Record interim profits for the big banks belie a growing list of challenges ahead, as analysts pare back expectations for earnings growth for the rest of the year and big lenders face pressures from competition, higher funding costs and economic uncertainties.
During the earnings season just ruled off, the four big banks reported cash earnings of $17.1 billion over their first halves, up 19 per cent compared with the first six months of 2021, and exceeding the previous half-year peak of $15.8 billion in 2015.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
