Credit slowdown squeezes earnings
July 27, 2008
A GLOOMY picture of falling banking sector earnings is emerging in the wake of National Australia Bank's shock move to set aside $830 million to cover investments linked to the US subprime housing loan crisis.
National Australia Bank shares fall 10%
National Australia Bank shares have dropped 10 per cent after the bank announced an extra $830m loss on its exposure to US mortgage-backed debt securities.
National Australia Bank talking to Royal Bank of Scotland about buying local arm of ABN Amro
National Australia Bank Ltd., one of the country's biggest lenders, said Friday it is in consultations with the Royal Bank of Scotland about buying the local arm of investment bank ABN Amro.
Westpac's ray of light
Westpac has so far managed to avoid big problem credit exposures, and should it successfully swallow St George, will become Australia's biggest bank.
NAB shares slump on writedowns
National Australia Bank announces $830 million in additional provisions, sending its shares down as much as 13%.
Intercity rivalry doesn't stop at...
There is a mischievous view doing the rounds of the banking industry that if it was not for Melbourne, the share prices of the rest of the majors would be in much better shape....
NAB appoints Cameron Clyne as new CEO
National Australia Bank Ltd has appointed the head of its New Zealand operations, Cameron Clyne, as its new chief executive.
Westpac pressured to lift rates
WESTPAC is coming under increasing financial pressure to top up its leading home loan interest rate after National Australia Bank's sudden move to bring the cost of its...
NAB breaks rank to lifts rates again
National Australia Bank Ltd has broken ranks with the major banks and lifted its standard variable home loan by another nine basis points.
National Australia Bank names new chief executive
National Australia Bank Ltd., one of the country's biggest lenders, said Thursday that the head of its New Zealand operations, Cameron Clyne, will take over as chief executive, replacing John Stewart at the start of next year.
NAB slumps on debt shock
NATIONAL Australia Bank will suffer a $600 million blow to its annual net profit, sending its earnings into the first tailspin for four years, after taking a direct financial hit from a portfolio of investments linked to the US subprime housing crisis.
Westpac beats gloom
WESTPAC yesterday ruled out any need to ration lending in the global credit crisis, revealing that it had so far escaped the worst of the domestic economic slowdown.
Best of the big banks
So far, in this first anniversary week of the subprime implosion, Westpac has proved itself most adept among its peers at managing risk.
Westpac signals earnings boost
Australia's fourth-largest lender says it is on track to deliver cash earnings growth of 6-8% in 2008.
NAB stock slumps as it takes A$830m...
National Australia Bank stunned investors yesterday by taking an extra A$830m (£399m) provision against investments backed by US residential mortgages.
Moody's downgrades NAB's outlook
Ratings agency Moody's Investors Service has downgraded its outlook on National Australia Bank Ltd's credit rating to negative, from stable.
Michael Ullmer joins Fosters board
Foster's Group Ltd has appointed National Australia Bank Ltd deputy group chief executive Michael Ullmer to its board as an independent director.
National Australia Bank reports 25.8 percent rise in 1st half net profit
National Australia Bank Ltd. said Friday its first half net profit rose 25.8 percent over the same period last year, boosted by strong lending and deposit growth and a one-time gain from Visa Inc.'s initial public offering.
NAB role unclear as Stewart joins Telstra
THE chief executive of National Australia Bank, John Stewart, has again fuelled speculation that he may leave within 18 months to serve on company boards, after he was appointed a Telstra director yesterday.
National Australia Bank reports 25.8%...
National Australia Bank Ltd. said Friday its first half net profit rose 25.8 percent over the same period last year.
Australia's Commonwealth Bank eyeing...
Reuters - Commonwealth Bank of Australia (CBA)
, the country's No. 2 bank by assets, may offer over
A$6 billion ($5.2 billion) to British bank HBOS for
its Australian unit...
NAB chief could get $7.5m each year
AHMED FAHOUR, the head of National Australia Bank's domestic operations, became the highest-profile casualty of the race to succeed his boss, John Stewart, as the group...
NAB's new chief has the job ahead
THE INCOMING National Australia Bank chief executive, Cameron Clyne, is facing his first major challenge - restoring investor confidence in the group's credit exposures after a...
NAB walks away from ABN Amro takeover
National Australia Bank Ltd (NAB) has ditched its plans to buy the local arm of Dutch investment bank ABN Amro, without giving any reasons.
NAB eyes ABN Amro Australia
CHRIS ZAPPONE National Australia Bank is in discussions to buy ABN Amro in Australia and New Zealand.