(PRWEB) May 14, 2012
Big4.com, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC notes a new KPMG report where Australia’s major banks (the majors) continue to perform well but interconnectedness with global funding markets and the structural change the new regulatory environment demands also play a role.
Statutory profit before tax was $16.8 billion for the 2011-2012 half year compared to $16.3 billion in the second half of 2011, according to KPMG’s Major Australian Banks Half Year 2012 report that was reported on by Big4.com. The majors’ cash profit after tax, $12.6 billion for the 2011-2012 half year was up 2.4 percent from the second half of last year’s cash profit of $12.3 billion.
KPMG’s head of banking, Andrew Dickinson commented stating: “The major banks’ profit clearly shows we have a strong banking system, however it must be viewed in light of the increased capital that the banks now need to hold.”
The high cost of funding remains a challenge since it impacts on margins, which narrowed from an average of 229 basis points in H2 2011 to 221 basis points in H1 2012. Cost to income ratios have improved slightly at an average of 44.7 percent in H2 2012, compared to 45.2 percent in H1 2011. Although the majors have posted a healthy profit for the 2011-2012 half year lack of growth will be a focus for investors.
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