Banks on track to deliver huge record profits

Banks are on track to deliver huge record profits, led by Commonwealth Bank which is positioned to deliver more than $6.8 billion, a record for an Australia lender.

The big four banks have turned in combined half-year cash earnings of $12 billion, helped in part by a series of out-of-cycle interest rate rises across mortgages last year.

The banks argued they were passing on increases in borrowing costs that had worsened since the global financial crisis. Mr Norris, Commonwealth Bank CEO, acknowledged that since the November rate rise his bank's reputation had deteriorated among customers.

Source: Sydney Morning Herald