Banking & finance pull in massive profits

Financial corporations in Australia, including banks, generated A$68 billion in profits in the year to September 2011, 18 per cent of all profits earned by all trading corporations over the last year. National accounts published yesterday by the Australian Bureau of Statistics show that finance sector profits are growing consistently at double-digit rates year on year, after a dip in profits in 2009 and a weak recovery in profits in early 2010.

Finance sector profits represent 18.1 per cent of all company profits, below the high point of more than 19 per cent in 2009 but above the median ratio of the 2000s, which was in a range of between 16 per cent and 17 per cent.

Source: Banking Day