ANZ profit down 8% and it cut its dividend. NAB and WBC also record lower profits this week. Macquarie Bank also missed analyst estimates a few weeks ago. And lets not forget CBA's annual profit was less than the previous financial year.
The cash rate was 4.1% last June. So whether reporting period was from June 23 - June 24, or September 23-September 24, it encompasses an entries years worth of higher interest rates...............and have the groundbreaking profits showed? Where are these increased profits as the banks benefit from higher rates? Rates will probably go lower before they go higher. So this period of higher interest rates didn't actually deliver any record profits?
There is no growth in the banking sector. Anyone buying at these prices - you guys are absolute daredevils
CBA Price at posting:
$147.26 Sentiment: Sell Disclosure: Not Held
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