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-Australian banks report fall in profits after royal commission report

Nov 06, 2018 - Banking and Credit News

According to consultants Deloitte and PwC, profits at commercial banks in Australia have dropped following revelations at the royal commission hearings.

The firms came to their conclusions in two separate reports released earlier this week.

While the cash earnings of Commonwealth Bank (CBA: ASX), Westpac (NYSE: WBK), National Australia Bank (NAB:ASX) and ANZ (NYSE: ANZ) in the last financial year totalled AUD29.5bn, it was seen that their collective earnings dropped by about 6 perc...