Latest news (24,887 items)

AMP Banking loss widens

The loss at AMP Banking widened in the second half of 2002, though the previously announced restructure and release of capital may allow the financial services group's banking arm turn a profit in the next year. read more

Virgin Money margins improve

AMP said operating margins improved in Virgin Money, with revenues up 105 per cent and costs down 23 per cent. The joint venture with Virgin has attracted 161,000 card holders by December after about 11 months in the market. The cards are issued under a "white label" arrangement by MBNA. read more

Abbey National in the red

British bank Abbey National reported a loss before tax of £984 million in the year to December 2002. read more

Collection House struggles

Collection House, a consolidator in the debt collection segment, reported a disappointing profit for the December 2002 half, with lower revenues, and restructuring costs wiping out 80 per cent of the profit. The highlights: read more

ERG confirms Seattle contract

ERG said it reached agreement with six transport operators in and around the US city of Seattle for a smart card based ticketing solution. The operators first entered into negotiations with ERG two years ago. read more

Hire Intelligence hurt in leasing market

The business model of Hire Intelligence in the difficult market for computer equipment leasing is taking a pounding, with a collapse in revenues from franchising. Revenues from franchising fell to $726,000 in the December half from $2.1 million in the June half. read more

Retail banking holds back BankWest

BankWest had poor six months in the period to December 2002, compared with the profit in the first half of 2002. The bank's weaknesses, though, are not confined to business banking and a few dud loans as reported elsewhere BankWest's consumer bank reported an atrocious profit during the latest half. The highlights: read more

Mortgage growth leads sector

The bank may have the fastest growing mortgage book of any bank in the country. Housing loans managed by the bank increased 11.5 per cent in the six months to December 2002, to $11.5 billion December 2002; and by 22.8 per cent over the full year. read more

Consumer profit tanks

Whether all that home lending is leading to profits down the track is doubtful as profits from consumer banking dived in the second half. read more

Lite card finds a niche

BankWest's Lite MasterCard is finding a niche after entering the market in the middle of 2002. The bank reported credit card advances at December 2002 of $310 million, up 30 per cent on card advances of $239 million in June 2002 and up 42 per cent on December 2001. read more

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