Staff Reporter
Despite the pressure of higher funding costs, Westpac has still managed to post record earnings of $5.88 billion.
The major’s actual statutory net profits came in at $6.3 billion.
The result takes the combined cash profits of the big four this year to more than $21 billion – a figure which will only go to exacerbate the tensions over the perceived loss of competition in the banking market following the global financial crisis.
The Commonwealth, which increased interest rates by 0.45 of a percentage point yesterday, turned in $6.1 billion for the 12 months that ended June 30.
ANZ also had a good year – recording cash profit of $5.1 billion for 2010, beating NAB, which recorded $4.5 billion in profit.
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