Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

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.

Advertisement
Advertisement
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
default
TheAdviser logo
default
more from the adviser
ANZ CBA ta ANZ, CBA win half of AFG broker lodgements

The two major banks processed half of all home loans lodgements o...

down houses ta Stagnant cash rate shouldn’t deter borrowers: Aggregator heads

While the official cash rate remains on hold, aggregator heads ar...

AFCA new ta AFCA broker complaints drop in the ocean

The number of complaints made to AFCA against all brokers have re...

FROM THE WEB