Australia's major banks are responding to a challenging new era of industry transformation, reporting a decrease in aggregate profits for the 2018 half year. The majors reported a cash profit after tax of $15.2 billion for the 2018 half year, down 2 percent compared to the first half of 2017.
While reporting continued improvement in loan impairments and margins, the result indicates the difficult regulatory and operating environment facing the majors, with slowing revenue growth, rising capital levels and increasing legal and remediation costs, as the industry works to restore trust.
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