Australia’s four major banks are the most profitable in the developed world, the influential Bank for International Settlements (BIS) says.
The major banks’ pre-tax earnings as a share of their total assets rose to 1.28 per cent in 2013, higher than 10 other developed countries, BIS said in its annual report on Sunday night.
It is the fourth consecutive year in which the sector’s profitability has been the highest among developed countries assessed by the BIS, including Britain, the
United States, Japan and various European nations.
The comparison also showed Commonwealth Bank, Westpac, National Australia Bank and ANZ have wider net interest margins and lower costs than most of their peers overseas.
Source: Fairfax Media