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Australia’s regional banks have flourished in the strong economic environment, posting strong profits and high growth in a competitive market.
According to a KPMG study released yesterday, operating profit after tax for regional banks increased 14 per cent in 2007 to $2.65 billion – higher than the major banks’ growth of 10.6 per cent.
Regional banks’ assets also grew by 25.8 per cent to $283.08 billion; net interest income increased by 9.5 per cent to $4.12 billion.
KPMG partner Martin McGrath said: “The regionals have shown year in and year out that they are competitive and capable of sustaining good, solid profits in the face of immense competition.”
“This result coupled with their strategic initiatives this year firmly stamps their position as a significant force in the Australian financial services landscape.”
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