WestPac unveils huge profit

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.

Source: The Adviser

Posted by admin on Thursday the 4th of November, 2010. Currently No Comments »

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First home buyers pass the baton to upgraders

Posted by Infochoice 0n 11/9/09

The big worry for lenders in the housing finance market has been that when the strong push from first home buyers came to an end the market would lose its momentum and be back in the doldrums.

Housing finance figures released by the Australian Bureau of Statistics  this week suggest that first home buyer demand has indeed peaked.  After rising steadily in response to low rates and government stimulus first, home buyer share of all dwellings financed peaked at 28.5 per cent in May and fell back to 27.1 per cent in June and 25.7 per cent in July. Read More »


Posted by Iden on Sunday the 13th of September, 2009. Currently No Comments »

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