Pixabay The National Australia Bank (NAB) has posted an annual profit of AU$7.1 billion, driven by the success of its commercial lending division. However, compared to the AU$7.7 billion the year before, NAB saw a 7.7% decrease in cash earnings for the year ending Sept. 30, reported Business Times. Despite the decline, NAB’s yearly profits … Read more
Wikimedia Commons Westpac Banking Corp. has named Peter Herbert as acting CEO for its Business and Wealth division, effective Nov. 5. Herbert will take over from Anthony Miller, who becomes Westpac’s CEO on Dec. 16. Herbert brings a vast range of experience having held various executive roles in the past, including Chief Operating Officer, Asia … Read more
As Australia’s Treasurer Jim Chalmers agreed to the amendments from the Opposition, the Reserve Bank of Australia got closer to its restructure bid in three decades. An independent review of the RBA last year recommended several proposals, including dividing the bank’s board — one responsible for monetary policy, which will continue to set interest rates, … Read more
Australia’s financial service provider Westpac announced a 6% rise in profits, which has been credited to its stronger lending margins and disciplined cost control that sent its shares to a six-year-high. Westpac surged ahead of its peers who were still grappling with soaring high interest rates and rising cost-of-living pressures, which led to concerns about … Read more
