Aussie banks shine in GFC
Australia’s major banks have emerged better than most from the global financial crisis, according to a new analysis released by KPMG.
The analysis, released this week, suggests that the nation’s major banks have been largely sheltered from the near-death experiences of many of their international counterparts.
It said that, as a result, Australia’s major banks had reported a year-end profit (before tax) that was only marginally down on 2008 — $22.5 billion compared to $22.6 billion.
Commenting on the research, KPMG head of banking said that throughout the tests of the global financial crisis, Australia’s major banks had continued to provide a rare ray of sunshine. They were now among the top banks in the world by market capitalisation and profitability.
But the KPMG analysis suggested that the outlook for the Australian banks was difficult to forecast, although there was cause for cautious optimism because their franchises remained strong and their competitive positions had been enhanced.
AUTHOR
Mike Taylor
Recommended for you
Advisers are underestimating how much time they spend on non-advice work, creating inefficiencies within their practice which has a financial impact on their bottom line, according to Elemnta.
While the number of advisers switching tends to tick up at the end of the year, Padua Wealth Data reveals which business model sees the most adviser loyalty.
Private credit, auditor misconduct and super trustees have been listed among ASIC’s priorities as the regulator unveils its top focus points for the coming year.
Melbourne-based investment manager Woodbridge Capital has appointed an origination director for south-east Queensland, strengthening its foothold in the region as part of its national expansion strategy.
