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Latest Finance News and Views from Money AU

Westpac Reports Whopping 25 Per Cent Drop In First Half Profits

Australian banking major Westpac has reported a whopping 25 per cent drop in first half net profits 20 $2.97 billion.

Westpac blamed the poor performance on an increase in bad debt provisions, and costs that resulted from establishing the Bank of Melbourne.

Westpac delivered a net profit of $3.96 billion during the same time period in the previous year, with analysts forecasting an average estimate of $3.11 billion.

ANZ Posts Gain In First Half Profits

Australian banking major ANZ has reported a rise in first half profits rise of 10 per cent to $2.92 billion, however the lender warned that margins on its domestic Australian business are shrinking. According to ANZ, net profit for the half year ending March 31st rose from $2.66 billion in the same time period during [...]

NAB Sees Profit Tank On UK Businesses

After announcing a $305 million restructuring of its UK operations and job cuts numbering 1,400, Australian banking major NAB has seen its share price fall. The lender recently announced a loss on its UK business for the half year ending March 31st resulted in a 15.6 drop in its own half yearly profit, which came [...]

Mortgage Broker Found Guilty Of Bilking Clients In Ponzi Scheme

A mortgage broker in Western Australia has been found guilty of bilking as much as $1.2 million from seven borrowers and using the cash to pay his credit card bills and other debts.

According to news paper reports, Max Booty was charged with eight counts of stealing and an additional eight counts of fraud and stood trial for a Ponzi scheme which he ran between August 2007 to March 2009. The jury took three hours to deliberate and found him guilty of all charges.

ANZ Defends Interest Rate Policy

Australian banking major ANZ has defended its policy on interests in a letter addressed to The Age from its Australian operations chief Phil Chronican who argues that the cost of funding has increased substantially, and provided data to support his claim.