Latest news (24,991 items)

Profit dips at The Rock

The Rock Building Society reported a tiny decline in profit in the latest half, but attributes this to costs incurred in developing new product lines in financing planning, insurance and business banking, rather than having to wear lower margins from home lending. read more

Refinancing at record levels

Mke Laffoley, managing director of The Rock, said in an interview yesterday that the mortgage broking market, which is the source of most of The Rock's new business, had become a more challenging market for the bank. read more

RMG loss ‘unacceptable'

RMG Group, one the listed debt collection companies, reported a wider loss in the June half, but may be starting to turn the business around, with an tiny EBITDA profit in the period. read more

ANZ grows business banking share

ANZ Bank continues to provide more frequent, and even vaguely informative, updates to the market about its business than any of its peers. The occasion for publishing a board overview of trading in each of its specialised business divisions yesterday was a special general meeting of the bank. read more

AmEx persists with rewards

John Steward, country manager for American Express, yesterday elaborated on the charge card and credit card company's recent sweetening of its rewards program. As noted yesterday, AmEx has increased the level of rewards earned on credit card spending to 1.5 points for each dollar of credit card spending, up from the conventional points earning rate of one point for one dollar. The offer is for a limited period of six months, applies only to the first $40,000 in spending, and costs an additional $29 on top of the card holder's existing subscription fee to the AmEx rewards program. Participation in the "Accelerator" program is optional for card holders. read more

Farmers off the market

The Farmers department store and credit card business in New Zealand seems highly unlikely to be changing hands, with no offers on the table at anywhere near the NZ$300 million price that the vendor, Foodland, supposedly wants for the business, and possibly no offers at all. read more

Wide Bay profits flat

A reluctance to make much use of mortgage brokers and a high level of churn in its mortgage book has denied the benefits of the home loan book to Bundaberg-based Wide Bay and Capricorn Building Society. read more

ABS misses mortgage boom

ABS Building Society, one of the minnows of the banking scene, is another specialist housing lender that's been bypassed by the mortgage boom. The bank, based in the northern NSW tablelands city of Armidale, notes in its annual report for the year to March 2003 that property prices in the district are showing growth, after five years of declines (according to ABS). read more

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