Clancy Yeates

Clancy Yeates

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

Profits put pressure on banks to cut rates

Clancy Yeates Banks are making bigger profits from writing new mortgages today than at any time since 2004, putting intense pressure on lenders to cut interest rates independently of the Reserve Bank, new research...

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Heavy claims, but profits still surge

Hurricane Oswald damage.

Clancy Yeates Insurance companies defy a year of fire and flood to underline improving conditions.

IAG profit up but home, car cover to rise


Clancy Yeates INSURANCE Australia Group expects premiums for home and car insurance to rise by up to 10 per cent over the next 12 to 18 months, as it passes on the growing cost of meeting claims.

IAG flags rise in insurance premiums


Clancy Yeates Premiums for home and car insurance are set to rise by 5 to 10 per cent over the next 12 to 18 months, IAG says.

Suncorp profit shines on shareholders

Patrick Snowball.

Clancy Yeates Suncorp is tipped to reward shareholders with another special dividend later this year, after posting a strong rebound in profit following lower claims from natural disasters.

ANZ sends another 70 jobs offshore

ANZ offloads its wholesale mortgage distribution business to Columbus Capital.

Clancy Yeates ANZ will cut 70 jobs from its Australian operations and replace the staff with workers in India, as banks continue to shrink their workforces in a push to reduce costs.

Suncorp spooks market with lower payout


Clancy Yeates Suncorp shares have slumped after the insurer paid shareholders a lower share of profits than expected, as it sets aside capital to shield itself from storm claims.

BOQ joins rush to buy back debt guarantees

Bank of Queensland

Clancy Yeates Bank of Queensland is the latest lender to exploit improving funding-market conditions.

BoQ launches buyback of guaranteed bonds


Clancy Yeates Bank of Queensland has become the latest lender to exploit the better conditions on funding markets, with new plans to spend up to $650m buying back taxpayer-guaranteed debt.

Bendigo predicts a ceasefire in bank deposits war

Bendigo Bank

Clancy Yeates Banks are likely to cut the interest rates paid to savers as competition for deposits eases this year, Bendigo and Adelaide Bank's managing director, Mike Hirst, has predicted.

Bank deposit rates about to fall: Bendigo

bendigo bank

Clancy Yeates The fierce competition for funds that has caused banks to pay over the odds for deposits is likely to ease this year, Bendigo and Adelaide Bank chief Mike Hirst says.

Westpac spruiks wealth advice


Clancy Yeates Westpac is planning a significant expansion of its wealth management division.

ANZ rise falls short of hopes

ANZ shows off 'next-gen' ATMs (Thumbnail)

Clancy Yeates ANZ has become the latest big bank to deliver strong profit growth despite subdued conditions, but the bank didn't quite match market expectations.

Super funds push to slow speed trades

High Speed Trading.

Clancy Yeates The Industry Super Network proposes dramatic plan to put the brakes on ultra-fast electronic trading.

Widening margins good news for Westpac


Clancy Yeates Wesptac is tipped to benefit most from the widening in profit margins from mortgage lending that underpinned the Commonwealth Bank's latest $3.78 billion earnings result.

CBA on track to deliver $7b bumper year


Clancy Yeates Bank on track to deliver a record profit of more than $7 billion this year, after its flagship retail banking arm overcame sluggish credit growth to help drive a 6 per cent jump in half-year earnings...

CommBank chief defends 'excessive' profit


Clancy Yeates CBA chief Ian Narev concedes that some people will see the bank's latest profit result as ''too much'', but maintains that funding costs are still a pressure.

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CommBank posts 'cracker' first-half result


Clancy Yeates Commonwealth Bank shares soar to a new record high, on a rise in earnings and dividend as its flagship retail operations benefit from solid growth.

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RBA drops stake in accused Securency

The RBA announced its intention to sell its stake in Securency in 2010.

Clancy Yeates The Reserve Bank has sold its 50 per cent stake in Securency, a firm alleged to have bribed foreign officials to secure note-printing contracts.

Big business in sight as Canberra clamps down on $1b tax loophole


Clancy Yeates New laws will give the taxman greater powers to combat tax avoidance and profit-shifting by big business, as the government steps up its effort to protect billions of dollars in corporate tax revenue.