Arab Today, arab today bumper harvest for aussie banks
Last Updated : GMT 14:02:35
Arab Today, arab today
Arab Today, arab today

Bumper harvest for Aussie banks

Arab Today, arab today

Arab Today, arab today Bumper harvest for Aussie banks

Washington - XINHUA

With Westpac bank announcing another massive profit result on Monday, Australia\'s big four banks have now achieved a combined record net profit of over 25 billion U.S. dollars, in the face of volatile global money markets and domestic inflationary pressure. While the Aussie banks continue to defy the global weaknesses undermining the world\'s traditional financial centers, experts told Xinhua that the record profits are threatened by an unpredictable Australian economy and trickling inflation. According to Annette Beacher, head of Asia-Pacific Research at TD Securities, \"After a very sticky official September quarter inflation report, this first peek at the December quarter shows relatively benign inflation pressure, where the trimmed mean and headline inflation remain within the bottom half of the 2-3 percent RBA (Reserve Bank of Australia) target range.\" \"However, we are of the view that the unexpected pop in underlying inflation to 2.5 percent takes the urgency out of a near-term interest rate cut. Combined with stability in global markets, a bounce in iron ore prices and better activity and survey data from number one trading partner China in recent weeks, adds to the case for \'wait and see\' for the RBA Board meeting tomorrow,\" added Beacher. A skip in the drum-beat of bad debts has seen the \"Big Four\", ANZ (Australia New Zealand Banking Corp), Westpac, NAB (National Australia Bank) and Commonwealth Bank, enjoy widening profits, to the often heated ire of Australian borrowers. Westpac has been the latest to nail its third consecutive record cash profit - up 5 percent to 6.598 billion Australian dollars - but full-year net profits also fell 15 percent to 5.97 billion Australian dollars thanks in large to its takeover of rival St George. The result for the year to September 30 was down from 6.99 billion Australian dollars in 2010/11, when Westpac received 1.1 billion Australian dollars in tax benefits. In a statement, Westpac CEO Gail Kelly said the bank had made the right decision to snatch Westpac while simultaneously \" delivering attractive returns to shareholders and investing for future growth.\" \"Our performance, particularly in the second half, demonstrates that we have increasing momentum across our businesses,\" Kelly said. Australian consumers have sought a safe haven in term-deposits, delivering a massive 36.7 billion Australian dollars into the system over the last ten months alone. The popular Westpac chief executive said volatility was paramount even while savings are expected to continue strong growth and weak consumer sentiment pumps savings into deposit accounts. \"Volatility in global markets is likely to continue and as a result of the structural changes that are now occurring, both overseas and domestically, the operating environment will remain challenging,\" she said. Wespac\'s figures are still lagging the Commonwealth Bank\'s eye- watering 7.11 billion Australian dollars harvest and the China- bound ANZ\'s extraordinary 6.01 billion Australian dollars. The NAB saw earnings down 0.5 percent to 5.43 billion Australian dollars and was the only Australian bank to watch profit\'s slide south, after its UK investments suffered under global constrictions. The combined profit of the big four is up 3.2 percent on last year, the slowest pace since the global financial crisis. Remarkably Australia\'s rate of deposit growth kept of 8 percent, compared with 5 percent for overall credit growth. Independent analyst Clayton Davis, a principal at Stacks Law firm outside Sydney, said that the clear upshot of the deposit credit disparity alludes to the true strength of Australia\'s big four lenders. \"Australian banks are now shielded from venturing on the stagnating, and volatile, international cash markets. In short, they are now funding at home, that is, they are able to source all their new lending from their own deposits,\" Davis told Xinhua.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bumper harvest for aussie banks Arab Today, arab today bumper harvest for aussie banks

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday