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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.
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.
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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.
