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Profit down at Savings & Loan
3 September 2008 |
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| Higher funding costs have caused South Australian based Savings & Loans Credit Union to report a 31 per cent fall in net profit to $10.9 million, for the 2008 financial year. Interest income increased 28 per cent to $218 million, but was outpaced by the 41 per cent increase in interest expense to $157 million. Alternate funding through retail deposits eased the pain, increasing 16 per cent to $1.83 billion, driven by a 25 per cent rise in term deposits to just over one billion dollars. Total loans increased 19 per cent to $2.6 billion, with residential lending up 20 per cent to $2.1 billion. Just under 90 per cent of Savings & Loans lending is currently domiciled in South Australia, which will slowly reduce due to interstate branch openings, said chief executive Greg Connor. Now in Victoria we have two branches in Ballarat, one in Warrnambool, three in Melbourne and three in Darwin so we are moving our base around. Connor adds the new branches take up to two years to break even, and become profitable after their third to fourth year of operation with the credit union currently having nine branches yet to reach a second birthday. We are pleased with the way the sales in the new branches are coming along. Melbourne was very expensive, as we came in cold and had to develop a brand presence, though we will write record loans in personal lending in August. Connor said the Austral Credit Union members are in the process of voting on the proposed merger, and if an approval is granted, the four Austral branches, six agencies and 14 automated teller machines will be rebranded to Savings & Loans. The Austral special general meeting is next Monday. |
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| Source : The Sheet |
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| 30 September 2008 | - New credit card features double reward points |
| | - NAB funds youth business |
| | - Merger benefits unclear for St George and Westpac |
| | - Banks face crackdown from regulator |
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| 29 September 2008 | - More banks fail in US and Europe |
| | - Home buyers accounts complex and costly |
| | - Credit Card Interest Rates Remain Stable |
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| 26 September 2008 | - Macquarie exits lending markets |
| | - Heritage looks to agribusiness |
| | - Big rate cuts coming in October |
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| 25 September 2008 | - Visa and MasterCard taking over debit |
| | - NAB may offload bad debt to US government |
| | - Commonwealth tipped to buy Suncorp bank |
| | - Banks run riot with no competition |
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| 24 September 2008 | - Sydney Credit Union becomes SCU |
| | - Commonwealth joins velocity awards |
| | - BankWest quits cashflow finance |
| | - Aussie banks profit from credit crunch |
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| 23 September 2008 | - NAB most exposed to US problems |
| | - Don't lower your mortgage repayments |
| | - Banks benefit from short selling ban |
| | - Investors switch to term deposits |
| | - Nab Cuts Interest Rate On Low Rate Credit Card |
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| 22 September 2008 | - Credit Card Interest Rates Remain Constant |
| | - New improved frequent flyer program grounded |
| | - NAB and Westpac face tough debt markets |
| | - First home buyer accounts launched |
| | - Credit crunch: worst may be over |
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| 19 September 2008 | - NSW Teachers go west |
| | - Market breaks MacBank |
| | - Expanding BankWest up for sale |
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| 18 September 2008 | - Best home loans from BankWest, one direct and mecu |
| | - Aussie banks remain strong |
| | - Amex and credit union cards win gongs |
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| 17 September 2008 | - Bank penalty fees to stay |
| | - Bank and super insurance in doubt |
| | - Aussie banks exposed to Wall St chaos |
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| 16 September 2008 | - Investors give banks a pounding |
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| 15 September 2008 | - Women miss out on savings and super |
| | - Two people run NAB's sub-prime program |
| | - Fixed rate mortgages plummet |
| | - Banks coy about fraud rates |
| | - Australian Credit Card Interest Rates Rise |
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| 12 September 2008 | - Reverse mortgage lender is broke |
| | - October rate cut looks unlikely |
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| 11 September 2008 | - Brakes on at Suncorp |
| | - Banks short of skills at the top |
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| 10 September 2008 | - No rate relief on cards or business loans |
| | - Banks tighten lending rules |
| | - ANZ re-organises and cuts staff |
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| 09 September 2008 | - Westpac plus St George is all good |
| | - ING plans transaction account |
| | - Fees up on interest free deals |
| | - Big bank CEO's get $9 million each |
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| 08 September 2008 | - Banks hiring retail talent |
| | - St George to accept Westpac offer |
| | - Beware of fixed mortgages |
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| 05 September 2008 | - Suncorp raises rates on cards |
| | - Pensioners caught out by welfare changes |
| | - NAB and ANZ most at risk |
| | - ANZ raises rates on deposits |
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| 04 September 2008 | - Originations flagging for mortgage bellwether |
| | - No rate cuts from niche lenders |
| | - Few see advantage in Wizard credit card |
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| 03 September 2008 | - RAMS and CBA lead on rate cuts |
| | - Credit card rates go up |
| | - Banks cut rates on loans and deposits |
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| 02 September 2008 | - Muslim bank planned |
| | - Deposits fund home loans |
| | - City Pacific announces big loss |
| | - An amazing loss |
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| 01 September 2008 | - Wizard first to cut rates |
| | - Lean times for mortgage brokers |
| | - I haven't sold out says Aussie John |
| | - Credit Card Interest Growth Greatest in Low Rate Credit Card Segment |
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