Australian banks remain healthy and profitable in stark contrast to the US financial sector according to APRA figures released yesterday.
The latest figures reveal that bank profits remain strong, with a net profit after tax for the year end 31 March 2008 of $23.5 billion across the sector.
The profit margin for domestic banks was 28 per cent for the 12 month period; for the four majors profit margin sat at 35.9 per cent.
The banks have also seen significant growth in their share of the home loans market.
Over the 12 months to 31 March, Australia’s banks showed a 22.7 per cent growth in total assets, driven predominantly by home loans.
Total housing loans increased by 14.2 per cent over the year to reach $858.1 billion.
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