Bank upsized its latest RMBS issues and priced the top tranche at less than 100 basis points over the swap rate. » read more »
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Seiza RMBS default projected
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13 May 2013 6:28amA small pool of loans serviced by Pepper Homeloans is headed for a default, a rare event in the mortgage-backed market in Australia. » read more »
- 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 »
