Are the Australian banks ripping us off ?

| November 9, 2010

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.


According to  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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