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Banks profit in time of global uncertainty

Staff Reporter 1 minute read

Australia’s major banks have posted record profits largely off the back of a strong economy and the flow on benefits from investment initiatives over recent years, according to KPMG’s 2007 survey of major Australian banks.

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Shrugging off credit issues arising from the US sub-prime market, the banks reported a 10.7 per cent profit increase to $17.9 billion in 2007; underlying results disclosed as cash earnings grew by 13.5 per cent.

KPMG banking partner Michelle Hinchliffe said the banks have not been significantly exposed to the sub-prime fallout due to “more prudent lending policies”.

“While there has been a slight increase in the level of loan losses these are still at historically low levels,” said Hinchliffe.

Banks profit in time of global uncertainty
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