Banks Results positive despite economic nightmare of 2009

Monday October 12, 2009

Australian banks have reportedly survived one of the toughest years for the global economy with postings of profits to the sum of approximately $11 billion. Three of the major banks, National Australia Bank, ANZ and Westpac are expected to announce total earnings around $15.8 billion for the majors this year.

This goes on to show that while this was indeed a very tough year financially, it was not to the damaged extent of other nations economies with Australia still turning cash profits, despite the previously dismal global outlook.

The September 30 end of financial year will see three of Australia's major banks release their financial reports, with Commonwealth Bank having released a few weeks previous.

Bank results to date:

• The Commonwealth Bank - overall $78 billion value of the group including BankWest places the Commonwealth Bank as the highest valued banking institution operating in Australia. CommBank shares are at the highest level since January 2008 at $51 with net profits at $4.4 billion for the 12 months to June 30, 9 per cent down on previous year. Still holds position as Australia's biggest lender
• Westpac - $77 billion value, it is suspected that its financial results on 30th September may move Westpac above Commonwealth bank as the country's most profitable bank with a predicted group profit of $4.5 billion. Much of the bank's results is also attributed to the successful merger with St George nine months ago
• NAB - $63 billion value, expected cash earnings results of $3.7 billion
• ANZ - $59 billion value, expected cash earnings results $3.2 billion

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