Big four profits now equal size of a small country

by Mackenzie McCarty18 Feb 2013

Following CBA's record profit announcement early last week, ANZ has reported an unaudited cash profit for the three months to December 31, 2012, of $1.53 billion - up 6.2% on the same period in 2011.

The value of the major banks has reportedly risen by more than $90 billion in the past year, to a combined value of $340 billion (a value worth more than Singapore's entire economy), yet they continue to refuse to pass on interest rate cuts in full.

ANZ's CEO, Mike Smith, says he believes ANZ has produced a ‘solid’ business performance consistent with expectations provided at the time of the 2012 full year results and says positive share outcomes in retail deposits and mortgages helped boost the bank’s bottom line.

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  • by NoTimeLikeTheFuture 18/02/2013 2:02:11 PM

    Yet Westpac announce plans to move processing to some other small country.

    WTHeck is wrong with having the work done by Australians? Profits are generated here, have some respect for us and our deals.