The chances of the banks paying higher dividends in the coming years look to have diminished after APRA ordered Westpac, NAB and ANZ to set a total of $1.5 billion in extra capital aside.
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Weaker bank shares helped take the wider market lower for another session, but the day’s loss was nowhere near as damaging as Monday’s 1.2% slump.
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The RBA’s second 0.25% rate in two months had a predictable impact on bank share prices – down they went, taking the ASX 200 with them.
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Redemption? Sort of; but the way the share prices of Australian banks rebounded in the June half year was extremely helpful to super funds and self-managed funds and investors generally.
Read MoreANZ Bank’s New Zealand woes continue with it’s country head, David Hisco leaving the bank amid claims of expenses irregularities.
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ANZ and Westpac failed to pass on the full 0.25% cut from the Reserve Bank to its mortgage customers and immediately faced pressure from the central bank.
Read MoreANZ has finally completed the $2.85 billion sale of its Australian life insurance business to Swiss giant Zurich.
Read MoreBank shares had a second good day on the ASX yesterday after their post-election surge on Monday. Monday it was Prime Minister Morrison’s surprise win, yesterday it was APRA as the financial prudential regulator revealed plans to relax a key restriction on home loans.
Read MoreMore doubt has been cast on the proposed near $1 billion sale by ANZ Bank of its superannuation business to IOOF.
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Some brokers have started to upgrade their recommendations to “BUY” on the banks and believe that they represent value in and around these levels. I still strongly disagree.
Read MoreThe ANZ is maintaining interim dividend at 80 cents a share after reporting a 2% rise in cash profit to $3.56 billion for the six months to March 31.
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With three big banks reporting interim results in early May, it will pay investors to look at the first Financial Stability Review of 2019 from the Reserve Bank and remarks on the profits and earnings.
Read MoreCredit Suisse points out ANZ’s recent announcement, that it may have been too conservative in its approach to mortgage lending, has been interpreted by some that this is an inflection point for growth.
Read MoreIt’s only been a month since Hayne’s final report has been released, but far from driving a stake through the financial hearts of the Big Four Banks – Commonwealth, Westpac, ANZ and NAB – their position is returning to being as dominant as ever.
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More than $20 billion was added to the value of listed financials – lead by the big four banks yesterday after investors concluded the outcome from the Hayne banking and finance royal commission would not damage their business models our futures.
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The National Australia Bank is in the gun following the release of the final report from the royal commission which contained very sharp criticism of the bank’s chairman and CEO.
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The long-awaited final report from the finance and banking Royal Commission will be released this afternoon at 4.10 pm (there is a media lock up this afternoon ahead of the release) and while there will be a lot of heat and light and promises from the Morrison government, there will be nothing concrete.
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Now for the AMP next May after three of the four big banks took hits from upset shareholders at annual meetings in November and December.
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Australia’s big four banks, already reeling from a stagnant home loan market and revenues, the fallout from the Hayne Royal Commission and censure from upset shareholders, now face more financial problems in their most profitable offshore market – New Zealand.
Read MoreWestpac was on Wednesday, it will be the turn of NAB and ANZ next Wednesday to feel the wrath of shareholder displease over the revelations at the Hayne royal commission.
Read MoreMore hybrids and other issues to come from our slimming banks? That could be the outcome of a new move by APRA, the banking regulator to force banks to hold more loss-absorbing capital by 2023.
Read MoreThe big four banks have survived a tough year financially unscathed, but with their reputations sullied what does 2019 look like?
Read MoreIt appears ANZ Bank’s FY18 report slightly missed Morgans’ expectations, but the broker is prepared to make the call this bank’s rough patch is nearing an end. The next couple of years should be “smoother”, if Morgans’ assessment can be relied upon.
Read MoreFresh after announcing a 5% fall in cash earnings and an unchanged final and full year dividend, ANZ says it has abandoned attempts to float its unwanted NZ finance arm, UDC Finance.
Read MoreANZ will not require shareholders to feel the pain of the cost of righting the problems and rorts exposed in the Hayne Royal Commission into misconduct in financial services.
Read MoreBanking analysts at Morgan Stanley have lifted their estimate for customer remediation costs for the banks to $3 billion over the next two years, up from an earlier forecast of just $500 million.
Read MoreMorgans does not expect the additional provisions stemming from the Royal Commission to hamper the ability of the major banks to achieve APRA’s unquestionably strong CET1 benchmark by January 2020.
Read MoreThe ANZ has revealed more than $800 million in additional costs for customer compensation as the bill for the big banks and AMP from the royal commission continues to mount.
Read MoreANZ has reported a sector-leading capital position in its third quarter update, Macquarie observes, which provides scope for additional buybacks in FY19/20. The bank also recorded its lowest impairment charge since 2014.
Read MoreThe bank has sold its NZ life insurance business to Cigna for NZ$700m. Morgan Stanley notes ANZ had not publicly stated the business was for sale, although believes the decision is consistent with the strategy to exit low-return and non-core businesses.
Read MoreThe ANZ’s success in raising more than $640 million from another asset sale had no impact on its share price yesterday as investors continued to sell it and other financial stocks in the wake of the big offshore sell off on Tuesday in Europe and the US.
Read MoreAs Apple showed last week, there’s nothing like the sniff of extra cash from a buyback to get shareholders sweet on you and so it is with the ANZ Bank which yesterday hinted it could double its current $1.5 billion buyback.
Read MoreCash earnings in the first half were slightly above Citi’s estimates. The broker notes a large number of one-off items relating to divestments obscured the underlying trends. The CET1 ratio is growing rapidly and now at 11%.
Read MoreInvestors gave the ANZ Bank’s interim profit result for 2017-18 a small cheer yesterday.
Read MoreThe ANZ Bank will pay an unchanged interim dividend of 80 cents a share after reporting a 4% rise in cash profit to 3.49 billion.
Read MoreThe ANZ has joined the National Australian Bank (see separate story) in preparing investors for a big write down and multi-million dollar series of one off losses in its interim profit announcement next week (May 1).
Read MoreThe ANZ Bank says it will now look at floating its NZ asset finance business UDC after a trade sale to a mystery Chinese company was blocked late last year.
Read MoreMorgan Stanley notes the bank is considering an IPO of its New Zealand asset finance business, UDC. Last year, a planned sale of UDC to HNA Group did not proceed. Rating is Equal-weight. Target is $29.30.
Read MoreMorgan Stanley notes the bank has completed more than 50% of its $1.5bn buyback. A further $4bn in buybacks could be undertaken over the next two years. The broker believes a special dividend is unlikely but growth in the ordinary dividend should resume in FY19.
Read MoreMorgan Stanley observes Australia’s major banks face a deteriorating revenue growth outlook and increased scrutiny, with little room to deliver positive surprise on expenses, loan losses and capital management. The broker believes ANZ offers a good cost story and improving risk profile against this backdrop.
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