Big banks to post $10b profit

Big banks to post $10b profit

31 March 2010 by Staff Reporter 0 comments

The continued dominance of the major banks in the mortgage market is expected to help three of the big four post collective half-yearly profits of more than $7.4 billion.

Westpac, ANZ and NAB will give a detailed report of their profits in late April, with Westpac expected to be the standout performer after the lender stunned the market with its preliminary first quarter earnings buoyed by a drop in the number of bad loans written.

Last month, CBA reported first-half cash profit of $2.9 billion for the six months ending 31 December.

Combined, the big four banks’ first-half profits are expected to hit $10.4 billion, 31 per cent higher than the first half of 2009.

According to UBS forecasts, Westpac is expected to post cash profit of approximately $3 billion, while ANZ cash profit is forecasted to be $2.35 billion and NAB’s $2.13 billion.

The continued dominance of the major banks in the mortgage market is expected to help three of the big four post collective half-yearly profits of more than $7.4 billion.

Westpac, ANZ and NAB will give a detailed report of their profits in late April, with Westpac expected to be the standout performer after the lender stunned the market with its preliminary first quarter earnings buoyed by a drop in the number of bad loans written.

Last month, CBA reported first-half cash profit of $2.9 billion for the six months ending 31 December.

Combined, the big four banks’ first-half profits are expected to hit $10.4 billion, 31 per cent higher than the first half of 2009.

According to UBS forecasts, Westpac is expected to post cash profit of approximately $3 billion, while ANZ cash profit is forecasted to be $2.35 billion and NAB’s $2.13 billion.

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