Reported 26 days ago
Australia's largest banks are expected to announce lower annual earnings next week, as intense competition in lending and increasing deposit costs challenge profits, despite possible gains from mortgage revenues. The sector has seen a notable share price increase since late 2023, but rising costs due to depositors shifting to higher-yielding savings and borrowers facing difficulties with high interest rate loans present headwinds. Analysts predict significant drops in annual cash profits for major banks like Westpac, NAB, and ANZ, while Commonwealth Bank's profit is projected to rise slightly.
Source: YAHOO