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Big four have extra $8.1bn in their pockets

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Australian Broker | 13 Oct 2009, 08:18 AM Agree 0
Having prepared for a worst-case scenario, the major banks suddenly find themselves in the middle of an economic recovery with bad debt write-offs nowhere near what was previously estimated.

  • Tony H | 14 Oct 2009, 09:04 AM Agree 0
    The reduced writeoffs come as no surprise to many in the industry. Writer believes that the huge provision for writeoffs over the last 2 years was simply a way to reduce the all important reportable net profit figure brandished about by the media at results time. After all, the Banks could not allow themselves to be seen by the wider public to be profiting from the global financial crisis. I hazard a guess that it has been very profitable for their bottom lines both now and into the future as they have been able to reposition their products, fees, brokers commissions and competition just to their liking. Bring back the competition!!
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