ANZ Posts Gain In First Half Profits
Australian banking major ANZ has reported a rise in first half profits rise of 10 per cent to $2.92 billion, however the lender warned that margins on its domestic Australian business are shrinking. According to ANZ, net profit for the half year ending March 31st rose from $2.66 billion in the same time period during [...]
NAB Sees Profit Tank On UK Businesses
After announcing a $305 million restructuring of its UK operations and job cuts numbering 1,400, Australian banking major NAB has seen its share price fall. The lender recently announced a loss on its UK business for the half year ending March 31st resulted in a 15.6 drop in its own half yearly profit, which came [...]
Mortgage Broker Found Guilty Of Bilking Clients In Ponzi Scheme
A mortgage broker in Western Australia has been found guilty of bilking as much as $1.2 million from seven borrowers and using the cash to pay his credit card bills and other debts.
According to news paper reports, Max Booty was charged with eight counts of stealing and an additional eight counts of fraud and stood trial for a Ponzi scheme which he ran between August 2007 to March 2009. The jury took three hours to deliberate and found him guilty of all charges.
ANZ Defends Interest Rate Policy
Australian banking major ANZ has defended its policy on interests in a letter addressed to The Age from its Australian operations chief Phil Chronican who argues that the cost of funding has increased substantially, and provided data to support his claim.
Macquarie Chief Calls For Interest Rates To Be Cut
Nicholas Moore, chief executive of Macquarie has added his voice to growing calls made by leaders of industry for interest rates to be cut next week as a means by which confidence in the country would be boosted by helping export based industries who are currently suffering from the high value of the Australian dollar.
NAB To Hold On To UK Businesses For Now
Banking analysts are predicting that Australian banking major NAB will not sell its interests in the UK, whilst the economy continues to stay weak.
The analysts cite pricing as the main reason, arguing that NAB will not be able to obtain a decent price for the Clydesdale and Yorkshire banks according to CBA analyst Ben Zucker.
Bank Funding Costs Rising Again
As fears begin to mount that the European sovereign debt crisis is spreading, Australian lenders are finding that their funding costs are rising in response.
May is again likely to be a difficult month for the banks, particularly if they do not follow what is almost certainly going to be a rate cut from the Reserve Bank of Australia as they seek to protect their margins.
Pressure Mounts On Central Bank To Cut Rates
The Australian central bank is facing mounting pressure to cut official interest amidst a back drop of worsening consumer and business sentiment, with global financial markets fearing the unfolding of the latest stage of the European sovereign debt crisis.
Link Between Lending Rate And Central Bank Rate A Myth
The link that is supposed to exist between the Australian central bank set interest rate and the rates charged by commercial lenders is a myth that is need of being busted according Phil Chronican who runs the ANZ’s domestic Australian business.
Lenders Raise Fixed Interest Rates In Response To Exit Fee Ban
A survey undertaken by The Australian suggests that the big four lenders are jacking up fixed rate mortgages as they seek to mitigate the impact on their bottom line from the Australian government’s ban on exit fees for home loans, whilst at the same time profiting from the increasing number of borrowers who prefer to lock in their interest rates.