Australian major banks have reported a decrease in aggregate cash profits for the 2018 full year, as they restructure and simplify their business models in order to regain trust and position for a more challenging operating environment. The majors reported a cash profit after tax from continuing operations of $29.5 billion for the 2018 full year, down 5.5 percent (compared to 2017).
The result underscores a challenging regulatory and operating environment for the majors. They face slowing revenue growth, rising capital levels and increasing legal and remediation costs – at the same time as the industry works to rebuild trust with stakeholders.
Read our media release – Transitioning to a simpler, safer and more transparent model
We analyse the four major Australian banks’ full year financial results for 2018.
KPMG’s Major Australian Banks Results Analysis examines the financial results of the four major Australian banks.
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