Australia Banking 27 Feb 24 – INDUSTRY SNAPSHOTS
AFR - Westpac to sell RAMS Home Loans, 16 years after saving it from GFC -
Westpac will sell RAMS Home Loans - which it saved during the global financial crisis, but was forced to shear amid the Hayne royal commission - with bankers appointed to offload the business.
For the complete story, see:
AFR -
For the complete story, see:
Insurance Business America -
For the complete story, see:
Other Stories
AFR -
Bloomberg.com -
AFR - CBA's business boss describes Macquarie as a 'formidable' competitor -
AFR - ANZ/Suncorp deal 'not good for competition or consumers': Bendigo -
Media Releases
The nexus of customer behaviour, corporate perception and banking: Australian perspective - By
Industry Overview
The Banking Industry
Overviews of Leading Companies
Bank
Bankwest
Beyond Bank
BNP Paribas Australia (FP: BNP)
ASX: MBL, MQG)
Senior Associate: Theadore Leighton Manjah
News and Commentary
AFR - Westpac to sell RAMS Home Loans, 16 years after saving it from GFC -
Westpac will sell RAMS Home Loans - which it saved during the global financial crisis, but was forced to shear amid the Hayne royal commission - with bankers appointed to offload the business.
For the complete story, see:
AFR -
For the complete story, see:
Insurance Business America -
For the complete story, see:
AFR -
One of the biggest thematics in recent times has been a shift in asset-allocation from large institutional investors, including pension and sovereign wealth funds, out of illiquid assets and equities paying miserly risk premiums into high-grade bonds offering the best yields in decades.
For the complete story, see:
Bloomberg.com -
For the complete story, see:
For the complete story, see:
AFR - CBA's business boss describes Macquarie as a 'formidable' competitor -
The architect of
For the complete story, see:
AFR - ANZ/Suncorp deal 'not good for competition or consumers': Bendigo -
For the complete story, see:
Media Releases
Key points
Group net profit after tax (NPAT) up 5.4%* to
Interim fully franked ordinary dividend of
General Insurance Gross Written Premium (GWP)up 16.3% to
Suncorp Bank Home lending up
Common Equity Tier 1 capital held at Group of
Proposed sale of
Strong equity market performance, higher running yields and favourable mark-to-market movements across the
GWP growth of 16.3% in the
The total cost of natural hazard events was
The Group's natural hazard allowance for FY24 remains
Prior year reserves, net of the impact of loss component movements, were strengthened by
Other loss after tax increased
The Board has determined to pay a fully franked interim ordinary dividend of
CET1 capital held at Group is
"Against this backdrop, the Group has continued to work hard to support its customers while also delivering improved earnings driven by increased customer demand for our products and services and positive investment performance over the half,"
"Net investment returns were up significantly from
"Our Australian and
"The growth in gross written premiums is also reflective of targeted price increases in response to higher reinsurance costs, ongoing supply chain inflationary pressures resulting in higher repair costs for cars and homes, and an elevated level of natural hazards. We remain acutely alert to the affordability challenges facing customers and continue to focus on driving greater efficiencies in our own business. We are vocal advocates of policy reform and mitigation investment that helps reduce the risk of extreme weather to people and communities, which are critical in reducing insurance premiums for consumers, particularly in high-risk locations," he said.
"Our teams right across the country have been supporting customers impacted by the severe weather events experienced across the east coast of
"We continue to see intense industry-wide competitive pressure in both deposits and lending, which we are carefully balancing,"
"Last week we welcomed the
"The decision brings us one step closer to becoming a dedicated Trans-Tasman insurer proudly headquartered in
"We look forward to continuing to engage constructively with the Queensland Government and Federal Treasurer on the remaining approvals and remain fully committed to
https://www.suncorpgroup.com.au/news/news/half-year-results-2024
NAB CEO
In a wide-ranging discussion at the
Read NAB CEO
"The economies of both countries have stood up pretty well, and individuals have stood up, I think very well," he said.
"Full employment helps. When you are running unemployment levels at 4, 4.1 per cent, those are amazingly good levels, which keeps money in people's pockets and helps them manage to pay their mortgage."
"We'll see how the tax changes go and when interest rates start coming back," he said.
"But [the economy] is very resilient and I think will continue to be. And we'll be in okay shape the rest of the year."
Supporting customers
"People want to be good with their money. You should never work from the base that people are trying to avoid paying - 99.9% are not," he said.
"Our 30, 60, 90-day arrears have ticked up, and it showed through in our quarterly results this week. But the vast majority of our [arrears rates] are still below 2019 levels where we started.
"[Customers] are making decisions. They just need certainty and as soon as they get certainty, they get on with life.
"So I've been pleasantly surprised, but there's still a way to go in the next 12 months to see how it all plays out."
He thanked organisations providing support to people struggling to make ends meet.
"You talk to the
With the recent boost to NAB Assist of an additional 700 colleagues,
Simplification
He said it was a significant issue across the banking sector, especially for smaller operators.
"We've got to be very careful, if we want these banks there, to make sure we don't overburden them with the regulation and the requirements of running a bank, and the obligations of running a bank as well," he said.
"Some of our smaller banks, that [we] sit around the table with, you can see their faces going 'what now, I'm just trying to keep up with the last change you made that was pushed on us'.
"It's a delicate situation of how much regulation do we push through to keep things in the right shape and do the right thing, and how much is it a real burden."
Transformation of banking
"Covid itself probably meant the use of cash has really gone down quite quickly, much faster than anybody anticipated," he said.
"[And there] is a massive complexity in moving huge amounts of different notes and coinage, and there is nothing free about that."
He said cash circulation was a top priority for the ABA and RBA - but that it required a collaborative approach.
"So there's a whole lot of things that we do in the system that I think need to be worked through in a logical, sensible, unemotional way to get to a conclusion about how we distribute cash,"
"What's the cost? How does it all work? Who should pay? Because it's not just banks [involved]."
"[We] need to be thinking long term on this, not short term. And that's why I'm delighted about the work that
https://news.nab.com.au/news/mcewan-aba-2024/
Macquarie AirFinance has agreed to acquire an additional portfolio of 23 aircraft from ALAFCO Aviation Lease and Finance Company K.S.C.P. ("ALAFCO") for approximately
The portfolio consists of predominantly new technology commercial passenger aircraft with an average age of approximately five years. The portfolio is currently leased to 10 airlines located in 9 countries. The transaction is in addition to Macquarie AirFinance's existing agreement with ALAFCO to purchase a diverse portfolio comprising 53 aircraft and an order book of 20
The acquisition of the further 23 aircraft will help facilitate the transition of Macquarie AirFinance's fleet to newer technology, with the addition of more fuel-efficient models to lower the average carbon emissions intensity of its fleet.
Adel Albanwan, Chief Executive Officer of ALAFCO, said: "I wish Macquarie AirFinance every success with its strategy of furthering its continued business growth with the addition of this portfolio of 23 aircraft which underscores our confidence in Macquarie AirFinance. I also want to thank my ALAFCO colleagues, whose commitment to building an outstanding portfolio over the past three decades has enabled the success of the combined portfolio sale to Macquarie AirFinance. ALAFCO's board of directors intend to explore alternatives for the future of its global aviation business after completing all the procedures for selling the remaining aircraft in the company portfolio."
Macquarie AirFinance is a leading provider of aircraft leasing and financing solutions. Following this transaction, its portfolio will include 240 aircraft leased to 87 airlines across 47 countries and a firm orderbook of 66 new technology
The transaction was approved by ALAFCO shareholders at an Extraordinary General Meeting on
For the Half year ended
1H24 result reflects prudent management of shareholder funds with a strong capital, funding and liquidity position
"We have been deliberate in our decision to pre-fund the repayment of the Term Funding Facility, protected our margins where competitive tensions were irrational, kept expense growth below inflation by executing on productivity initiatives and stayed the course with our investment plans, ensuring efficient use of shareholder funds for the long-term benefit of our customers,"
The Bank's balance sheet is well positioned for the current economic environment. Over the half, credit expenses of
"Customer deposits grew 3.5% over the half, demonstrating the strength of the Bank's deposit franchise, with deposits from our
Total lending was down 0.7%, with competitive market pressures weighing on residential lending volumes, down 0.1%. The Bank remains committed to managing volume and margin, and prioritising growth in digital mortgages. Business lending was up 0.2% and Agribusiness was down 3.9% due to seasonal run-off in the Agribusiness book.
Net Interest Margin was down 15 basis points on the half to 1.83%, impacted by price competition in both lending and deposits and a higher level of liquid assets.
"The revenue challenges we faced in the last half have sharpened our focus on accelerating investment in channels that drive profitable growth. Digital mortgage settlements accounted for 16.3% of all residential lending settlements for the half. For deposits, the launch of online functionality for term deposits and savings accounts for new and existing
"Customer growth remains strong, with a year-on-year increase of 8.3% to 2.47 million and the Bank's Net Promoter Score is 27.8 points above the industry. Contributing to the customer growth is our market leading digital bank Up, which continues to develop unique and engaging customer propositions that improve advocacy and ultimately reduce acquisition costs,"
Business summary
"Cash earnings for our Consumer division decreased 9.9% to
"Cash earnings for our Business and Agribusiness division increased 16.7% to
Credit quality remains sound, with a 17.7% reduction in net impaired assets to
"Total operating expenses rose by 1.4% for the half year. Business-as-usual costs remained well below inflation. Productivity benefits of
"Our cost to income ratio was challenged during the half, increasing by 230 basis points impacted by the lower income environment. We continue to work on our medium-term objective of a cost to income ratio towards 50%."
The Board has declared a fully franked interim dividend of
Transformation agenda
The transformation agenda continues to move at pace. Over the past six months the Bank prioritised the following areas:
Reduce complexity
Continued to reduce complexity through the exiting of non-strategic arrangements, including:
Exiting of relationship agreement with Elders
Divesting the Bank's shareholding in Homesafe Solutions
Progressing the sale of Bendigo Super
Transitioning Alliance Banks to our
Invested in capability
Grew digital mortgages across direct channels in BEN Express and third-party channels such as Qantas Money Home Loans, Tiimely and the newly formed partnership with
Up's unique customer proposition has seen customer growth of 11.8%, deposits growing at 16% and the settlement of
Restructured Business and Agri division with new leadership, simplified processes and a reinvigorated team to be enabled by new technology. Investments in a new origination and customer relationship management platform to be completed by
Delivered pilot of new Digital Lending Platform which will provide a streamlined process for home lending, automated credit decisioning and will enable deeper relationships with customers. The first phase is open to over 3000 brokers, has processed over 200 applications and is already showing positive signs with time to unconditional approval on par with industry best practice.
Sustainability
Launched the Bank's second climate strategy, the Climate & Nature Action Plan alongside enterprise-wide climate training for all BEN team members.
Continued implementation of our refreshed diversity and inclusion strategy 'Belonging at BEN' and launch of our second Accessibility and Inclusion Plan.
Launched Banking Safely Online, a face-to-face digital literacy program for BEN customers and their communities. Over 100 sessions have been held across
Outlook
"The Bank expects the official cash rate to remain at current levels for most of 2024 following the recent pause from the
"Cost of living pressures will continue to present a challenge to Australian households. The Bank is ready to support borrowers who experience financial difficulties and has team members from our Mortgage Help Centre standing by."
Asset quality remains intact, and marginal increases in 90 day arrears in the Bank's residential lending portfolio represent increased cost of living pressures experienced in some areas of the community. We expect bad debts to trend upwards and move towards longer-term averages over time. "Our home loan customers remain well ahead of their repayments with 41% one year ahead of repayments. Pleasingly, more than 85% maintain a financial buffer."
"The investment in our digital capabilities will continue in 2024. We have been mindful that creating strategic long-term value is always the priority. We see the investment in our Digital Lending Platform, Up, digital deposits and mortgages, and the transformation of our Business and Agribusiness division as key to unlocking value over the medium-term."
"These investments will pave the way for a seamless and consistent experience for our customers and will be a key enabler for growth in the next year. We are focused on improving returns in our business by ensuring the momentum in our productivity efficiencies offsets inflationary pressures in our business-as-usual expenses"
"Our unique
"We are proud to be a regional bank and are different from our peers with our household deposit to loan ratio at 73%, strong balance sheet, high levels of staff engagement and proven track record in innovation. We are
"The thoughtful and informed decisions we have made ensure our balance sheet is positioned for the uncertain environment. We have the capability to allocate capital to higher returning businesses and continue delivering on our purpose by supporting our customers and communities when they need it."
"We have been, and will continue to be, responsible with shareholder funds. We have been patient with our choices, have confidence in our execution and are optimistic about our future."
https://www.bendigoadelaide.com.au/media-centre/2024-interim-financial-results/
"This has been a solid quarter in which we've grown the franchise and maintained a strong financial position. Our unaudited net profit was
Excluding Notable Items net profit was
Operating momentum was positive with customer deposit growth of
Net interest margin (NIM) was well managed in light of lending and deposit headwinds, with NIM excluding
Notable Items declining 1 basis point to 1.93% and Core NIM declining 4bps to 1.80%.
I'm pleased with our efforts to strengthen the Westpac franchise. Our Consumer NPS5 has increased reflecting improved mortgage servicing capability and
From a credit quality perspective, we saw a reduction in business stress while a rise in 90+ day mortgage delinquencies reflects the tougher economic environment. We remain focused on helping those customers facing high cost-of-living pressures and making difficult choices to manage household budgets.
These trends in credit quality saw impairment charges rise. The charge to average loans increased by 3 basis points to 10 basis points, although remains below the long run historical average.
We expect the economy to remain resilient, supported by low unemployment and healthy corporate sector balance sheets. The economic slowdown, combined with abating inflationary pressures, should provide scope for monetary policy to become less restrictive within the next year.
We continue to prioritise financial strength with capital, funding and liquidity well above regulatory minimums. Risk management remains a priority. Following the completion of 100% of CORE6 program activities, we have commenced the transition period which will continue throughout 2024."
Operating trends
The NIM was 1.78% and comprised:
Core NIM of 1.80%, down 4 basis points, reflecting prudent management in the context of ongoing mortgage competition. In addition, further deposit mix shift towards lower spread savings and term deposits was offset by higher earnings on capital and hedged deposits;
Hedging items, that will reverse over time, which detracted 15 basis points.
Expenses were down 6% and excluding Notable Items were up 2%. The rise in expenses excluding Notable Items reflected higher amortisation expense and ongoing inflationary pressures. These outweighed benefits from the 2% reduction in FTE and ongoing Cost Reset actions.
Stressed assets reduced by 4 basis points in the quarter to 1.22% of total committed exposures, with the reduction in watchlist and substandard exposures more than offsetting the rise in 90+ day mortgage delinquencies.
Financial strength
The CET1 capital ratio was 12.3% as at
The quarterly average liquidity coverage ratio of 133% and net stable funding ratio of 114% remain above regulatory minimums.
Wholesale funding is well progressed with more than
Credit impairment provisions were
The Group has completed 31%8 of the
https://www.westpac.com.au/about-westpac/media/media-releases/2024/19-February/
Macquarie Asset Management has announced the appointment of Elise Vaudour to support the ongoing expansion of its green investments offering for wealth management clients.
Elise returns to
Elise previously spent 15 years at
Commenting on her appointment, Elise Vaudour said: "I am delighted to return to Macquarie at a time when the firm is evolving to meet the next phase of growth within private markets. Wealth management clients are seeking compelling investment solutions in alternative asset classes, and I believe Macquarie is well positioned to meet this increasing demand as the world's largest infrastructure manager and a leading investor in the energy transition."
Macquarie Asset Management oversees more than 105 GW of green energy assets in development, construction and operations across more than 25 markets.1 The asset manager also benefits from established wealth management franchises in
As at
The nexus of customer behaviour, corporate perception and banking: Australian perspective
Muhunthan Jayanthakumaran,
ABSTRACT
https://www.tandfonline.com/doi/abs/10.1080/17521440.2023.2301317
The Industry
Includes special features of this country's banking system and rules/laws that might impact
The four largest retail banks in
While the banking system in
The Australian banking system is undergoing progressive deregulation and privatization. Foreign banks are allowed to enter the financial market. Retail banks, in general, now provide a wider range of financial services, including: life and general insurance, stock brokering, and security underwriting to retail customers, in addition to making corporate and consumer loans. This places them in competition with brokerage houses and merchant banks.
The Australian Government permits non-Australian banks to operate as branches to serve the wholesale market. However, banking regulations only allow retail banking activities through a locally-incorporated subsidiary.
The
Source: export.gov
https://www.export.gov/article?id=Australia-banking-systems
The Australian financial system remains strong and well placed to support economic activity
Australian banks are well regulated, well capitalised, profitable and highly liquid; they are in a strong position to continue lending to domestic households and businesses.
Australian banks entered this more challenging environment for global financial stability in a strong position - the result of banks' significant capital and liquidity buffers, well-established risk controls, and a strong domestic regulatory and supervisory framework administered by the
Other large financial institutions also remain resilient. Superannuation funds have effectively navigated periods of volatility in asset markets, though recent events have highlighted the importance of maintaining robust liquidity management practices. Likewise, insurers' capital levels remain well above regulatory requirements, though the cost of claims has increased due to inflation and higher-than-expected natural disaster claims.
Cyber resilience continues to be a focus for financial institutions and regulators. Recent high-profile cyber-attacks demonstrate the potential for such attacks to not only harm the individuals affected, but to spill over to other organisations and the financial system more broadly.
Higher interest rates and inflation are putting pressure on household budgets and financial stress is increasing among some households, but most remain resilient
A small cohort of borrowers with low savings, high levels of debt and low incomes are most at risk of facing difficulties in servicing their debts.
Australian households and businesses are generally well placed to manage the impact of higher interest rates and inflation, supported by continued strength in the labour market and sizeable savings buffers. However, this resilience is unevenly spread. Some households and businesses are already experiencing financial stress, and the squeeze on household budgets is likely to continue to build.
As a result, banks expect the share of households and businesses falling behind on their loan payments to increase over the period ahead. That said, the share of non-performing loans are near historically low levels, and banks are well placed to manage an increase in non-performing loans while continuing to lend to households and businesses.
Source:
https://www.rba.gov.au/publications/fsr/2023/apr/
Australian Banking Association Agribusiness Report 2022
Agriculture has long been a backbone of the Australian economy and is a sustainable sector that will continue to be critical to the nation's future prosperity for generations to come.
Ongoing activity across the industry, supported by Australian banks, has provided vital stability to the wider economy during the uncertainty of the COVID-19 pandemic. Australian agriculture will continue to play a leading role during the current recovery period and banks remain deeply invested in the success of regional customers and communities.
Despite the turbulence of recent years, macroeconomic conditions across the sector are very positive. Strong prices are being maintained across a range of agricultural commodities and ideal seasonal conditions have resulted in bumper crop yields.
Banks continue to back farm businesses in
Over the past few decades, agricultural exports have consistently contributed around 4 per cent to the nation's Gross Domestic Product (GDP). After a decline in the contribution of agricultural produce to GDP during 2020, there has been a sharp increase in the gross value agriculture has added in recent years. In the December quarter of 2021 agriculture contributed
Given future expectations and anticipated higher income across agriculture, Australian banks want, and are ready, to lend to the sector and will continue to support farmers and primary producers across the country.
Partnering with sectors like agribusiness is one of the most important roles a bank can play. Dedicated agribusiness bankers see it as their job to understand a customer's business and make it their mission to be available to provide trusted support and timely responses.
As we put the worst of the pandemic behind us and continue the recovery journey through 2022 and beyond, banks will continue to collaborate with the sector, governments and industry stakeholders to ensure product and service offerings support the needs of Australian agriculture long into the future.
For more details:
Source:
Banking industry in
The banking industry in
After the Great Depression, more banking regulations were adopted, making it difficult for foreign banks to operate in the country. Fewer banks were involved in the sector, and these were classified as either state-owned savings or commercial trading banks. This left a gap in the market for building societies and credit unions to fill and thrive. From the mid-1960s onwards, deregulation of the country's financial sector meant that savings and trading banks no longer had to be distinct in their functions and separate from each other. Interest rates could be set by banks themselves and building societies could take deposits from the public. Bank acquisitions throughout the 70s and 80s led to a few larger banks dominating the market. Due to growing concern and political pressure regarding the shrinking number of large banks operating in the market, the Australian government adopted the ''four pillars policy'' in 1990. The policy was implemented to stop further mergers between the Big Four banks in the country. Today, the Big Four banks are
Banking on technology
The future of banking in
Source: Statista
https://www.statista.com/topics/5759/banking-industry-in-australia/#dossierKeyfigures
The
The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages
Our Role
The
The role and functions of the
It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of
the stability of the currency of
the maintenance of full employment in
the economic prosperity and welfare of the people of
Section 11(1) of the Act covers the need to consult with Government; the Reserve Bank Board is to inform the Government, from time to time, of the Bank's monetary and banking policy.
The 'charter' of the Payments System Board is defined in section 10B(3) of the Act as follows:
It is the duty of the Payments System Board to ensure, within the limits of its powers, that:
the Bank's payments system policy is directed to the greatest advantage of the people of
the powers of the Bank under the Payment Systems (Regulation) Act 1998 and the Payment Systems and Netting Act 1998 are exercised in a way that, in the Board's opinion, will best contribute to:
controlling risk in the financial system;
promoting the efficiency of the payments system; and
promoting competition in the market for payment services, consistent with the overall stability of the financial system; and
the powers and functions of the Bank under Part 7.3 of the Corporations Act 2001 are exercised in a way that, in the Board's opinion, will best contribute to the overall stability of the financial system.
Governance
The
The Reserve Bank Board has an Audit Committee and a Remuneration Committee. The primary objective of the Audit Committee is to report to the Board on matters relevant to the fulfilment of the Bank's statutory financial reporting and other obligations in terms of the Reserve Bank Act and the PGPA Act. The Committee assists the Governor and the Board in fulfilling their obligations relating to financial reporting, risk management and fraud control, and regulatory compliance. The Remuneration Committee makes recommendations to the Board on the remuneration of the Governor and Deputy Governor in terms of the Reserve Bank Act and the framework and guidelines set by the
Following appointment to the Reserve Bank Board or Payments System Board, each member is required under the Reserve Bank Act to sign a declaration to maintain secrecy in relation to the affairs of the particular Board and the
Source:
https://www.rba.gov.au/about-rba/our-role.html
Market Operations
Conventionally, an important aspect of implementing policy decisions involves the
During 2020, the
a significant increase in liquidity in the banking system has moved the cash rate to the low end of the corridor.
purchases of government bonds in the secondary market, for a time, to:
support a target for the yield on an Australian Government bond further out the yield curve than the cash rate (initially the AGS closest to three years to maturity) - the yield target was discontinued on
lower government bond yields further out along the yield curve than the target bond and so lower the whole structure of interest rates - on
address market dislocations, which were most heightened around
A term funding facility for the banking system, through which for a specified period - which ended on
Source:
https://www.rba.gov.au/mkt-operations/
Source:
https://www.rba.gov.au/about-rba/
Bank
Bank
Total assets grew by 17.6% to
According to Managing Director
"We approached the 2021 financial year with caution and our plans for the year considered the significant uncertainty surrounding the pandemic.
"Having prepared for the worst, we were satisfied with how the year ultimately unfolded. It has been one of extraordinary growth and continued success for Bank Australia.
"Despite the challenging environment, our financial performance over the past 12 months has been strong and we are pleased to have achieved above system rates of growth while maintaining a fair and competitive balance between rates for borrowers and depositors.
"We funded almost
"We also continued to support customers through the pandemic, by deferring loan repayments, waiving fees, consolidating debt and providing guidance on government support schemes. Thankfully, as the second Covid-19 wave eased in
"This year we continued asking people to consider how they can use their money to improve their own lives, the lives of others and the planet.
"Our clean money proposition continued to resonate with our target market as we attracted a record number of new customers this year. Along with this growth, the average age of new customers dropped again to 35, down from 44 only three years ago.
"We've continued to deliver on our strategy to develop the capacity of our people as values based leaders, and continued to develop our digital transformation roadmap to meet the evolving needs and expectations of our customers.
"Importantly we continue to balance the need to invest in the business, while continuing to build capital to support growth as we look to create even greater positive impact on behalf of our customers.
"This year we hit another milestone with our impact finance portfolio reaching
"Highlighting our commitment to positive impact, we launched our partnership with Indigenous Business Australia, which will create new opportunities for more Aboriginal and Torres Strait Islander people to achieve home ownership.
"This is another example of responsible banking helping to build a fairer and more inclusive society.
"Looking ahead to FY22 we will make significant investments in projects and technology to support improved customer and employee experience, while continuing to support our customers and employees through the ongoing COVID-19 pandemic."
Summary of Bank Australia's 2020-21 financial performance:
Source: Bank Australia
https://www.bankaust.com.au/blog/bank-australia-delivers-record-customer-and-asset-growth-in-fy21
Banking Services
The
bank account facilities;
real-time New Payments Platform (NPP) services for payments and collections;
processing and distribution of bulk electronic direct credit payment transactions, including welfare, Medicare rebates, salaries and vendor payments;
other payment services, including BPAY, Real Time Gross Settlement (RTGS), cheque and prepaid cards.
various collection services, including direct credits and debits, RTGS, BPAY, eftpos, cheque, as well as internet and phone card based facilities;
overseas payment and collection services, including direct entry, electronic funds transfer (wires) and cheque; and
document delivery services where agencies can electronically request the
Agencies can access these services and/or related reporting by using the
Source:
https://www.rba.gov.au/fin-services/banking.html
Source:
https://www.rba.gov.au/about-rba/
The ABA is an association of 20 member banks in
The ABA is led by
The ABA is governed by a Council which comprises Chief Executive Officers of member banks.
What we do
The ABA addresses a large range of public policy issues to help build a regulatory environment that promotes growth in the banking industry and the wider economy. We work to ensure banking is affordable and accessible and enables customers to get the right products and services for their banking needs.
The ABA ensures the banking industry's views are put forward when governments determine policy or legislation. Many areas of Commonwealth and State law and in some cases international law, impact upon the interests of Australian banks.
The
Many areas of law, for example taxation or financial sector reform, affect the trading environment for Australian banks and the ABA consults its members to form industry positions on these and many other issues.
Our History
In the mid-1980s it was decided that the ABA's role was too limited and that it would be broadened in favour of having a fully representative organisation of all licensed banks in
A new constitution was drafted in 1985, and in 1997 there were further changes to the mission of the ABA to focus the association on its principal benefits to members, that is, an advocate for the banking industry when dealing with Governments, the media and public.
In 2014, the ABA underwent a process of review and renewal to ensure the banking industry is recognised widely as an essential and responsible contributor to
Source:
https://www.ausbanking.org.au/about-us/the-aba/
Leading Companies
Our business
Through our portfolio of businesses, we offer services and solutions to help our customers, retail and institutional, to realise their ambitions.
AMP
AMP
We seek to provide whole-of-wealth services to Australians, taking a holistic view of a client's needs at every stage of their life, and providing best of breed financial solutions.
Our solutions seek to the address the 'big five' financial requirements affecting most Australians - managing cash flows, managing debts, growing assets, enjoying retirement and protecting their family's future.
In
At the end of 2018, AMP managed
During a period of fundamental change in the financial advice industry, AMP remains committed to providing quality advice and solutions that are affordable and accessible for more Australians.
We manage investments in equities, fixed income, diversified, multi-manager and multi-asset funds on behalf of clients around the world. In 2018,
Sold businesses
In
New Zealand Wealth Management
In
https://corporate.amp.com.au/about-amp/what-we-do/our-business
AMP announces FY 23 results and continued capital return
Overview
Underlying Net Profit After Tax (NPAT)1 up 6.5% to
Platforms underlying NPAT of
Advice underlying NPAT loss of
Group underlying NPAT loss of
Statutory NPAT of
Controllable costs of
Capital management:
Net debt reduction of
Underlying earnings per share of
Final dividend of
Major transactions completed to simplify portfolio
Several legacy matters resolved, including shareholder class action and agreement to settle adviser class action
AMP Chief Executive
"2023 was a year of progress for AMP. We have repositioned the portfolio with the completion of the
"In addition, we have continued to reduce net debt, implemented further business simplification initiatives, invested in sustainable growth and returned surplus capital to shareholders.
"With AMP now in a stronger position, we have a clear strategy focused on three areas.
"The first is to drive the profitability of our businesses,
"The second is efficient cost and capital management, including delivering on our commitment to further simplify and right size our cost base, and diversifying our funding mix in
"The third is to build on our capabilities across the wealth value chain and large customer base to create new sources of revenue and lasting points of differentiation with customers. This includes building our digital capabilities, and developing new products and services to address the unmet needs of
Business unit results
Underlying NPAT of
Controllable costs for the year were 1.5% lower at
In November,
To improve return on capital,
Platforms
Underlying NPAT of
Net cashflows (excluding pension payments) were
Controllable costs increased to
Advice
Underlying NPAT loss in Advice improved by
The quality of AMP's adviser network remained strong with average revenue per advice practice above the industry average at
Underlying NPAT of
Net cashflows were impacted by the above-mentioned mandate loss, which took effect in
New Zealand Wealth Management
Underlying NPAT of
The divestment of legacy products continued to simplify the business, as advice and distribution revenue continues to grow.
Group
Strategic partnerships earnings were 34.8% lower, impacted by lower PCCP sponsor valuations reflecting a decline in the US real estate market, and
For Group, controllable costs of
Capital
The capital return program has resulted in
The third tranche, representing the remaining
The third tranche of the buyback is expected to commence in the next five days.
Briefing
More detailed information on the FY 23 result is available in the FY 23 Presentation and AMP Data Pack, available at amp.com.au/shares. An analyst briefing, starting at
All amounts are in Australian dollars (A$) unless otherwise stated. Authorised for release by the AMP Limited Board.
https://corporate.amp.com.au/newsroom/2024/february/tbc_-1
About
Our diversity is a rich tapestry of culture, experience and knowledge, brought together by our people, for the benefit of our customers.
The Bank is committed to excelling in specific areas to ensure the delivery of a superior and unique banking experience for both customers and the wider community and these areas include:
Product Focus
With a team of highly skilled and experienced individuals, the Bank has developed expertise in a number of industries and product categories, particularly in the areas of property, everyday banking and international trade in the
Service Recognition
The Banks' commitment to its customers in delivering superior service and award winning products, has been demonstrated through award wins the Bank has achieved for their Transactional, Investment and Business accounts.
Community Support
About
Today,
The Bank throughout its 80 year history and difficult worldwide economic and political times, has never defaulted on any claims to customers or partners. Throughout worldwide financial industries,
https://www.arabbank.com.au/about/arab-bank
Disclosure of Prudential Information under APS 330 as at quarter end
For the full release, see:
https://www.arabbank.com.au/sites/default/files/inline/APS%20330%20disclosures%20300619.pdf
About ANZ
ANZ traces its origins to the
ANZ is a publicly listed company, and was incorporated on
ANZ is one of the five largest listed companies in
As at
We operate in more than 33 markets across
Our ~40,000 staff serve retail, commercial and institutional customers through consumer and corporate offerings in our core markets, and regional trade and capital flows across the region.
ANZ is owned by over 500,00 shareholders with 43% of ANZ's shareholdings (by value) held by retail shareholders and 57% by Institutional shareholders. 74% of ANZ's shareholdings (by value) is held by domestic shareholders and 26% held by offshore investors.
ANZ shares and related securities are listed on the Australian and
Our approach to sustainability
Sustainability at ANZ is about ensuring our business is managed to take account of social, environmental and economic risks and opportunities. By taking these factors into consideration across all areas of our business, we can create and preserve value for customers, shareholders, our people, the environment and the communities in which we operate.
Our Sustainability Framework supports our business strategy, reflects our most material issues and is aligned with our purpose. At the core of our Framework is Fair and responsible banking - keeping pace with the expectations of our customers, employees and the community, behaving fairly and responsibly and maintaining high standards of conduct.
Our three priority areas are:
Environmental sustainability - supporting household, business and financial practices that improve environmental sustainability.
Housing - improving the availability of suitable and affordable housing options for all Australians and New Zealanders.
Financial wellbeing - improving the financial wellbeing of our customers, employees and the community by helping them make the most of their money throughout their lives.
https://www.anz.com/shareholder/centre/about/
2023 Half Year Result & Proposed Dividend
ANZ [1] today announced a Cash Profit [2] from continuing operations of
Statutory Profit after tax for the half year ended
ANZ's Common Equity Tier 1 Ratio increased to 13.2% and Cash Return on Equity rose to 11.4%. The proposed Interim Dividend is
CEO COMMENTARY
ANZ Chief Executive Officer,
"Achievements this half included establishing a new
"Australia Retail grew home loans faster than the market, while also driving good growth in deposits. We continued the rollout of ANZ Plus, which had
"Institutional posted a record half-year result, producing returns well above the cost of capital in each region and strong revenue growth across all products. The division saw ongoing rapid growth in payments and currency processing and benefitted from servicing other financial institutions where we have a competitive advantage and significant market leadership. The international business performed strongly, contributing to more than 60% of the Division's revenue growth compared with the prior comparable period.
"In
"Australia Commercial was a strong contributor to Group revenue, generating the highest return on equity of our divisions and delivering revenue growth of 30%[1] compared with the prior comparable period. During the half we performed particularly well supporting customers in agriculture, trade and manufacturing.
"We continued to tightly manage costs at a time of significant inflation and from a balance sheet perspective remain one of the best capitalised banks in the world. We were among the first banks in the world to successfully access global funding markets after a period of market instability, demonstrating the strength of our franchise and confidence in the Australian banking system. We have a well-diversified portfolio and the ability to allocate capital dynamically to maximise shareholder returns."
DIVISIONAL HIGHLIGHTS
Australia Retail
Revenue up 4% vs 2H22 or 11% vs 1H22, driven by restored home lending momentum from the previous half and deposit margin management in a highly competitive environment.
Strong home loan momentum in the first half, supported by restored capability and capacity and an improved broker support model.
Increased customer engagement in ANZ Plus, with deposits reaching
Australia Commercial
Revenue up 13% vs 2H22 or 11% vs 1H22, driven by disciplined margin management and a strong deposit franchise.
Net Loans and Advances expanded by 4% vs 1H22 by maintaining strong momentum in priority sectors.
Finalised the sale of the investment lending business in
Institutional
Revenue up 23% vs 2H22 or 35% vs 1H22 as the division continued to focus on payments processing and servicing of other financial institutions.
Rapid growth in payments processing, with New Payments Platform agency payments increasing 31% vs 1H22 while platform cash management accounts grew 32% vs 1H22.
Participated in 56 sustainable finance deals worth
Revenue up 1% vs 2H22 or 14% vs 1H22, with margin expansion against a challenging competitive backdrop.
Net Loans and Advances grew 3% vs 1H22 driven by home and business lending, despite a more challenging economic environment.
Supported customers impacted by the floods and cyclone with emergency access to over
CREDIT QUALITY
The total credit impairment charge for the first half was
a collectively assessed provision (CP) charge of
an individually assessed provision (IP) release of
The additional CP charge takes our total CP balance at
DIVIDEND & CAPITAL
The Board considers an Interim Dividend of
OUTLOOK
"We enter the next half with a business structure that brings the benefits of geographic and product diversification. We have a robust capital position, credit loss provisions higher than any other time pre-COVID, a strong and diverse deposit base and a track-record of execution. We are seeing continued momentum and high employee engagement across all four divisions, each with a clear strategy and a funded roadmap for growth.
"As the world is changing rapidly, ANZ is well placed to deploy our people and capital to help those facing challenges, but also support those looking for opportunities."
https://www.media.anz.com/posts/2023/may/2023-half-year-result---proposed-dividend-
'
Bank
Who we are
We started in 1957 as the
We are owned by our customers, which means we don't answer to shareholders. Our profits are returned to customers through better rates and fees and our investments are used to create positive social and environmental change.
Our purpose and values
Bank
Our aspiration: to be
Our purpose: to create mutual prosperity for our customers in the form of positive economic, personal, social, environmental and cultural impact
Our values:
Honesty and integrity
Care and empathy
Belonging and community
Future and generational thinking
Authenticity and transparency
Our brand: the bank
What is 'clean money'?
At Bank Australia, we say our money is 'clean' because it is never loaned to industries (eg coal, nuclear weapons, gambling, tobacco, live animal export) that do harm.
Instead, as a customer-owned bank, we believe it's important to use our customers' money in responsible ways, creating positive impact for people, their communities and the planet.
Just becoming a customer makes you a part-owner in our 927 hectare Conservation Reserve - a world-first for a bank.
Banking services
We have 20 branches located across
We are committed to keeping jobs in
By becoming a customer with us you will also have access to
Additionally your money is guaranteed by the Federal Government, exactly the same as the big four banks.
What we stand for
We believe that we have a duty to use the tools of banking to create positive impact for people and our planet.
We want to see Australians thrive in a fair, just and progressive society, share in a sustainable economy, and live in a safe and healthy environment.
We are committed to taking action on the issues that matter most to our customers. This is responsible banking in action.
https://www.bankaust.com.au/about-us/
BOQ is one of
At BOQ, most of our branches are run by local Owner-Managers. This means they're running a small business and understand what it means to deliver personal service.
We pride ourselves on building long-term customer relationships that are based on mutual respect and understanding.
We have more than 180 branches across
We've created simple, easy-to-understand banking products to help support our customers' financial needs. We offer a range of these products and services to individuals, as well as businesses.
We're one of the top 100 Australian companies ranked by market capitalisation on the
https://www.boq.com.au/About-us/company-overview
FY20 Results Announcement
Wednesday,
FY20 has been a year like no other. Despite the headwinds, we have made good progress in delivering strategic initiatives to transform the bank and drive business momentum through revenue growth.
FY20 FINANCIAL RESULTS
Cash NPAT FY20 cash earnings after tax of
Statutory NPAT decreased by 61% to
Total income increased to
Net Interest Income increased to
Net Interest Margin increased by 3 basis points (bps) in 2H20 which, combined with lending growth drove the 3% uplift in revenue during the half.
Non-interest income decreased by 14% over the year, reflecting industry trends towards low and fee free banking products, as well as a c.
Operating expenses increased by 7% to
CET1 at 9.78%, well above
FY20 Dividend: BOQ has determined to pay a full year dividend of
Loan impairment expenses increased to
COVID-19 Banking Relief: Of the 21,000 customers who accessed banking relief, 25% continued to make full or partial repayments. Since the peak in April, we have seen a reduction in the total loan balances on deferral by 18.8%. As at
Lending growth momentum increased across both the housing and business lending portfolios during FY20. Housing growth lifted to be broadly in line with system, while business lending grew by 3% as system growth contracted.
Customer deposit growth of
Consumer and mortgage NPS increased to 3rd and 5th respectively, up from the FY19 ranking of 5th and 11th as a result of improvements to our customer experience and enhanced mortgage processes.
FY20 RESULT OVERVIEW
Managing Director and CEO
BOQ has a strong balance sheet, with CET1 at 9.78%, well above
We are well provisioned for the potential impacts to our portfolio as a result of COVID-19. Our updated economic assumptions are prudent and take into account the RBA forecasts and ongoing uncertainty. iven the Government's stimulus and its good handling of COVID-19, there is potential upside opportunity should the economy recover at a faster rate than currently forecast.
STRATEGY EXECUTION AND TRANSFORMATION
Managing Director and CEO
Despite the challenging environment, BOQ has remained focused on strategy execution and transformation. Good progress has been made on the digital transformation with 6 core projects completed, including moving the data centres to a cloud environment. The first phase of the VMA digital bank remains on track for soft launch in
We have a high calibre team of experienced leaders with strong execution skills, and we are seeing the results. The mortgage process has been simplified and reduced the time to yes from five days to one day, and we have seen our Net Promoter Scores increase across both the consumer and mortgage measures.
OUTLOOK
Managing Director and CEO
We remain focused on executing on our strategy and maintaining momentum in our business. We have a clear transformation roadmap and are delivering against it. Although difficult to predict in this environment, we expect to broadly deliver neutral jaws in FY21 driven by above system growth in lending, margin management to within 2-4bps decline, and cost growth of c.2%. Our prudent collective provision sees us well placed to withstand anticipated lifetime losses arising from COVID-19.
Our capital position is strong and organic capital generation will provide us with the ability to invest in and grow our business. We are committed to delivering long term shareholder value through sustainable, profitable growth and attractive returns. We understand the importance of dividends for our shareholders.
https://www.boq.com.au/About-us/media-centre/media-releases/2020-10-142
The
In 2001, we opened branches in
In 2011, we were acquired by
https://www.banksyd.com.au/who-we-are.html
APS 330 PILLAR 3 CAPITAL DISCLOSURE
The following disclosures are presented in accordance with
The disclosures made are unaudited although they are consistent with information supplied to or published by
https://asset.banksyd.com.au/files/APS_330_Pillar_3_Capital_Jun_2019.pdf
Bankwest
For 122 years
We've supported individuals, businesses & the Australian economy.
Employ 4,000
People nationally, including 3,000 people in WA.
1.2 million customers
Across the country, including 610,000 in WA.
130 stores & branches
85 in WA & 45 nationally.
25% of our profit
Re-invested in the business to fund initiatives needed to deliver future growth.
All our centres are in
Bankwest is a division of the
https://www.bankwest.com.au/about-us/corporate-responsibility
For more than 160 years, we have actively listened and responded to the needs of our customers and their communities.
Our history began in 1858 on the Bendigo goldfields when we responded to the sudden and rapid wave of migration, establishing the
Soon after in 1877,
These businesses and more than 80 other organisations have come together to become the
We are
This history informs who we are today.
https://www.bendigoadelaide.com.au/about_us/index.asp
ASX Announcement - 2024 Interim Financial Results
For the Half year ended
1H24 result reflects prudent management of shareholder funds with a strong capital, funding and liquidity position
"We have been deliberate in our decision to pre-fund the repayment of the Term Funding Facility, protected our margins where competitive tensions were irrational, kept expense growth below inflation by executing on productivity initiatives and stayed the course with our investment plans, ensuring efficient use of shareholder funds for the long-term benefit of our customers,"
The Bank's balance sheet is well positioned for the current economic environment. Over the half, credit expenses of
"Customer deposits grew 3.5% over the half, demonstrating the strength of the Bank's deposit franchise, with deposits from our
Total lending was down 0.7%, with competitive market pressures weighing on residential lending volumes, down 0.1%. The Bank remains committed to managing volume and margin, and prioritising growth in digital mortgages. Business lending was up 0.2% and Agribusiness was down 3.9% due to seasonal run-off in the Agribusiness book.
Net Interest Margin was down 15 basis points on the half to 1.83%, impacted by price competition in both lending and deposits and a higher level of liquid assets.
"The revenue challenges we faced in the last half have sharpened our focus on accelerating investment in channels that drive profitable growth. Digital mortgage settlements accounted for 16.3% of all residential lending settlements for the half. For deposits, the launch of online functionality for term deposits and savings accounts for new and existing
"Customer growth remains strong, with a year-on-year increase of 8.3% to 2.47 million and the Bank's Net Promoter Score is 27.8 points above the industry. Contributing to the customer growth is our market leading digital bank Up, which continues to develop unique and engaging customer propositions that improve advocacy and ultimately reduce acquisition costs,"
Business summary
"Cash earnings for our Consumer division decreased 9.9% to
"Cash earnings for our Business and Agribusiness division increased 16.7% to
Credit quality remains sound, with a 17.7% reduction in net impaired assets to
"Total operating expenses rose by 1.4% for the half year. Business-as-usual costs remained well below inflation. Productivity benefits of
"Our cost to income ratio was challenged during the half, increasing by 230 basis points impacted by the lower income environment. We continue to work on our medium-term objective of a cost to income ratio towards 50%."
The Board has declared a fully franked interim dividend of
Transformation agenda
The transformation agenda continues to move at pace. Over the past six months the Bank prioritised the following areas:
Reduce complexity
Continued to reduce complexity through the exiting of non-strategic arrangements, including:
Exiting of relationship agreement with Elders
Divesting the Bank's shareholding in Homesafe Solutions
Progressing the sale of Bendigo Super
Transitioning Alliance Banks to our
Invested in capability
Grew digital mortgages across direct channels in BEN Express and third-party channels such as Qantas Money Home Loans, Tiimely and the newly formed partnership with
Up's unique customer proposition has seen customer growth of 11.8%, deposits growing at 16% and the settlement of
Restructured Business and Agri division with new leadership, simplified processes and a reinvigorated team to be enabled by new technology. Investments in a new origination and customer relationship management platform to be completed by
Delivered pilot of new Digital Lending Platform which will provide a streamlined process for home lending, automated credit decisioning and will enable deeper relationships with customers. The first phase is open to over 3000 brokers, has processed over 200 applications and is already showing positive signs with time to unconditional approval on par with industry best practice.
Sustainability
Launched the Bank's second climate strategy, the Climate & Nature Action Plan alongside enterprise-wide climate training for all BEN team members.
Continued implementation of our refreshed diversity and inclusion strategy 'Belonging at BEN' and launch of our second Accessibility and Inclusion Plan.
Launched Banking Safely Online, a face-to-face digital literacy program for BEN customers and their communities. Over 100 sessions have been held across
Outlook
"The Bank expects the official cash rate to remain at current levels for most of 2024 following the recent pause from the
"Cost of living pressures will continue to present a challenge to Australian households. The Bank is ready to support borrowers who experience financial difficulties and has team members from our Mortgage Help Centre standing by."
Asset quality remains intact, and marginal increases in 90 day arrears in the Bank's residential lending portfolio represent increased cost of living pressures experienced in some areas of the community. We expect bad debts to trend upwards and move towards longer-term averages over time. "Our home loan customers remain well ahead of their repayments with 41% one year ahead of repayments. Pleasingly, more than 85% maintain a financial buffer."
"The investment in our digital capabilities will continue in 2024. We have been mindful that creating strategic long-term value is always the priority. We see the investment in our Digital Lending Platform, Up, digital deposits and mortgages, and the transformation of our Business and Agribusiness division as key to unlocking value over the medium-term."
"These investments will pave the way for a seamless and consistent experience for our customers and will be a key enabler for growth in the next year. We are focused on improving returns in our business by ensuring the momentum in our productivity efficiencies offsets inflationary pressures in our business-as-usual expenses"
"Our unique
"We are proud to be a regional bank and are different from our peers with our household deposit to loan ratio at 73%, strong balance sheet, high levels of staff engagement and proven track record in innovation. We are
"The thoughtful and informed decisions we have made ensure our balance sheet is positioned for the uncertain environment. We have the capability to allocate capital to higher returning businesses and continue delivering on our purpose by supporting our customers and communities when they need it."
"We have been, and will continue to be, responsible with shareholder funds. We have been patient with our choices, have confidence in our execution and are optimistic about our future."
https://www.bendigoadelaide.com.au/media-centre/2024-interim-financial-results/
Beyond Bank
A better world is important to us.
As a 100% customer-owned bank, we strive to go beyond for our customers.
We take pride in everything we do. That's why we aim to exceed your expectations and return outstanding value through our wide range of products and services.
A better world is important to us too. That's why we work closely with not-for-profits and community organisations and support their initiatives through fundraising, donations and volunteering.
At
240,000+ customers
40+ branches
Access to over 3,000 ATMs Australia-wide
Australian based national call centre
Certified B-Corporation.®
Part of your community for nearly 60 years
We have a proud history of supporting customers and local communities. Being customer owned, we are driven by our values and aim to be the best bank for our customers and their communities.
Our profits are used to benefit customers
We offer award winning products and customer service
We believe in doing more good with our products, practices and profits
We provide community investments, grants and sponsorships and along with our Foundation we have invested more than
We're the first Australian bank to become a
Prior to becoming a customer owned bank in 2013,
https://www.beyondbank.com.au/personal-banking.html
https://www.beyondbank.com.au/about-us.html
BNP Paribas Australia (FP: BNP)
About Us
Today,
In
https://www.bnpparibas.com.au/en/bnp-paribas/bnp-paribas-australia-nz/
The Board of Directors of
For the full release, see:
https://invest.bnpparibas/document/3q23-pr
As part of one of the world's largest financial services companies with a presence in nearly 100 countries, Citi Australia has been providing financial services to Australian consumers, corporations, institutions and governments for more than 30 years. Recognised for its innovative range of global products and services, Citi today counts more than one million Australians and one thousand local corporate and institutional clients as valued customers.
Citi's two major business divisions,
With over 1600 employees based in
https://www.citigroup.com/australia/aboutus/
First Quarter 2023 Results and Key Metrics
HIGHLIGHTS
Returned
Payout Ratio of 23% 3
Book Value per Share of
Tangible Book Value per Share of
Citigroup Inc. today reported net income for the first quarter 2023 of
First quarter results included divestiture-related impacts of
Revenues increased 12% from the prior-year period and 6% excluding the divestiture-related impacts5, as growth in net interest income was partially offset by lower non-interest revenues. The higher net interest income was driven by the impact of higher interest rates across businesses, including Services and Markets in
Net income of
Earnings per share of
Citi CEO
"TTS continued to perform extremely well, growing non-interest revenue on new mandates and strong cross-border activity. Markets saw the third best quarter in the last decade in Fixed Income. Banking activity picked up from the end of 2022. Our two cards businesses are showing momentum. While it is not an ideal environment for wealth management, the drivers of this business continue to be very positive, and we announced that
"We closed the sale of two consumer franchises, which contributed to our healthy pace of capital generation. We ended the quarter with a CET1 ratio of 13.4%. We are committed to increasing the amount of excess capital we return over time as well as delivering with excellence for our clients and shareholders,"
Percentage comparisons throughout this press release are calculated for the first quarter 2023 versus the first quarter 2022, unless otherwise specified.
Citigroup
Citigroup revenues of
Citigroup operating expenses of
Citigroup cost of credit was approximately
Citigroup net income of
Citigroup's total allowance for credit losses on loans was approximately
Citigroup's end-of-period loans were
Citigroup's end-of-period deposits were approximately
Citigroup's book value per share of
ICG revenues of
Services revenues of
Markets revenues of
Banking revenues of
ICG operating expenses of
ICG cost of credit of
ICG net income of
Personal Banking and Wealth Management
PBWM revenues of
US Personal Banking revenues of
Global Wealth Management revenues of
PBWM operating expenses of
PBWM cost of credit was
PBWM net income of
Legacy Franchises
Legacy Franchises revenues of
Legacy Franchises expenses of
Legacy Franchises cost of credit was
Legacy Franchises net income was
Corporate / Other
Corporate / Other revenues increased to
Corporate / Other expenses of
Corporate / Other cost of credit of
Corporate / Other income from continuing operations was
https://www.citigroup.com/global/news/press-release/2023/first-quarter-2023-results-key-metrics
Today, we've grown to a business that serves 15.9 million customers, employs 48,900 people and has more than 800,000 shareholders.
We offer a full range of financial services to help secure and enhance the financial wellbeing of
We're
https://www.commbank.com.au/about-us/our-company.html?ei=CB-footer_who-we-are
CBA delivers solid first quarter result after strong focus on customer outcomes
Consistent operational and strategic execution reflected in CommBank's performance aimed at delivering sustainable long-term returns for all stakeholders.
The quarterly result was flat on the preceding second half of FY23's quarterly average (2H23 quarterly average) and up 1 per cent on the first quarter of FY23 (prior corresponding period). Operating income was flat, driven by volume growth and 1.5 additional days in the quarter but offset by lower net interest margins from competitive pressures and lower other operating income.
See the 1Q24 Trading Update ASX announcement.
The group's year-on-year volume growth was driven by an 11 per cent increase in business lending, a 5.7 per cent rise in household deposits and a 3.1 per cent lift in home lending. Overall domestic mortgage balances decreased by
Operating expenses were up 3 per cent compared to the 2H23 quarterly average, due to higher staff costs from wage inflation, partly offset by productivity initiatives. The overall operating performance (difference between operating income and costs) increased 2 per cent on the prior corresponding period and was flat versus the 2H23 quarterly average.
"We are very conscious that many Australians are feeling under pressure in the current environment. While some remain well positioned, we recognise that others are finding the higher cost of living very tough," said
"Our customers are continuing to take practical steps to navigate through and we are here to help them. As a result we have seen a modest increase in consumer arrears over recent months. Our balance sheet strength means we are well positioned to support those customers who need it."
From a balance sheet perspective, CBA remains 75 per cent deposit funded, with long term and short term wholesale funding representing 17 per cent and 8 per cent of total funding respectively.
The group has repaid
CBA also retained a strong capital position during the quarter with a CET1 (Level 2) ratio of 11.8 per cent as at
The capital ratio increased by 46 basis points in the quarter before allowing for the impact of paying the
The group also completed the purchase of more than
Credit quality remained sound with several indicators still near historic lows. The loan loss rate was nine basis points of gross loans and acceptances for the quarter compared to 12bps for FY23 while consumer arrears ticked up slightly.
Total credit provisions were
Commenting on the broader economic indicators,
"Higher interest rates are resulting in slowing growth and consumer spending, with pressure on some households and businesses. Our balance sheet strength combined with our strong organic capital generation allows us to support our customers through challenging times.
"Strong banks benefit all Australians, and we remain well positioned to continue to support our customers, invest in our communities and provide strength and stability for the broader Australian economy."
https://www.commbank.com.au/articles/newsroom/2023/11/1q-trading-update.html
Our company
See how we structure and manage our company and meet our corporate responsibilities. Learn about our background and sponsorship activities. Meet our leaders and read the latest on what's happening at Credit Suisse.
Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of
We serve our clients through three regionally focused divisions:
Key figures (as of end-2018)
1856 - Year of foundation
45680 - Employees
3470 - Relationship managers globally
1347 - billion AuM in CHF
https://www.credit-suisse.com/about-us/en/our-company.html
Credit Suisse reports pre-tax income of
Summary of 1Q23 performance
Credit Suisse's performance in 1Q23 was mainly impacted by actions leading up to and stemming from the planned merger between Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS), which was announced on
Credit Suisse will work closely with
Credit Suisse reported pre-tax income of
The Group's common equity tier 1 ratio (CET1) increased to 20.3% as of the end of 1Q23, up from 14.1% at the end of 4Q22. The increase in CET1 capital was mainly driven by the write-down of the AT1 capital notes as ordered by FINMA.
Credit Suisse experienced significant net asset outflows, in particular in the second half of
As of the end of 1Q23, assets under management (AuM) of
In WM, net asset outflows in 1Q23 represented 9% of AuM reported as of the end of 4Q22.
In the SB, net asset outflows in 1Q23 represented 1% of AuM reported as of the end of 4Q22.
In Asset Management (AM), net asset outflows in 1Q23 represented 3% of AuM reported as of the end of 4Q22.
In the second half of
The Group's three-month average daily Liquidity Coverage Ratio (LCR) was 178% as of the end of 1Q23, improved from lower levels earlier in the quarter after benefitting from the liquidity facilities from the SNB.
Prior to the significantly increased outflows, on
Compared to 4Q22, net revenues were significantly higher, primarily reflecting higher net revenues in the Corporate Center (CC), the Capital Release Unit (CRU) and in the
Compared to 4Q22, total operating expenses increased 30% in 1Q23, mainly reflecting the goodwill impairment charge and increases in compensation and benefits, partially offset by lower general and administrative expenses and lower restructuring expenses. Compensation and benefits increased 16%, including the acceleration of deferred compensation expenses due to the cancellation of outstanding deferred compensation awards. General and administrative expenses decreased 19%, primarily reflecting lower litigation expenses. Adjusted* total operating expenses were stable compared to 4Q22.
Following a review of the Group's financial plans to reflect the deposit and AuM outflows in 1Q23, the Group concluded that the estimated fair value of the WM reporting unit was below its related carrying value and as a result a goodwill impairment charge of
The reduction in AuM and deposits in 1Q23 is expected to lead to reduced net interest income and recurring commissions and fees. In particular, this will likely lead to a substantial loss in WM in 2Q23.
In light of the merger announcement, the adverse revenue impact from the previously disclosed exit from non-core businesses and exposures, restructuring charges and funding costs, Credit Suisse would also expect the IB and the Group to report a substantial loss before taxes in 2Q23 and 2023. The Group's actual results will depend on a number of factors, including the performance of the IB and WM divisions; deposit or net asset flows; the continued exit of non-core positions; goodwill, software and other impairments; litigation; regulatory actions; credit spreads and related funding costs; the usage and availability of the SNB liquidity facilities; the impact of continued voluntary and involuntary employee attrition and the outcome of certain other items, including potential real estate sales. Credit Suisse is taking proactive measures to protect its client franchise, manage risks and facilitate operational stability.
For the full release, see:
Unlike many other financial institutions,
https://www.defencebank.com.au/about-defence-bank
Deposit growth of 5.7%, total deposits of
Lending growth of 8.0% with total loans of just under
Capital adequacy reaches a four year high at 16.0%
Loan delinquency rate remains low, at just 0.08%
Return on assets is 0.49%, with return on equity at 7.11%
"Our people led and technology enabled strategy has delivered these results for our Members,"
"We've invested in our team and in digital advancement to foster effortless banking, allowing our people to deliver an authentic, easy-to-navigate, personalised banking service.
"We have provided stability, consistency and convenience to our Members against the backdrop of uncertainty and rapid change caused by the COVID-19 environment.
"Our fundamentals are strong, our return on assets is 0.49%, our return on equity sits at 7.11%, and our net interest margin has lifted from 1.84% in FY 2019/20 to 1.98% in FY 2020/21.
"Total deposits have grown by 5.7% to
"We have responded to our member's appetite for banking that's convenient, requires minimal effort, and is compatible with their busy daily lives.
"Members love our
"Feedback like this from our Members is so important and we have thousands of members happy to recommend
"
Our cost to income ratio has also improved, moving from 73% to 69% in 12 months."
During FY 2020/21,
Marshall said while uncertainty remains in the COVID-19 environment,
"We expect continued demand for all of our products and services.
"This includes continued demand for home loans, particularly from younger Members. We remain prudent lenders who want to get more Australians into home ownership but not by getting them in over their heads. Our overall loan delinquency remains very low, at just 0.08%.
"As regulators take a renewed focus on serviceability,
"Our focus continues to be on accelerating improvements in our member experience with more digital banking investment a key priority over the next 12 months."
HSBC first established operations in
In
https://www.about.hsbc.com.au/hsbc-in-australia
1Q23 EARNINGS RELEASE
Noel
"Our strong first quarter performance provides further evidence that our strategy is working. Our profits were spread across our major geographies, and all three global businesses performed well as we continued to meet our customers'needs through our internationally connected franchises. Our return on tangible equity was 19.3%, excluding the impact of strategic transactions. As a result, we have announced our first quarterly dividend since 2019 of
We remain focused on continuing to improve our performance and maintaining tight cost discipline, but we also saw an opportunity to invest in SVB
Financial performance (1Q23 vs. 1Q22)
Profit before tax rose by
Revenue increased by 64% to
Net interest margin ('NIM') of 1.69% increased by 50 basis points ('bps') compared with 1Q22, and by 1bps compared with 4Q22.
Expected credit losses and other credit impairment charges ('ECL') of
Operating expenses of
Customer lending balances increased by
Customer accounts increased by
Common equity tier 1 ('CET1') capital ratio of 14.7% increased by 0.5 percentage points compared with 4Q22, which was driven by capital generation net of the dividend accrual and included an approximately 25bps impact from the reversal of an impairment on the planned sale of our retail banking operations in
The Board has approved a first interim dividend of
From
Outlook
We remain confident of achieving our return on average tangible equity ('RoTE') target of at least 12% for 2023 onwards, which is not dependent on the impact of material acquisitions and disposals. Our 1Q23 annualised RoTE of 27.4% included the annualised impact of our provisional gain on the acquisition of SVB
Based on the current market consensus for global central bank rates, our net interest income expectations are unchanged from our fullyear guidance. After including an approximately
We continue to use a range of 30bps to 40bps of average loans for planning our ECL charges over the medium to long term. While the ECL charge in 1Q23 was relatively benign, given current macroeconomic uncertainty we maintain the guidance provided at our full-year 2022 results of around 40bps of average gross loans in 2023 (including lending balances transferred to held for sale). We continue to monitor risks related to our exposures in mainland
We remain highly focused on maintaining cost discipline. Our acquisition of SVB
Our current intention is to manage the CET1 ratio within our medium-term target range of 14% to 14.5%, with a dividend payout ratio of 50% for 2023 and 2024, excluding material notable items. Given the strength of our capital position, we have announced a first interim dividend of
Business highlights
Our strategy
HSBC's purpose is 'Opening up a world of opportunity'. Our strategy, announced in
focus on our strengths - investing in the areas where we see significant opportunities for growth;
digitise at scale - increasing our investment in technology to improve how we serve customers and increase efficiency;
energise for growth - building a strong culture, introducing simpler ways of working, and by equipping staff with the future skills they need; and
transition to net zero - becoming a net zero bank and helping our customers capture the opportunities presented by the transition to a net zero future.
Our strategy is based on transforming our business and services to customers to create a strengthened platform for enhanced growth and returns on a sustainable basis, across the interest rate cycle. We have taken actions to grow non-interest revenue, increase capital allocation to
While interest rates remain elevated in most of our major markets, current market expectations indicate that policy tightening may be close to its peak, and global inflation appears to be levelling out. Notwithstanding these factors, during the first quarter of 2023 the banking industry experienced a period of turbulence, although we continued to demonstrate a strong capital and liquidity position, which resulted in the interim dividend we have announced and the buy-back we expect to commence following our 2023 AGM.
Strategic transactions
During 1Q23, the unexpected interest rate rises in
In
The plan to sell our banking business in
For further details of the financial impacts of these transactions, see 'Strategic transactions'on page 4.
ESG highlights
We continue to make progress on our net zero ambition, including on our net zero transition plan which we expect to publish in 2023. This plan will provide further details of our strategic approach to net zero, and how we plan to transform our organisation and execute on our commercial ambition.
In
In 2022, we requested and assessed transition plans for EU and
We have set on-balance sheet 2030 financed emissions targets for the following sectors: oil and gas; power and utilities; cement; iron, steel and aluminium; aviation; automotive; and thermal coal. We also plan to extend our analysis to four new sectors - shipping, agriculture, commercial real estate and residential real estate - and set baselines and targets for those in future disclosures.
We have made progress on our disclosures related to thermal coal exposures and facilitated emissions. We expect that our updated thermal coal exposures will be made available for reporting as soon as practicable in 2023, although this remains dependent on the availability and quality of data. We plan to publish our facilitated emissions from our capital markets activities, through our underwriting in debt and equity capital markets and syndicated lending, for the oil and gas, and power and utilities sectors for 2019 and 2020, as soon as practicable in 2023. We also plan to set targets for facilitated emissions once the PCAF standard for capital markets is published, which is expected in 2023.
For the full release, see:
There's the done thing and then there's the
At a glance
Over
Financed 475,000+ home loans
Over
Proudly recognised by customers and industry
1.5 million customers and counting!
What we do
Simplicity of approach is part of the
Tackled ATM fees on everyday transactions
Simple super solution for all stages of life
Home loans with no ongoing, annual or monthly fees
Savings accounts with no
Other facts and credentials
Headquartered in
Over 1000 employees
Holder of an Australian banking licence since 1994
Regulated by the
Combined savings balances of up to
https://www.ing.com.au/about-us/who-we-are-company.html
About
Our products include savings, payments, investments, loans and mortgages in most of our retail markets. For our Wholesale Banking clients we provide specialised lending, tailored corporate finance, debt and equity market solutions, payments & cash management and trade and treasury services.
Customer experience is what differentiates us and we're continuously innovating to improve it. We also partner with others to bring disruptive ideas to market faster.
Our shares are listed in
When it comes to sustainability, we facilitate and finance society's shift to a low-carbon future and pioneer innovative forms of finance to support a better world. As such, we're ranked as a leader in the banks industry group by Sustainalytics and have an 'A' rating in
https://www.ing.com/About-us/Profile/ING-at-a-glance.htm
Retail primary customers rose in 3Q2019 by 165,000 to 13.1 million; total retail customer base reaches 38.7 million
Net customer deposits in 3Q2019 grew by €4.4 billion; net core lending declined by €1.0 billion, while maintaining growth in mortgages
Result reflects well-diversified loan book with resilient margins, despite margin pressure on customer deposits, as well as higher fee income
Expenses increased mainly due to KYC; risk costs remain below
Four-quarter rolling underlying ROE was 10.3%;
CEO statement
"We performed well in the third quarter. Even with the ongoing negative interest rate environment, our net interest income has remained resilient," said
We also recorded higher expenses mostly related to our know your customer (KYC) programme and an increase in risk costs.
Net customer deposits grew by €4.4 billion in the quarter. Total net core lending, however, declined by €1.0 billion due to a €4.6 billion drop in Wholesale Banking, partly related to the development of the oil prices and the repayment of some larger term loans. Net core lending in Retail Banking grew by €3.6 billion, primarily in mortgages. Our capital position further improved this quarter. We do expect to see effects on capital from banking regulation and reviews in the coming quarters.
"We encourage working together with politicians and law enforcement and joining forces with other financial institutions in fighting financial and economic crime. Internally, we continue to take steps to improve how we manage non-financial risk. We have made progress strengthening our global KYC organisation and governance structure throughout
"We added about 165,000 primary customers in the third quarter, indicating that our efforts to offer them a differentiating experience continue to pay off. We keep on making it easier for customers to make payments. We rolled out
The number of customers who signed up to make mobile card payments soared 35% in the third quarter from last quarter, and the number of mobile card transactions almost doubled, totalling more than the transactions done in the entire first half of the year.
"We're digitalising more processes to make them convenient and time-saving for customers. For example, Wholesale Banking clients in
"We continue to take action in the third quarter to contribute to combatting climate change. As we want to make a real positive impact, it's imperative that the financial sector works together. Recent milestones of such cooperation include the launch of the
"
"A bank in today's world must diligently manage risks and uphold its integrity, while playing its part to fight climate change and unfailingly putting its customers first. This is a balance that
Macquarie (MGL and its subsidiaries, the Consolidated Entity) is a global diversified financial group with offices in 30 markets.
Macquarie's activities are also subject to supervision by various other regulatory agencies around the world.
Founded in 1969, Macquarie now employs over 15,700(1) people globally, has total assets of
Macquarie's breadth of expertise covers asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. The diversity of our operations, combined with a strong capital position and robust risk management framework, has contributed to Macquarie's 50-year record of unbroken profitability.
Macquarie acts primarily as an investment intermediary for institutional, corporate, government and retail clients and counterparties around the world, generating income by providing a diversified range of products and services to our clients. We have established leading market positions as a global specialist in a wide range of sectors, including resources and commodities, green energy, conventional energy, financial institutions, infrastructure and real estate and have a deep knowledge of
Alignment of interests is a longstanding feature of Macquarie's client focused business, demonstrated by our willingness to both invest alongside clients and closely align the interests of our shareholders and staff.
Source:
1H24 net profit of
International income represented 65% of total income1 in 1H24
Assets under management of
Financial position comfortably exceeds regulatory minimum requirements
Group capital surplus of
Bank CET1 Level 2 ratio 13.2% (Harmonised: 18.0%4); Leverage ratio 5.0% (Harmonised: 5.6%4); LCR 199%5; NSFR 114%5
Annualised return on equity 8.7%, compared with 16.9% in FY23
Interim ordinary dividend of
To provide additional flexibility to manage the Group's strong capital position, the MGL Board has approved an on-market share buyback of up to
Macquarie Group Managing Director and Chief Executive Officer,
Annuity-style activities, which are undertaken by Macquarie Asset Management (MAM), Banking and Financial Services (BFS) and certain businesses in Commodities and Global Markets (CGM), generated a combined net profit contribution6 of
Markets-facing activities, undertaken by
Net operating income of
The income tax expense of
At
Assets under management at
Operating Group performance
MAM delivered a net profit contribution of
BFS delivered a net profit contribution of
CGM delivered a net profit contribution of
Capital management and funding position
Macquarie's financial position exceeds the
The Bank Group APRA Basel III Level 2 Common Equity Tier 1 capital ratio was 13.2 per cent (Harmonised: 18.0 per
Total customer deposits11 increased to
1H24 interim ordinary dividend
The Macquarie Group Limited Board today announced a 1H24 interim ordinary dividend of
The record date for the interim ordinary dividend is
On-market share buyback
Macquarie has a strong capital position, with a Group capital surplus of
Board update
Effective
Outlook
Macquarie continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions it well to respond to the current environment.
The range of factors that may influence our short-term outlook include:
Market conditions including global economic conditions, inflation and interest rates, significant volatility events, and the impact of geopolitical events
Completion of period-end reviews and the completion of transactions
The geographic composition of income and the impact of foreign exchange
Potential tax or regulatory changes and tax uncertainties
https://www.macquarie.com/au/en/about/news/2023/macquarie-group-hy24-result-announcement.html
FY20 Full Year Result: ME delivers strong financial result amid COVID-19
Underlying net profit after tax (Underlying NPAT) was up 24% on the previous year to
Year to 30 June
FY20
FY19
Change
Statutory NPAT
+20%
Underlying NPAT
+24%
Net interest income
+10%
Operating expenses
+1%
As at 30 June:
Home loan portfolio
+2%
Customer deposits
+5%
Total assets
+2%
Key metrics:
Net interest margin
1.66%
1.59%
+7 bps
Cost-to-income ratio*
58.5%
64.8%
-630 bps
Return on equity*
9.0%
7.2%
+180 bps
Common Equity Tier 1
9.8%
9.5%
+30 bps
"Statutory NPAT was
"We achieved a 24% uplift in underlying net profit after tax to
"The year was characterised by aggressive price competition, low growth, and subdued consumer confidence. These conditions intensified in the second half, with the onset and impacts of the COVID-19 pandemic.
"Notwithstanding these sector and economic conditions, customer numbers increased by 7% to 551,559, reflecting the effectiveness of our drive to deliver simple, transparent, and competitive products and services that help all Australians get ahead.
"Our increasing customer numbers, particularly across the deposit portfolio, have supported strong management of our balance sheet and funding costs, resulting in improved margins and a stronger capital position. Net interest margin increased by 7 bps to 1.66% compared to the previous year.
"The management of costs and embedding operational efficiencies has contributed to a significant reduction in our cost-to-income ratio, reducing by 630 bps to 58.5% from 64.8% in the prior year."
Financial & business highlights
Underlying NPAT was
Return on equity increased from 7.2% to 9.0% as at
Cost-to-income ratio decreased by 630 bps to 58.5%.
Customer numbers increased by 7% to 551,559.
Total assets grew by 2% to
Growth in customer deposits by 5% to
New home loans settled -
Common Equity Tier 1 strong capital position maintained: ratio of 9.8%, up 30 bps compared to the previous corresponding period.
COVID-19 and business continuity
"ME is a purpose-driven organisation with a mission to help all Australians to get ahead. In the face of significant economic uncertainty and financial stress, our people have stepped up admirably to support our customers in this time of need, and we will continue to do so.
"To deliver this necessary support, ME adapted quickly to the COVID-19 environment. Our branchless business model, team culture and size have allowed us to address the challenges of the pandemic for both our people and our customers. We were quick to adapt our systems and processes to support customers, working with key business partners to offer new ways for consumers to access the banking services they needed.
"For example, ME was one of the first banks to pioneer a new virtual customer verification system to ensure our well-developed team of mobile lenders and broker partners could continue to support and service customers while maintaining safe social separation."
Deposit and home loan growth
Funding quality improved across the year with household deposits constituting 59.4% of ME's loan assets (excluding securitisation), up from 56.3% in
ME settled
Product and service development
In an important milestone for product and service delivery and ME's strategy of IT simplification, the bank continued the upgrade of its core banking system, progressing further towards one platform with all retail products now originated on the core banking system. These enhancements included the advent of Open Banking infrastructure and advances to the bank's processing capacity, efficiency, and performance. This program included the launch of the capability for customers to receive fast payments via the New Payments Platform, which significantly reduces customer payment transfer times, as well as the launch of
Outlook and conclusion
"With ongoing economic uncertainty and the impacts of the COVID-19 pandemic still playing out, we continue to take a cautious approach to ensure we actively manage our capital, liquidity and funding. Our balance sheet has strengthened during the year and we are in a strong financial position.
"With interest rates at record lows, and in our view remaining low for some time, we will continue to focus on profitable, sustainable long-term growth and will execute our business strategy accordingly.
"Helping Australians get ahead is at the core of everything we do and is why we will continue to support the financial wellbeing of our customers and communities and be the genuine banking alternative that
https://www.mebank.com.au/news/fy20-full-year-results/
We're NAB.
For almost 160 years, we've been helping our customers with their money.
Today, we have more than 30,000 people serving 9,000,000 customers at more than 900 locations in
As
We fund some of the most important infrastructure in our communities - including schools, hospitals and roads. And we do it in a way that's responsible, inclusive and innovative.
More than money.
We know that to be
https://www.nab.com.au/about-us
NAB announces 2023 Full Year Results
NAB and its customers are benefitting from the consistent execution of its strategy over several years, NAB CEO
Releasing NAB's 2023 Full Year Results to the market,
"NAB is focused on delivering better outcomes for our customers and colleagues - regardless of the environment - and this is serving our customers and our bank well."
NAB's cash earnings were up 8.8% to
A final dividend of 84cps was declared, taking full year dividends to
"All our businesses have played their part. In particular our leading Business franchise has continued to grow. This is a great franchise, with great customers and bankers, and we're determined to keep investing in it to make even better,"
"We saw the impact of higher interest rates in our first half performance. However our results softened in the second six months amid intense competition as customers seek the best deal. This is all leading to some of the thinnest mortgage margins I've seen in my time in Australian banking.
"We also saw the broader environment get more challenging as higher rates and inflation weighed on households.
"Some customers are feeling it more than others and the RBA's decision to again increase the official cash rate this week because of persistent inflation will increase the pressure on households.
"Our message to people struggling with the increase in cost of living is: we're here to help - please call us early. We've added more bankers this year to take those calls and we will be there when customers need us most."
Over the past year NAB has increased the size of its NAB Assist team by 120 to help support customers in greatest need, while its fraud and scams team has grown to more than 470 to better protect customers from the scams epidemic.
Since
For the full release, see:
https://news.nab.com.au/news/nab-announces-fy23-results/
Today,
https://www.rabobank.com.au/about-rabobank/
Interim Result 2019
In the first six months of 2019 we worked on programs, based on our mission Growing a better world together:
Enhance financial self reliance and sustainable choices for Dutch customers
Stimulate healthy and sustainable growth for entrepreneurs
Innovate beyond banking
Food Forward: a multistakeholder program to accelerate chain-wide food solutions on a regional level.
Biodiversity in
We aim to be a leading bank in which current and future requirements can be fully satisfied through good advice, products, digital convenience and innovative services.
Despite the continued downward trend in operating expenses, lowerincome and higherimpairment charges on financial assets resulted in a lower net profit, which decreased by
Excluding the Sale of RNA the Private Sector Loan Portfolio Increased
The sale of
The geographical split of the loan portfolio as at
Excluding the Sale of RNA Deposits from Customers Increased
Total deposits from customers increased to
Net Profit Decreased to
Lower income and higher impairment charges on financial assets resulted in a net profit of
Underlying Gross Result Down 3%
Favorable results on divestments in the first half of 2018 and the persistent low interest rate environment explain our lower underlying gross result in the first half of 2019. This result was down 3% compared to the same period last year.
The underlying operating profit before tax fell by
Income Decreased 4%
Low Interest Rate Environment Affecting
Net Interest Income Net interest income totaled
Net fee and commission income increased by 2% to
Other Results Down 29%
Other results declined to
Operating Expenses Decreased 5%
Staff Costs Down 2%
In the first half of 2019,
Other Administrative Expenses Decreased 11%
Total other administrative expenses decreased to
Depreciation and Amortization Up 17%
The increase in depreciation and amortization to
Impairment Charges on Financial Assets at
In the first six months of 2019 impairment charges on financial assets amounted to
Per
Assets
In the first half of 2019, the balance sheet total increased by
Liabilities
Other liabilities increased by
Equity
In the first six months of 2019,
To limit the impact of FX fluctuations,
Wholesale Funding Slightly Down
For the full release, see:
https://www.rabobank.com/en/images/02-interim-report-2019.pdf
In
In
Throughout these years our business model has expanded but not changed.
The future for agriculture is bright and we are proud to support the Australian agribusiness community through local support and collaboration with industry organisations. We aim to provide exceptional financial services, knowledge and leadership for Australian farmers to grow.
https://www.ruralbank.com.au/about-us/about-rural-bank/our-history
Who we are
About
With a heritage dating back to 1902, we have grown to become a top-20 ASX-listed company with over 13,000 people and
Through these products and services we:
protect what matters to our customers
help our customers recover from injury
support our customers' everyday financial needs, and
enable customers and businesses to reach their financial goals
https://www.suncorpgroup.com.au/about
Key points
Group net profit after tax (NPAT) up 5.4%* to
Interim fully franked ordinary dividend of
General Insurance Gross Written Premium (GWP)up 16.3% to
Suncorp Bank Home lending up
Common Equity Tier 1 capital held at Group of
Proposed sale of
Strong equity market performance, higher running yields and favourable mark-to-market movements across the
GWP growth of 16.3% in the
The total cost of natural hazard events was
The Group's natural hazard allowance for FY24 remains
Prior year reserves, net of the impact of loss component movements, were strengthened by
Other loss after tax increased
The Board has determined to pay a fully franked interim ordinary dividend of
CET1 capital held at Group is
"Against this backdrop, the Group has continued to work hard to support its customers while also delivering improved earnings driven by increased customer demand for our products and services and positive investment performance over the half,"
"Net investment returns were up significantly from
"Our Australian and
"The growth in gross written premiums is also reflective of targeted price increases in response to higher reinsurance costs, ongoing supply chain inflationary pressures resulting in higher repair costs for cars and homes, and an elevated level of natural hazards. We remain acutely alert to the affordability challenges facing customers and continue to focus on driving greater efficiencies in our own business. We are vocal advocates of policy reform and mitigation investment that helps reduce the risk of extreme weather to people and communities, which are critical in reducing insurance premiums for consumers, particularly in high-risk locations," he said.
"Our teams right across the country have been supporting customers impacted by the severe weather events experienced across the east coast of
"We continue to see intense industry-wide competitive pressure in both deposits and lending, which we are carefully balancing,"
"Last week we welcomed the
"The decision brings us one step closer to becoming a dedicated Trans-Tasman insurer proudly headquartered in
"We look forward to continuing to engage constructively with the Queensland Government and Federal Treasurer on the remaining approvals and remain fully committed to
https://www.suncorpgroup.com.au/news/news/half-year-results-2024
UOB provides a wide range of financial services globally through our three core business segments - Group Retail,
Net profit for first half of 2022 stable at above
Second quarter net profit up 11% year on year driven by margin expansion
Net profit for 2Q22 of
In 1H22,
Group Retail's income in 1H22 declined 3% from a year earlier to
The Group continued to expand its sustainability portfolio with new products, solutions and initiatives in 1H22. The Group's sustainable financing portfolio rose to
The Board declared an interim dividend of
CEO Statement
"We continue to see economic activity picking up as borders reopen and investment flows resume. In
"The long-term potential of our region remains bright. Backed by our strong balance sheet, healthy capital and liquidity positions and prudent approach, we are well-positioned to navigate the near-term headwinds with our customers and the community."
1H22 versus 1H21
Net profit stayed above
Net interest income expanded 14% to
Net fee and commission income was 5% lower at
Customer-related treasury income grew 9% as more customers opted to hedge their exposures. However, the Group's non-interest income declined 37% to
Total expenses increased 4% to
Total allowance declined 18% on lower general allowances while specific allowance was higher due to downgrade of a major but non-systemic corporate account. Total credit costs on loans were at 20 basis points, in line with expectations.
2Q22 versus 1Q22
Net profit for the second quarter was 23% higher at
Net interest income rose 11% to
With cost increase slower than income growth, the cost-to-income ratio improved to 43.8%. Total allowance fell 23% to
2Q22 versus 2Q21
Net interest income increased 18%, as net interest margin added 11 basis points to 1.67% and loans grew at a healthy pace of 8%. Net fee and commission income were 3% lower as the new high for credit card and loan-related fees were more than offset by lower wealth and fund managements fees. Other non-interest income rose 6% on higher customer-related treasury income.
Total operating expenses increased 12% to
Asset Quality
Asset quality remained resilient with the NPL ratio increased slightly to 1.7% as at
Capital, Funding and Liquidity Positions
The Group's liquidity and funding positions remained healthy with 2Q22's average all-currency liquidity coverage ratio at 141% and net stable funding ratio at 111%, well above the minimum regulatory requirements. The loan-to-deposit ratio held steady at 88.7%.
As at
About UOB
Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.
We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.
The parent company is
https://www.virginmoneyukplc.com/about-us/corporate-profile/
"It has been an extraordinary year of disruption for all of us. Our priority has been to support our customers and colleagues through this period, and we will continue to do so during the challenging economic environment ahead. I'm proud of the way we've adapted how we work this year to continue serving our customers, while looking after our colleagues and protecting the bank for the future.
"While we are yet to see any material impacts of the pandemic on the credit quality of our loan book, our results reflect a cautious and conservative approach to the coming period as we refine our assessment of the uncertain economic outlook and the impact of the second lockdown. Although the vaccine news is a strong cause of hope for the future, the economic benefits are still some way off when considering the immediate reality of current restrictions and so haven't yet been factored into our near-term forecasts.
"Looking into 2021, we are well underway in rolling out our full suite of
Supporting customers, colleagues & communities
c.67k Mortgage payment holidays granted to date (c.20% of balances); c.4% of balances currently on an active payment holiday with 98% of customers who have matured from their holiday period having returned to payment
c.58k Personal payment holidays granted to date (c.6% of balances); c.1% of balances currently on an active payment holiday with 93% of customers who have matured from their holiday period having returned to payment
Supported c.30k businesses with lending support including c.£1.2bn of BBLS/CBILS/CLBILS loans disbursed
c.6k of our c.9k colleagues enabled to work from home; enhanced safety and wellbeing support for those in offices/branches
c.£900k distributed to local charities supporting the COVID-19 effort by the
FY20 financial highlights
Balance sheet reflects COVID-19 impacts; lending contraction of 0.7% to £72.5bn and deposit growth of 5.8% to £67.5bn:
Business lending growth of 13.6% to £8.9bn due to £1.2bn of Government-backed lending (BBLS/CBILS/CLBILS)
Personal lending growth of 3.9% to £5.2bn with the strong H1 growth tempered by lower demand in H2
Mortgage lending declined 3.0% to £58.3bn with disciplined pricing in H1 and
Relationship deposits grew 20.3% to £25.7bn as consumer savings increased significantly under lockdown and businesses generally deposited the proceeds from Government-guaranteed lending into short-term cash accounts
Underlying pre-provision operating profit of £625m is 10% lower YoY primarily due to NIM compression and base rate cuts:
FY NIM of 1.56% within guidance; Q4 NIM of 1.52% up vs. Q3 of 1.47% reflecting deposit repricing actions
Non-interest income of £191m primarily reflects lower H2 activity based fees partially offset by a £16m H1 gilts gain
Operating costs of £917m down 3% YoY with net cost reductions of £30m despite incurring c.£14m of COVID costs
Credit impairment charge of £501m (68bps cost of risk) reflecting a cautious approach to an uncertain economic environment
The Group has deliberately adopted an updated and more conservative set of economic scenarios and weightings reflecting the uncertain economic outlook and heightened risks ahead; a 5% weighting was applied to the Upside scenario, 50% to Base and 45% to Downside; this resulted in a weighted-average GDP decline assumption of 15% in 2020, average unemployment of 8.6% in 2021 with a peak of 10% and a peak-to-trough HPI decline of 22%
The IFRS9 models have also been supplemented with post-model adjustments in relation to the Group's expected payment holiday outcomes and economic dynamics that may not be fully captured in inputs or models
The Group now has considerable on-balance sheet provisions of £735m; total coverage ratio of 102bps includes 23bps for Mortgages, 537bps for Credit Cards, 824bps for Personal Loans & Overdrafts, and 391bps for Business
No deterioration in asset quality to date with lower arrears across most portfolios reflecting Government support and forbearance; Mortgage arrears of 0.4%, Credit Cards of 0.8%, Personal Loans of 0.4% and Business of 0.3%
Underlying profit before tax of £124m is down 77% YoY primarily due to the significant impairment charge recognised
Statutory loss after tax of £141m is inclusive £292m of exceptional items, including £139m of integration & transformation costs, £113m of acquisition accounting unwind and £26m of conduct charges (non-PPI related)
Well positioned for an uncertain outlook
Resilient capital base: transitional CET1 ratio of 13.4% with c.£950m of management buffer in excess of the MDA of 9.5%;
Strong liquidity & funding position: LCR of 140% and 107% loan-to-deposit ratio
Strengthened our sustainability strategy: unveiled clear principles and 2030 aspirations as we seek to 'be a force for good'
Outlook and guidance
Given the unprecedented nature of COVID-19, the exact economic outlook for the
FY21 guidance: NIM broadly flat on FY20 levels and non-interest income to remain subdued; underlying operating costs of <£875m inclusive of c.£10-15m of COVID costs; cost of risk lower than FY20 assuming no further deterioration in outlook
Medium-term outlook: The Board continues to believe that Virgin Money has a clear path to delivering a double digit statutory RoTE over time and this will support future capital returns to shareholders; the improvement in returns are expect to be built on: normalisation of impairments and exceptional costs; ensuring we continue to reduce our cost base to reflect the future operating environment; optimising our balance sheet mix; and delivering a more efficient capital base over time.
https://www.virginmoneyukplc.com/newsroom/news-and-releases/2020/vmuk-plc-2020-full-year-results
About us
Westpac is
Our businesses
Westpac provides a broad range of consumer, business and institutional banking and wealth management services through a portfolio of financial services brands and businesses.
Our history
Established in 1817 as the Bank of
Our vision and strategy
Our vision is to be one of the world's great service companies, helping our customers, communities and people to prosper and grow.
https://www.westpac.com.au/about-westpac/westpac-group/company-overview/
Westpac First Quarter 2024 Update
19 February 2024
"This has been a solid quarter in which we've grown the franchise and maintained a strong financial position. Our unaudited net profit was $1.5 billion. The impact of Notable Items, related solely to hedge accounting which will reverse over time, drove the 6% decline.
Excluding Notable Items net profit was $1.8 billion, in line with the second half 2023 average. Pre-provision profit grew 1% with both revenue and expenses rising 2%.
Operating momentum was positive with customer deposit growth of $7.9 billion and loan growth of $5.6 billion. This represents system growth of 1.1x in household deposits and 1.0x in Australian housing loans4.
Net interest margin (NIM) was well managed in light of lending and deposit headwinds, with NIM excluding
Notable Items declining 1 basis point to 1.93% and Core NIM declining 4bps to 1.80%.
I'm pleased with our efforts to strengthen the Westpac franchise. Our Consumer NPS5 has increased reflecting improved mortgage servicing capability and Westpac Institutional Bank's rankings across key industry surveys are higher.
From a credit quality perspective, we saw a reduction in business stress while a rise in 90+ day mortgage delinquencies reflects the tougher economic environment. We remain focused on helping those customers facing high cost-of-living pressures and making difficult choices to manage household budgets.
These trends in credit quality saw impairment charges rise. The charge to average loans increased by 3 basis points to 10 basis points, although remains below the long run historical average.
We expect the economy to remain resilient, supported by low unemployment and healthy corporate sector balance sheets. The economic slowdown, combined with abating inflationary pressures, should provide scope for monetary policy to become less restrictive within the next year.
We continue to prioritise financial strength with capital, funding and liquidity well above regulatory minimums. Risk management remains a priority. Following the completion of 100% of CORE6 program activities, we have commenced the transition period which will continue throughout 2024."
Operating trends
The NIM was 1.78% and comprised:
Core NIM of 1.80%, down 4 basis points, reflecting prudent management in the context of ongoing mortgage competition. In addition, further deposit mix shift towards lower spread savings and term deposits was offset by higher earnings on capital and hedged deposits;
Hedging items, that will reverse over time, which detracted 15 basis points.
Expenses were down 6% and excluding Notable Items were up 2%. The rise in expenses excluding Notable Items reflected higher amortisation expense and ongoing inflationary pressures. These outweighed benefits from the 2% reduction in FTE and ongoing Cost Reset actions.
Stressed assets reduced by 4 basis points in the quarter to 1.22% of total committed exposures, with the reduction in watchlist and substandard exposures more than offsetting the rise in 90+ day mortgage delinquencies.
Financial strength
The CET1 capital ratio was 12.3% as at 31 December 2023, compared to the target operating range of 11.0% to 11.5%. The 9 basis point decline in the quarter reflects the 2H23 dividend payment more than offsetting earnings for the quarter and the RWA reduction which was mainly related to IRRBB7.
The quarterly average liquidity coverage ratio of 133% and net stable funding ratio of 114% remain above regulatory minimums.
Wholesale funding is well progressed with more than $17 billion raised in the financial year to date, compared to the planned FY24 funding of $35-40 billion.
Credit impairment provisions were $5.1 billion as at 31 December 2023, $1.5 billion above expected losses of the base case economic scenario. The ratio of CAP to credit RWA was up 2 basis points to 1.37%.
The Group has completed 31%8 of the $1.5 billion on market share buyback announced in November 2023. Refer to the 1Q24 Investor Discussion Pack slides for further details.
https://www.westpac.com.au/about-westpac/media/media-releases/2024/19-February/
United Kingdom Pharmaceuticals 27 Feb 24 – INDUSTRY SNAPSHOTS
(GNW) Investment Report
Advisor News
- Why aligning wealth and protection strategies will define 2026 planning
- Finseca and IAQFP announce merger
- More than half of recent retirees regret how they saved
- Tech group seeks additional context addressing AI risks in CSF 2.0 draft profile connecting frameworks
- How to discuss higher deductibles without losing client trust
More Advisor NewsAnnuity News
- Allianz Life Launches Fixed Index Annuity Content on Interactive Tool
- Great-West Life & Annuity Insurance Company Trademark Application for “SMART WEIGHTING” Filed: Great-West Life & Annuity Insurance Company
- Somerset Re Appoints New Chief Financial Officer and Chief Legal Officer as Firm Builds on Record-Setting Year
- Indexing the industry for IULs and annuities
- United Heritage Life Insurance Company goes live on Equisoft’s cloud-based policy administration system
More Annuity NewsHealth/Employee Benefits News
- After loss of tax credits, WA sees a drop in insurance coverage
- My Spin: The healthcare election
- COLUMN: Working to lower the cost of care for Kentucky families
- Is cost of health care top election issue?
- Indiana to bid $68 billion in Medicaid contracts this summer
More Health/Employee Benefits NewsLife Insurance News