Laughing all the way to the bank?

It’s profit announcement season, with two more this week – Westpac reported a jump in profit of 32%, while the New Zealand operations made $125 million in the period (down from $202 million last year, but four times the figure for the previous six months). BNZ reported a $255 million profit for the half year to March, down 8.6 percent on the same time last year.

ANZ’s profit announcement last week (a 36 percent increase in the group) drew negative media in Australia, especially after CEO Mike Smith’s comment that customers had rarely had it so good.

Consumer advocate spokesperson Christopher Zinn from Choice said “We would say that the banks have never had it so good.”

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