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

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

ANZ eyes asset sales to boost shareholder returns

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

CBA leads bank share price correction

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

CBA third-quarter earnings flat at $2.2 billion

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

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CBA fails to pass on full rate cut to borrowers

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

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

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

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

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

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ANZ's Mike Smith stands by return on equity target

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

Westpac profit sparks bank sell-off

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

Westpac imposes tougher borrowing rules on property investors

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

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

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

First-half bank profits to top $15 billion

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

Bank shares plunge $20 billion on threat of APRA action

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

Bank shares wiped out over APRA real estate crackdown fears

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

Banking & Wealth Summit

Peter Costello says stop messing with superannuation

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

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APRA backs more super fund mergers

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

APRA chairman Wayne Byres dismisses 'bad apples' defence

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

RBA governor warns retirees in bad position, criticises Australia's banks

Gareth Hutchens and Clancy Yeates Reserve Bank governor Glenn Stevens has warned that people on the verge of retiring are in a "much worse position" than those who retired a decade ago, because global retirement income systems are...

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Banking's digital disruptors need tougher regulations, says Commonwealth's Bank's Ian Narev

Clancy Yeates Commonwealth Bank chief executive Ian Narev has warned of the importance of ensuring new rivals can manage liquidity.