The ANZ Bank has posted a huge first half of the year profit of just under $3 billion. This is a rise of 10% from last year, but slighly less than expected from analysts.
This huge profit will put massive pressure on ANZ to pass on yesterdays interest rate cuts by the RBA.
Westpac is due to report tomorrow and NAB later next week. Both are predicted to have huge profits with a combination of the top 4 banks estimated to be close to $12billion for their first half years. Therefore, if they are not passing on the 50pc interest rate cut from yesterday, they will certainly cop a lot of backlash from consumers and the government.
ANZ said jobs may still be on the line as profit margins continue to be hit. Personally, I’m not sure what these profit margins are, obviously they are not really effecting the $3billion profit!
Anyway, stay tuned from further announcement from the other big banks, hopefully we will see a decrease in the mortgage rates and hopefully the current interest rates on savings accounts are not changed.