Clancy Yeates

Clancy Yeates

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

ANZ and Westpac among banks to back ethics training for financial advisers

Clancy Yeates ANZ and Westpac-owned BT Financial Group have supported proposals for advisers to be educated in ethical conduct, as well as changes to how professional standards are set.

Competition, rising costs, regulation: why Australian banks are finding it tough

budget winners

Clancy Yeates Banks' performance in recent times has made them seem almost bullet-proof, but this week they took a bullet.

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NAB seeks $5.5bn to fund exit from Clydesdale and Yorkshire

NAB chief executive Andrew Thorburn says spinning off Clydesdale will give investors greater certainty about UK conduct risk.

Clancy Yeates National Australia Bank chief Andrew Thorburn is asking shareholders to tip in a record $5.5 billion to fund an ambitious plan to sever the bank's troubled ties to Britain and dramatically boost its...

NAB profit hits $3.3b, Clydesdale Bank demerger and $5.5b rights issue announced

Analysts say the banks are keeping some of the Reserve Bank's rate cut so they can continue to discount headline rates as profits suffer

James Eyers and Clancy Yeates National Australia Bank will raise around $5.5 billion in a rights issue and demerge its UK bank, Clydesdale.

ANZ eyes asset sales to boost shareholder returns

ANZ chief executive Mike Smith has flagged a

Clancy Yeates ANZ Bank has flagged its intention to sell assets, including some of its minority stakes in a clutch of Asian banks, as it vows to boost shareholder returns and meet tougher demands from regulators

CBA leads bank share price correction

Correction territory: big bank shares have fallen heavily in recent weeks.

Clancy Yeates Shares in the major banks have plunged deeper into correction territory after a weak trading update from the Commonwealth Bank revealed rising costs, narrowing profit margins and increasing loan...

CBA third-quarter earnings flat at $2.2 billion

The CBA said that expense growth had increased in the quarter because of higher regulatory and compliance costs, including costs associated with its financial advice review.

Clancy Yeates The Commonwealth Bank's March quarter profits came in at about $2.2 billion, unchanged from the same period last year, amid higher expense growth and pressure on its profit margins.

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CBA fails to pass on full rate cut to borrowers

CBA hasn't passed on the full RBA rate to borrowers but rewarded savers instead.

Clancy Yeates The Commonwealth Bank is only passing on part of Tuesday's cut in official rates to borrowers, but has taken the unusual step of raising some deposit interest rates.

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ANZ to repay millions of customers after $30m credit card glitch

Clancy Yeates ANZ will reimburse millions of customers a total of $30 million after it miscalculated the interest charged for cash advances on credit cards.

We need to talk about negative gearing says ANZ boss Mike Smith

Clancy Yeates and Nassim Khadem ANZ chief executive Mike Smith has backed a discussion about negative gearing as part of the government's review of the tax system.

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ANZ's Mike Smith stands by return on equity target

Clancy Yeates ANZ boss Mike Smith insists the bank can still achieve a target to aggressively lift shareholder returns over the next 18 months, even as the bank faces declining margins, weak growth and the need to...

Westpac profit sparks bank sell-off

Westpac chief executive Brian Hartzer acknowledged banks face

Clancy Yeates Westpac has triggered a sell-off in bank shares after it disappointed investors by delivering the smallest increase in its interim dividend in five years and reporting no growth in annual profits.

Westpac imposes tougher borrowing rules on property investors

Westpac chief executive Brian Hartzer says the bank will also tighten its lending to foreign investors in real estate.

Clancy Yeates Westpac will apply tougher tests to new property investor borrowers when assessing how they would cope with higher interest rates.

Westpac first-half cash earnings flat from year-ago at $3.8b

Westpac's chief executive, Brian Hartzer, reports his first set of earnings since taking office.

Clancy Yeates Westpac has delivered half-year profits of $3.78 billion, unchanged from the same half last year, and will pay a dividend of 93c a share.

First-half bank profits to top $15 billion

Profit results from three of the big four banks will this week provide further detail on the sector's underlying health.

Clancy Yeates Australia's major banks are predicted to notch up more than $15 billion in first-half profits, helped by housing-led credit growth and historically low levels of loan losses.

Bank shares plunge $20 billion on threat of APRA action

APRA chair Wayne Byres has raised concerns over bank lending.

Jonathan Shapiro and Clancy Yeates Almost $20 billion has been wiped off the value of the big four banks by sharemarket investors this week as concerns mount that the prudential watchdog will take aggressive action against...

Bank shares wiped out over APRA real estate crackdown fears

The wholesale funding concerns that haunted the banks in the years after the crisis have eased

Jonathan Shapiro and Clancy Yeates The big banks have shed almost $20 billion of value this week, as concerns mount that action will be taken to tackle property speculation.

Banking & Wealth Summit

Peter Costello says stop messing with superannuation

Ruth Liew and Clancy Yeates The chairman of the Future Fund, Peter Costello, has urged politicians in power to stop messing around with the country's $1.9 trillion superannuation system.

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APRA backs more super fund mergers

Clancy Yeates The financial regulator is stepping up pressure on some superannuation funds to consider merging, as trustees face tougher rules forcing them to decide if members would be better served through...

APRA chairman Wayne Byres dismisses 'bad apples' defence

Clancy Yeates Revelations of misconduct in the financial services sector cannot be blamed on "bad apples", APRA chairman Wayne Byres says.