Are the Australian banks ripping us off ?

| November 9, 2010 | 0 Comments

Banks declare huge profits

Australians are feeling ripped off as the Big four banks  who have a monopoly  are increasing the  interest rates out of tune of the RBS rate increases , even when they dont need too and are declaring huge profits.

"The banks are a bunch of greedy thieves, ripping off Australians trying to live the dream of owning their home," said the Victorian senator Senator Steve Fielding.

Ref: http://www.smh.com.au/b1

According to  Cpa.org.au  the website says  that the banks  ( ANZ, Commonwealth Bank, NAB and Westpac) annual combined pre-tax profit of around $30 billion ($21.7 billion after tax).

 

Here are the reports from the bank profit season reporting in November 2010

 

Commonwealth bank profit : $5.66 billion  Wed Aug 11, 2010

CBA’s preferred cash profit measure came in at a record  $6.1 billion – up 42 per cent on last year. The Commonwealth Bank has pulled in a record profit of $5.66 billion, a  luxurious 20 per cent increase on last financial year. The nation’s biggest home lender recorded an even bigger cash profit, the banks’ preferred measure, of $6.1 billion, which is 42 per cent higher than the previous year.

ANZ PROFIT :   $4.5 billion

ANZ has announced that it’s made an after tax profit this year of $4.5 billion; a hefty increase on the previous 12 months

NAB profit : $4.2 billion

NAB’s $4.2 billion profit , Nab had  a better-than-expected 19.3 per cent increase for National Australia Bank’s annual cash profit. NAB’s cash profit of $4.58 billion for the 12 months to end September is slightly ahead of the average of analyst expectations of $4.49 billion. Net profit rose 63 per cent in the 12 months to September 30 to $4.22 billion, up 63.2 per cent on the previous corresponding period.

Westpac profit:   $5.8 billion

Westpac today announced huge profits by unveiling a record cash profit of $5.88 billion. Westpac’s actual statutory net profits came in at $6.3 billion, a figure that related to a tax benefit disclosed last week to the ASX following its purchase two years ago of St George Bank.

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Category: 2010, Banks, Finance

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JJay blogs on Technology related products ,websites, SEO, Social Media and blog promotion. JJay also writes articles for Stock market , Finance and business blogs and websites.

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