BIG FOUR BANKS GRAB $19 BILLION IN FEES

Written on the 1 June 2012

BIG FOUR BANKS GRAB $19 BILLION IN FEES

AUSTRALIA’S big four banks collected a staggering $19.6 billion in fees and commissions last year, new figures show.

National Australia Bank (NAB), Westpac Banking Corporation, Commonwealth Bank of Australia (CBA) and the Australia and New Zealand Banking Group (ANZ) led the way in fee-revenue growth for the year to December 2011.

The Australian Prudential Regulatory Authority’s latest quarterly bank performance data shows bank fees and commissions totalled $19.6 billion, representing a 1.5 per cent increase on the previous 12 month period. NAB, CBA, ANZ and Westpac accounted for 78.1 per cent ($15.3 billion).

Combined net profit after tax (NPAT) was up 17.8 per cent to $28.2 billion. Big four banks achieved a 35.5 per cent profit margin, slightly higher than the 32.3 per cent average while other domestic banks only recorded 16.5 per cent.

However, other types of financial institutions did not reap as much fee income.

The quarterly credit union and building society performance figures show building societies received just $119.5 million and credit unions netted $349 million in the year to March 2012. The figures were down 31.1 and 15 per cent respectively compared to the previous period.

NPAT for building societies dropped 25.8 per cent to $134.3 million while credit union returns fell 14.3 per cent to $326.8 million.

Profit margins for building societies averaged just 20.6 per cent while credit unions only hit 17.2 per cent for the period.


Latest News

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter