Apart from the all-round improvement in results, two things stand out from the Absa preliminary report for the year to December, the first full year since the Barclays takeover: synergies from the takeover are coming through faster than expected, and the bank is a major beneficiary of the battle for increased share of the competitive credit card market.
Absa had hoped to reap synergistic gains of R300m by December 2006: it achieved R753m, already ahead of the target for December 2007, with associated costs of R640m - R30m less than expected by now - in spite of the slower than hoped merger with Barclays' interests in the rest of Africa.
Read more at FIN24.co.za
Showing posts with label Bank. Show all posts
Showing posts with label Bank. Show all posts
Tuesday, February 20, 2007
Monday, February 19, 2007
Absa banks 24% more earnings
South African banking group, Absa, increased annual headline earnings per share by 24% but said earnings growth may slow due to tight monetary conditions and household indebtedness.
Absa, majority-owned by Britain's Barclays Plc, said on Tuesday headline EPS rose to 1 181.8 cents per share while headline earnings increased by 25% to R7.87bn.
Read more at FIN24.co.za
Absa, majority-owned by Britain's Barclays Plc, said on Tuesday headline EPS rose to 1 181.8 cents per share while headline earnings increased by 25% to R7.87bn.
Read more at FIN24.co.za
Sunday, February 18, 2007
How to get a lower rate on your home loan
Nine points to consider when negotiating with the bank
You can save more than R220 000 if your rate is dropped from prime less 1% to prime less 2%, on a R500 000 loan, over 20 years. Here's how:
Home loan. If you have a good track record and ensure your monthly payments are on time and up to date, the bank is more likely to lower your rate. In addition, if you plan to move your mortgage bond to another bank, you will not be allowed to if you have missed a payment in the last six months.
Extra money. Any additional funds (such as a bonus or unexpected windfall), which you can deposit in to your bond, will make a difference when the bank is evaluating your rate.
Other accounts. When the bank is considering offering you a lower rate, it will check the payment profile of your other accounts, such as car finance, store cards and overdrafts. Make sure there are no amounts outstanding on your accounts, as this will affect your credit rating and your chances of the bank revising your rate.
Financial circumstances. Your rate is set on the bank's perceived risk of your financial situation and when your circumstances change, you can negotiate with the bank to adjust your rate. A change in your credit rating or a higher salary will mean the bank is more likely to lower your rate.
Property values. One of the factors used to determine your bond rate is the size of the loan compared to the value of the house. As property values rise, it will become easier to negotiate with the bank for a lower rate.
Timing. Some banks advise you to approach the bank about three or four years into your bond. By this time, most initial costs have been redeemed and the bank is in a better position to adjust your rate.
Find the rest at Moneyweb.co.za
You can save more than R220 000 if your rate is dropped from prime less 1% to prime less 2%, on a R500 000 loan, over 20 years. Here's how:
Home loan. If you have a good track record and ensure your monthly payments are on time and up to date, the bank is more likely to lower your rate. In addition, if you plan to move your mortgage bond to another bank, you will not be allowed to if you have missed a payment in the last six months.
Extra money. Any additional funds (such as a bonus or unexpected windfall), which you can deposit in to your bond, will make a difference when the bank is evaluating your rate.
Other accounts. When the bank is considering offering you a lower rate, it will check the payment profile of your other accounts, such as car finance, store cards and overdrafts. Make sure there are no amounts outstanding on your accounts, as this will affect your credit rating and your chances of the bank revising your rate.
Financial circumstances. Your rate is set on the bank's perceived risk of your financial situation and when your circumstances change, you can negotiate with the bank to adjust your rate. A change in your credit rating or a higher salary will mean the bank is more likely to lower your rate.
Property values. One of the factors used to determine your bond rate is the size of the loan compared to the value of the house. As property values rise, it will become easier to negotiate with the bank for a lower rate.
Timing. Some banks advise you to approach the bank about three or four years into your bond. By this time, most initial costs have been redeemed and the bank is in a better position to adjust your rate.
Find the rest at Moneyweb.co.za
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