It’s reporting season, which means all publically-listed companies have to show off their balance sheets and three of the big four banks have posted huge profits. Westpac is on top with a net profit of $3.3 billion in the first two quarters of fiscal 2013, an increase of 11% compared to the same period in 2012.
ANZ results show a profit earning of $2.9 billion, 7% more than the last half year.
“It reflects a continuing commitment to growth while also delivering sustainable productivity outcomes that provides us with ever greater earnings leverage over time,” claims Mike Smith, CEO of ANZ.
NAB increased its earnings by 3.1% to record a profit of $2.92 billion.
“In March we announced our refreshed strategic agenda to ensure that our structure is attuned to the changing economic and social landscape,” Cameron Clyne, CEO of NAB, said. “We have begun centralising our product management function to rationalise, standardise and innovate products, and we are further centralising our operations, technology and project services to deliver quicker cycle times, fewer errors and lower costs.”
The last of the big four, Commonwealth Bank, will announce its profit earning results on 15 May 2013.