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New merchant finance division to drive Flexi
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25 August 2010 7:11amMerchant finance, a new commercial leasing business staffed by former CIT executives, will form the core of the growth plans for FlexiGroup over the coming year, as the niche financier seeks to broaden its revenues and customers away from small ticket leasing over items such as laptop computers. » read more »
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Customer satisfaction a zero sum game
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25 August 2010 7:10amThe harder banks work at their retail customer satisfaction scores the less competitive advantage they get out of them. The latest Roy Morgan Research consumer banking customer satisfaction report, released yesterday, shows a 4.5 percentage point spread between the big four banks – the narrowest gap in a decade. » read more »
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ANZ eftpos system down
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25 August 2010 7:01amANZ customers were unable to use point of sale facilities for much of yesterday, according to a report in the IT news site ZDNet. » read more »
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Wide Bay captive to insurance profits
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25 August 2010 6:59amA reorganisation of its mortgage insurance arm helped regional bank Wide Bay Australia report a profit increase of 30 per cent to $22.3 million in the year to June 2010. » read more »
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Acquisitions drive Firstfolio profit growth
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25 August 2010 6:57amMortgage manager and aggregator Firstfolio has been on a spending spree over the past year, adding $5.9 billion to take its mortgage book to $18 billion at the end of the 2009/10 financial year. It showed in the results, with revenue up 38.4 per cent to $65.6 million and net profit up 79 per cent to $4.8 million. » read more »
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Cash Converters reports strong revenue and earnings growth
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25 August 2010 6:56amPawn shop franchise operator and payday lender Cash Converters yesterday reported strong growth in revenue and profit on the back of a high rate of loan growth and the positive results of a business restructure. » read more »
- AMP seeks to block NAB
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24 August 2010 6:49amAMP will seek to persuade the Treasurer, whoever that proves to be, to block National Australia Bank’s takeover bid for Axa Asia Pacific on national interest grounds, the Financial Review reported in its Chanticleer column. » read more »
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Overdue loans leap at Westpac
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24 August 2010 6:48amWestpac yesterday reported a mix of lower revenues and rising expenses and a measure of cash profit for the bank’s third quarter that disappointed the market. » read more »
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Asset quality trends no better
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24 August 2010 6:48amThe bad debt expense to the profit and loss may be falling away for Australia’s major banks, and thus supporting profits, but asset quality in general continues to get worse among the industry’s dominant suppliers of credit. » read more »
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Challenger moves into property, private equity finance
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24 August 2010 6:46amChallenger Financial Services Group has signed up one of the country’s biggest superannuation funds, Australian Super, as a partner in its emerging property finance business and is confident of attracting other super funds. » read more »
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Profit down for conservative TSB
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24 August 2010 6:45amTSB Bank’s continued focus on raising funds via retail deposits and lending conservatively means the bank hasn’t maximised its profits. » read more »
