Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

National Australia Bank profit up 15.5pc to $5.84b, Clydesdale Bank IPO in Feb

James Eyers and Clancy Yeates National Australia Bank has boosted its full-year cash profit by 15.5 per cent and said it would spin off Clydesdale Bank in the UK in February.

NAB shares halted, Nippon Life may move to buy 80pc of life insurance business

NAB logo.

Clancy Yeates NAB is expected to sell down its poorly performing life insurance business to Japan's Nippon Life in a deal that could be worth up to $2.5 billion.

NAB shares halted, Nippon Life may move to buy 80pc of life insurance business

NAB's shares have entered a trading halt.

Clancy Yeates National Australia Bank has been placed in a trading halt amid reports Nippon Life will buy about 80 per cent of the bank's life insurance business.

Big four bank rate hikes win investor support

The big banks' interest rate rates have been defended by fund managers.

Clancy Yeates and Sally Rose Fund managers argue bank rate rises are just passing on a higher cost.

ASIC raps NAB over its debt collection practices

ASIC said some of NAB's debt collection letters told borrowers they might face legal action that could leave them bankrupt.

Clancy Yeates The corporate watchdog has raised concerns over debt collection letters that National Australia Bank sent to borrowers who had fallen behind on their loans, saying the bank may have misled customers...

NAB plugs into better technology infrastructure to serve customers

All of the $250 billion a day in bank transactions pass through the data centre in Melbourne.

Clancy Yeates How NAB's new servers in suburban Melbourne should lead to fewer technology outages.


Big four bank profits to top $30 billion

Clancy Yeates and Joyce Moullakis The big four are expected to chalk up combined earnings of about $30 billion this financial year as headline profits continue to benefit from very few loans going sour.

Big four bank profits to top $30 billion

The big four are tipped to record combined earnings of about $30 billion.

Clancy Yeates and Joyce Moullakis The big four are expected to chalk up combined earnings of about $30 billion this financial year as headline profits continue to benefit from very few loans going sour.

All eyes on RBA after bank rate hikes

All the big banks have now raised interest rates.

Clancy Yeates and James Eyers The Reserve Bank faces growing pressure to consider cutting official interest rates, after all of the country's major banks raised their mortgage rates.

ANZ last of the Big Four banks to raise home loan rates

ANZ's standard variable rate for owner-occupiers will rise to 5.56 per cent, and its standard rate for property investors will rise to 5.83 per cent.

Clancy Yeates ANZ Banking Group has raised interest rates by 0.18 percentage points, becoming the last of the major banks to increase mortgage rates independently of the RBA.

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Why banks are raising interest rates

Why are banks raising interest rates (Thumbnail)Click to play video

Clancy Yeates Rival banks are following the lead of Westpac's interest rate hike independently of the Reserve Bank as they look to pass on extra costs to customers.

NAB joins rivals in lifting home loan rates

NAB has followed CBA and Westpac in raising its variable home loan rates.

Clancy Yeates National Australia Bank is raising home loan interest rates 0.17 of a percentage point, joining Westpac and Commonwealth Bank in blaming the increase on tougher regulations on banks.

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Commonwealth Bank raises variable home loan rates

Positive or negative? Hold or sell?

Clancy Yeates Home owners' mortgage costs are set to rise by hundreds of dollars a year, after the Commonwealth Bank became the latest bank to hike interest rates in an attempt to preserve shareholders' high...

Bank lending lacked 'common sense', says APRA

Competition was driving bank lending standards to a horribly low level, APRA chairman Wayne Byres says.

Clancy Yeates The banking regulator has taken a fresh swipe at banks' mortgage lending standards.

Consumer groups back mortgage broker pay review

As well as dominating home lending, the big banks own or have a major stake in 40 per cent of mortgage brokers.

Clancy Yeates The government this week said the Australian Securities and Investments Commission would investigate the remuneration of mortgage brokers, which wrote more than half of all new home loans.

ANZ chief pans 'fairytale' bank safeguard theories from 'overdramatic' analysts

ANZ chief executive Mike Smith says some analyst predictions of future bank capital raisings are overly dramatic.

Clancy Yeates ANZ Bank chief executive Mike Smith has dismissed claims banks will have to raise many billions of dollars more in capital as "fairytales".

Government backs APRA action on banks

The government confirmed APRA would take further steps to make sure bank capital was

Clancy Yeates The banking regulator has been given until the end of next year to ensure Australian banks hold enough capital to withstand financial shocks.

What the financial system overhaul means for you

The Commission will look into alternative models for how the savings of people who do not actively choose their super fund are allocated to a fund.

Clancy Yeates It is being trumpeted as the biggest overhaul to our financial system since 1997 - but how will it affect you?

Bank customers tipped to fix their mortgages as interest rates fall

Clancy Yeates Fixed rates appear relatively more attractive than variable ones as borrowers anticipate other banks will follow Westpac rate hike.

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Customers tipped to fix their mortgages

'There are over 10 lenders in the market offering variable rates under 4 per cent, so with rates now starting at 4.78 per cent for owner occupiers, Westpac is starting to look like a pretty expensive option,' RateCity financial analyst Peter Arnold said.

Clancy Yeates Interest rates for fixed two and three-year home loans are near record lows, and some smaller lenders continue to cut these rates to compete.