Banking & Finance

 

ASIC says Clive Palmer could face criminal charges

Sarah Danckert 3:47 PM   Clive Palmer could face criminal charges over the collapse of his company, Queensland Nickel, for the alleged use of aliases, ASIC warns.

Banker pay 'worth looking at further' says APRA

APRA chairman Wayne Byres appeared before the Senate Estimates Committee on Wednesday.

Jonathan Shapiro 2:17 PM   The prudential regulator has called on bank chiefs to lift their game in the face as it works with other regulators to fix culture within the financial system.

Analysts highlight a few headwinds for CBA

Ian Narev, chief executive officer of Commonwealth Bank of Australia (CBA), speaks during a news conference in Sydney, ...

James Eyers and Clancy Yeates 11:47 AM   Banking analysts have given Commonwealth Bank of Australia's interim results the thumbs up but have highlighted "soft" capital generation, higher costs, and ongoing margin pressures as issues to watch.

ASIC to bank rate riggers: 'Plead guilty'

ASIC chairman Greg Medcraft: "I don't think they realise that we're quite serious. As I've said we can do this the hard way."

Sarah Danckert 11:27 AM   ASIC is nearing the end of its investigation into the alleged rigging of the bank bill swap rate.

ASX profit up 7.3pc, but fee cuts to come

ASX boss Elmer Funke Kupper: The bourse operator benefited from companies' demand to raise money on the stock exchange.

Shaun Drummond 10:33 AM   The ASX has reported a 7.3 per cent lift in after-tax profit to $213.1 million, just ahead of market forecasts, driven by new listings and big capital raisings by the major banks.

Suncorp profit hit by natural disaster claims

"Our target is to deliver lower working claims costs, which together with other initiatives, will drive a higher ...

Ruth Liew 10:19 AM   Suncorp Group has posted a $530 million net profit for the half year to December - a 16 per cent drop from last year's $631 million due to higher natural disaster claims costs.

Computershare looks at blockchain to cut costs

Computershare CEO Stuart Irving said the company is proving resilient despite global markets.

Shaun Drummond 9:35 AM   Bitcoin's distributed ledger blockchain has the potential to cut costs in Computershare's share registry and corporate transactions business, CEO Stuart Irving says.

Deutsche Bank helps European rebound

Deutsche Bank jumped 10 per cent as a person familiar with the matter said it is considering buying back some of its debt.

Alan Soughley and Sofia Horta e Costa 8:26 AM   A surge in banks, led by a 10 per cent jump in Deutsche Bank, helped European stocks rebound from their lowest level since 2013.

CBA profit rises 4pc to $4.8 billion

Commonwealth Bank

Clancy Yeates 6:21 PM   Commonwealth Bank's half-year profit rose 4 per cent, to $4.8 billion, and the bank will keep its interim dividend unchanged at $1.98 share.

Here's why ANZ says its digital wallet is better

ANZ bank became the last of the major banks to offer a digital wallet, on Wednesday.

Shaun Drummond 6:19 PM   ANZ bank has become the last of the big banks to offer a digital wallet, but says it has the edge.

CBA wealth arm reports 7pc profit rise

The wealth arm of Australia's biggest lender, which controls the CommInsure and Colonial First State businesses, posted ...

Ruth Liew   Commonwealth Bank of Australia's wealth division posted a 7 per cent rise in cash net profits to $372 million for the half year to December.

Opinion

Are Europe's banks facing their Lehman moment?

The spirit of Lehman Brothers is looming over the market turmoil. Are investors right to be worried?

Ben Wright   It hasn't been a bad year for European banks, it's been a bad decade. They have been roaring through their shareholders' cash like drunken sailors on shore leave.

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CBA seeks to calm nervous bank investors

CBA boss Ian Narev.

James Eyers   Bank investors breathed a big sigh of relief on Wednesday morning as Commonwealth Bank of Australia showed there's plenty of ticker left to generate profits.

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Investors 'lose faith' in Deutsche Bank

Deutsche Bank's share price plunged 10 per cent on Monday to its lowest level since 1984.

​Deutsche Bank bosses face a formidable task to drag its shares off a 30-year low, with reassurances about its capital levels doing little to improve investor confidence and few other options on the table to trigger a recovery.

RBC's Golub says buy financial stocks

"I'm not sure whether I'd be buying Deutsche Bank, but financials right now are probably a buy": RBC's Golub.

Roxana Zega and Tom Keene   The bank rout has gone too far, and lenders present an opportunity to buy, according to Jonathan Golub of RBC Capital Markets.

Class Super targets growth in adviser market

Self-managed super software maker Class Super posted a 111 per cent increase in half-year net profit after tax.

Sally Rose   The maker of Class Super, a self-managed superannuation administration software system popular with accountants, will target growth in the broking and advice sector.

Deutsche's problems reverberate through global banks

Deutsche Bank's share price plunged 10 per cent on Monday to its lowest level since 1984.

James Eyers   Concerns that the European Central Bank might have to support Deutsche Bank reverberated into Australia's banking sector on Tuesday.

Why we can't afford to bail out banks

Central bank policies may be making the problems worse.

Matthew Lynn   Next time there's a crisis, the big banks should be allowed to fail.

'No escape' for Australian banks

Shares in the big four Australian lenders dropped 4 per cent or more on Tuesday.

Clancy Yeates   After savage falls in banks overseas, shares in the big four Australian lenders dropped 4 per cent or more on Tuesday, dragging the ASX 200 down 2.9 per cent.

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Jobs go under $15m BOQ cost-cut plan

Bank of Queensland released its annual results for 2015 on Thursday

Shaun Drummond   Bank of Queensland chief Jon Sutton says the company needs to take a $15 million hit to cash earnings in 2016 to offset a margin squeeze from funding cost hikes, cut about 50 jobs and become more efficient.

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Four reasons bank stocks are down

Deutsche Bank is the latest global bank punished by uncertain financial markets.

Jessica Sier   Without any dramatic news, what has investors so rattled? Jessica Sier investigates.

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Banks, Amex say card changes will cut competition

Banks, card companies and merchants say changes to card rules will reduce competition and leave businesses out of pocket.

Shaun Drummond   Banks and American Express argue planned changes to card rules by the Reserve Bank will reduce competition.

Westpac bullish on business borrowing

Westpac Banking Corporation.

Clancy Yeates   Westpac says growth in business loans is the strongest "for some time" and corporate stress levels are at "historic lows".

Report finds retail funds charge more for less

Australian Institute of Superannuation Trustees Tom Garcia has pointed to new SuperRatings research as evidence of ...

Sally Rose   The non-profit superannuation lobby has accused its bank-owned rivals of opposing new product disclosure "dashboard' rules in a bid to conceal "price-gouging", as new research shows retail funds charge higher fees.

Big banks tight lipped as ASIC rate rigging probe intensifies

So far ANZ has been the focal point of investigations into potential rate rigging.

Australia's biggest banks are tight lipped as the corporate watchdog prepares to take action against banks alleged to have manipulated the bond market's key benchmark interest rate. 

Western Union may have had a Yahoo!-like miss

Richard Kimber said Western Union had likely missed a good opportunity, comparing it to Yahoo missing its chance to buy ...

Shaun Drummond   The boss of online currency site OFX, Richard Kimber, says suitor Western Union's failure to buy his company could turn out to match Yahoo missing out on buying Google in 2002.

Bitcoin Group float delayed after falling short

Bitcoin Group chief executive Sam Lee (centre), flanked by associates Jim Chen (left) and Allan Guo (right).

Shaun Drummond   Bitcoin miner Bitcoin Group has put off its float again after it fell well short of its target to raise $20 million.

Investors warned equity raisings 'delay inevitable'

Credit Suisse expects the supply of equity to dwindle considerably in 2016.

Last year was the biggest year for capital raisings since 2009, but it's unlikely investors will face a similar flood this year, Credit Suisse says.

Mixed profits expected for insurers

Citi says QBE's higher expense ratio will be a key source of improvement in its margin.

IAG is expected to outline plans for future special dividends, Suncorp Group's earnings could be hit with worse-than-expected claims, and QBE Insurance might be at risk of disappointing investors this reporting season.

Banking

ANZ co-operating with ASIC rate-rigging probe

ANZ has warned its staff that it has zero tolerance towards breaches of its code of conduct.

Edward Johnson   ANZ says it's co-operating with a probe into possible manipulation of Australia's interest-rate benchmark.

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