Bank profit announcements not all doom and gloom

Media coverage of the profit announcements of BNZ, ANZ National and Westpac this week tended to focus on the bad news of significant decreases in profits, but further analysis showed a more mixed result.

Finsec General Secretary Andrew Casidy said that the negative news was largely due to the big unpaid tax bills and increased write-offs of bad lending. “However, there are positives there too – not least that underlying profits are holding up well in the middle of a global recession.”

Casidy said that in the 9 months to June 30, that ANZ net profit after tax had dropped by 3.37% and BNZ by 4.17%. Westpac’s net profit after tax had actually increased by 25.31%. “In the case of two banks, their profits have been negatively impacted to a small degree, and in the other positively impacted.” All banks also reported increases in net interest income profit, a point Finsec raised at the banking inquiry.

“These statistics show that looking forward to the predicted recovery, there are positive signs for our big banks,” said Andrew Casidy.

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1 Response to “Bank profit announcements not all doom and gloom”


  1. 1 anon 8 September, 2009 at 6:05 pm

    Westpac looking to remove 50 roles from lending support. Current branch pilot will eventually lead to a reduction in lending support, however the extra work will not result in extra roles in the branches.


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