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Banks put heat on finance companies
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Finance companies and credit unions are gradually growing their lending, but profits are down sharply in the face of increased competition from banks, according to the latest KPMG annual report card on the sector.
The report covers 17 finance companies and six credit union with assets of $75m or more.
The finance companies increased their total assets by 1.6 per cent at $8.66 billion, with just over half of that held by GE Capital and ANZ-owned UDC Finance.
But the combined net profits for the finance company sector fell by 54 per cent from $234.6m in 2012 to $108.2m.
Credit unions and building societies' combined net profits fell by 11.7 per cent, to $5.95m on total asset growth of 4.8 per cent to $1.14b.
KPMG said the hit on profits in the sector came from some non-bank financial institutions experiencing margin pressure as the big banks increasingly competed for personal and vehicle loan business previously the domain for non-bank lenders.
Finance companies and credit unions also face extra compliance costs with new regulations such as anti-money laundering laws which came into full force in June.
Several one-off events at large finance companies dragged the overall sector profit down, including the $138 million charge GE Capital suffered as a result of one of its subsidiaries failing to adequately insure a book of mortgages which was securitised.
Next year promises tough going for finance companies and credit unions.
"The upcoming year could see further strains on margin as there are expectations for increases in the Official Cash Rate and signs that the US Federal Reserve rate could increase as stimulus measures are removed," KPMG says.
Some in the sector fear that the Reserve Bank's new rules restricting low-equity home lending will mean the banks will seek to continue growth by competing more aggressively in non-home lending.
"One view is that with banks being limited in their ability to lend in the high LVR (loan to value ratio) mortgage area, they may try to bolster their lending books in other areas, primarily serviced by the non-bank sector," KPMG says.
"Some banks were also big funders of finance companies. Avanti, Motor Trade Finance and Instant Finance all have large lines of funding from major banks, according to KPMG.
Lending growth by finance companies and credit unions could also be restricted by the proposed Credit Contract and Consumer Finance Amendments Act requirement for "responsible lending".
While the Act is not expected to be in place until late 2015, if the bill passes into law, "the impact . . . could potentially restrict sector participants from lending to certain customers as the onus will be on the lender to ensure lending is 'responsible"', KPMG says.
There are also uncertainties caused by high house prices, which have caused ratings agencies and the Reserve Bank to express concern for the banking sector.
KPMG monitors 17 finance companies and six non-bank savings institutions.
Finance company combined net profits fall by 54 per cent to $108.2m from $234.6m in 2012.
Total assets grew 1.6 per cent at $8.66 billion.
Operating expenses increased from 48 per cent to 63 per cent of operating income.
The six credit unions and building societies covered by KPMG saw their combined net profits fall by 11.7 per cent, to $5.95m.
Total assets for credit unions and building societies rose 4.8 per cent to $1.14b.
- BusinessDay
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Havent posted on here in forever and i hope you all are doing well with your babies!! Chloe JUST turned 5 months and she started crawling like a pro a few days ago (the day she turned 5 months) and i didnt see it coming. I have 3 other kids so im not ready for all four to be mobile. i was enjoying her non mobileness if that makes sense.shes so cute and she is over here cracking me up because she is so tiny! lol my other kids didnt do it this early so this is early for me at least.Well I did manage to get 2 short videos tonight of her crawling but I didn't know the only way to upload it here is to use YouTube? I will look into it and get at least one video up hopefully soon. Ok I managed to get one very short snippet uploaded to photo bucket hopefully this link works correctly.shes asleep now but I was going to try and get pictures of her crawling however that works.i say however that works because all of our babies probably get up on all fours by now so I don't see how that's better proof than a video. Anywho she does it way more clear than this but she was definitely tired,it's still great though :) Nope I tried and it didn't work haha I will try YouTube tomorrow. Goodnight!!!
Anyone elses baby crawling at 5 months old?
Last edited 08/13/2013
5th DUE JANUARY 6TH 2016 =)
Posted 08/13/2013
Wow that's early!! My dd just rolls around on the floor no where close to bring ready to crawl. She will be 5 months aug 22nd.
Posted 08/13/2013
My lo has been crawling for over a month now and she won't be 5 months until the 19th.
Posted 08/13/2013
Pics or it didnt happen lol I wanna see tiny babies crawlin
Posted 08/13/2013
My lo is "prepping" hisself to crawl he will get on all 4s and rock back and forth sometimes will scoot.
I love bacon. That's crossing the bacon line - HazelEyedPrincess
Posted 08/13/2013
My son scoots all over. I wouldn't be surprised if he crawled soon.
My son scoots all over. I wouldn't be surprised if he crawled soon.
Posted 08/13/2013
My little one has no signs of crawling. She can roll over and move around but hates to be on her stomach. She loves sitting up and she can do that alone really well
Posted 08/13/2013
Seriously... Videos or it didn't happen :)
mr.bigstuff (09/09)
ms.independent (11/11)
ms.sweetpea (03/13)
Posted 08/13/2013
thats adorable, show us pics!
Mine cant even roll yet
Posted 08/13/2013
Oh my lo has only done one flat surface roll over. But sits up by hisself. This kid is something else
I love bacon. That's crossing the bacon line - HazelEyedPrincess
Posted 08/13/2013
My LO rolls everywhere and attempts to crawl, but only manages to scoot. However, he has that down like a pro!
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The Philadelphia Phillies signed free-agent pitcher AJ Burnett to a one-year contract, according to multiple reports on Wednesday.
The deal is worth $16 million for the 37-year-old right-hander, Fox Sports reported.
The news of Burnett's signing comes on a day it was revealed that left-handed starter Cole Hamels might miss the start of the season because of tendinitis.
Burnett pitched for the Pittsburgh Pirates the past two seasons and it was assumed that he would return to the Pirates or retire. He mulled stepping away from the game permanently during the winter and the Pirates did not make him a one-year, $14.1 million qualifying offer, but he decided to return for one more season.
Reports indicated that the Pirates, Baltimore Orioles and Washington Nationals were among the bidders for Burnett.
In 30 starts last season for Pittsburgh, Burnett posted a 10-11 record with a 3.30 ERA, 67 walks and 209 strikeouts in 191 innings.
Hamels told MLB.com that he is behind schedule and has yet to throw off a mound but could be ready not long after Opening Day.
The 30-year-old Hamels previously had shoulder issues in 2006 and 2011 and also had elbow surgery in 2011. But he has averaged 213 innings and 32 starts per season since 2008.
In 33 starts last year, Hamels posted an 8-14 record with a 3.60 ERA in 220 innings. His career record is 99-74 with a 3.38 ERA in eight seasons with the Phillies.
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Pittsburgh Steelers @ Minnesota Vikings -2 1/2 8:00 EST
1* Free Play Minnesota Vikings.What you see is what you get each year from Pittsburgh, which builds through the draft, doesn't sign a lot of free agents and basically comes at you. How much Ben Roethlisberger has left is a question asked every September given the number of hits he takes. The biggest change will be at defensive coordinator, where legend Dick Lebeau is gone – which may mean the LBs will be freer to attack the pocket.The Vikes have Adrian Peterson back and things seem to have calmed down a bit in Minnesota. But then again, Mike Wallace has been on board for only a few months. Vikes are looking for a huge Year 2 improvement from Teddy Bridgewater and if they get it they can make things sticky in the North. In 2014/15 the Steelers were 1-3 SU/ATS in the preseason and in 2013/14 they were 0-4 SU/ATS. After missing the playoffs in 2013/14, Pittsburgh returned last year only to lose 30-17 to the Ravens in the Wildcard round. Mike Tomlin has clearly not been very worried about winning in the preseason the last few years.Last year the Vikes went 4-0 SU and 3-1 ATS in the preseason, after going 1-3 SU/ATS in 2013/14 and 1-3 SU/ATS in 2012/13. For a team which is desperately trying to get back to the playoffs, the preseason suddenly becomes a lot more important. There are many players on Minnesota which have something to prove, while Pittsburgh will surely be happy to just go through the motions and leave Canton without any significant injuries.Minnesota would seem to be the more motivated team in this one, consider laying the short points.AAA Sports
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