Big four profits equal size of small country

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Following Commonwealth Bank’s record profit announcement early last week, ANZ has reported an unaudited cash profit for the three months to the end of December of $1.53bn – up 6.2% on the same period in 2011.

The value of the major banks has reportedly risen by more than $90bn in the past year, to a combined value of $340bn (a value worth more than the entire economy of either Denmark, Singapore or Portugal), yet they continue to refuse to pass on interest rate cuts in full.

ANZ CEO Mike Smith said he believes his company has produced a ‘solid’ business performance consistent with expectations provided at the time of the 2012 full year results and says positive share outcomes in retail deposits and mortgages helped boost the bank’s bottom line.

The lender's market share increased in key sectors including traditional and affluent banking and household mortgages and deposits and lending average assets increased 7.6%.

“Initiatives to manage costs and margins helped to sustain a good performance in the Australia Division,” he said.

ANZ figures follow Commonwealth Bank's record $3.78bn profit announcement last week, as well as NAB’s $1.45bn.

Countries with a smaller economy than 'Big Four' 

 

 

Economy

Population

Big Four**

$340bn

--

Venezuela

$337bn

29m

Denmark

$309bn

5.5m

Malaysia

$307bn

28m

Nigeria

$272bn

162m

Chile

$268bn

17m

Singapore

$267bn

5m

Egypt

$255bn

82m

Greece

$254bn

11m

Finland

$247bn

5m

Israel

$246bn

7.7m

Philippines

$240bn

95m

Pakistan

$230bn

176m

Portugal

$210bn

10m

Source: IMF, 2012. Figures in US$

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