Banks post solid Q3 profits
By
Kevin Eddy
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23/08/2010 5:45:00 AM
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ANZ and Westpac have both posted solid third-quarter profits - but are warning that the future outlook is less rosy.
ANZ recorded profits of $1.3bn in the three months to June, an increase of 37% on the same period last year. The bank's income was bolstered by a fall in bad debts and a surprise lift in profit margins. Westpac, meanwhile, posted Q3 profits of $1.4bn
However, ANZ CEO Mike Smith warned that the global outlook remains "unusually uncertain" and that banks around the world are facing "permanently higher costs" due to pressures on wholesale funding and forthcoming international regulation.
Westpac CEO Gail Kelly echoed Smith's concerns.
“The Australian economy is robust but conditions in Europe and signs of slowing growth in the US continue to create global uncertainty."
Kelly added that Westpac's merger with St. George is now complete from a strategic perspective.
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