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