Big banks expected to smash all profit records

Australia’s big four banks are expected to report half year profits of almost $12 billion – smashing previous profit records.

ANZ, NAB and Westpac are all expected to report their half year profit results for the six months to the end of March in the first week of May.

CBA, which has a different financial year structure, has already reported a record $3.3 billion profit for the six months to the end of the December 2010.

But while the banks are expected to enjoy record profits in the first half of the year, UBS analyst Jonathan Mott said the recent spate of natural disasters combined with weak demand for new loans could stop the majors from achieving record profits over the full financial year.

Source: The Advisor