Bank profits are “not that high” says ANZ

Banks need to adapt their business models to cater to the demands of a restless public whose trust in the industry “is at an all-time low”, ANZ's Australian CEO, Phil Chronican, said.

Chronican said that “there has been, as always, the usual backdrop of media and politicians using banking profits to score points. We all expect a certain amount of populism and are used to it.”

“My concern is that those doing this know better. Bank profits are not that high and, by staying profitable, our banks gave our nation stability throughout the crisis and strengthened our economy.”

Source: Banking Day