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
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
