Big banks' profits targeted by Morrison

The five banks targeted by Treasurer Scott Morrison in the budget reported total profits of almost $32 billion in their most recent full financial years.

COMMONWEALTH BANK

Australia's biggest bank this week revealed a third-quarter cash profit of about $2.4 billion. Having reported a $4.91 billion profit in the first six months of its financial year, CBA is on track to beat last year's record $9.45 billion full-year profit. CBA paid out 76.5 per cent of its 2015/16 profit in dividends. WESTPAC

Westpac this week reported a first-half profit of $4.02 billion, three per cent higher than a year ago. Australia's second-largest mortgage lender made a profit of $7.82 billion in its most recent full financial year, returning 80.3 per cent as shareholder dividends. ANZ

ANZ reported a $3.41 billion first-half profit last week, 23 per cent higher than a year ago, when its bottom line was hit by restructuring charges. It still managed a full-year cash profit of $5.89 billion, 79.4 per cent of which it paid to shareholders in the form of dividends. NATIONAL AUSTRALIA BANK

NAB's first-half cash profit of $3.29 billion was 2.3 per cent higher than a year ago, when it went on to report a full-year profit of $6.48 billion. The bank returned 80.8 per cent of its 2015/16 profit to shareholders. MACQUARIE GROUP

Macquarie last week reported a $2.22 billion full-year profit. The "millionaires factory" paid chief executive Nicholas Moore $18.7 million in 2016/17 as the record profit sent its shares soaring close to their pre-global financial crisis level of $97, an all-time high beyond any of the big four.


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Source: AAP



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