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ASX faces worst profit season in two years as banks sell off

Joanne Tran

The Australian sharemarket is on track to record its worst performance during an earnings season in two years after major bank stocks were punished for failing to meet sky-high expectations.

The benchmark S&P/ASX 200 Index has dropped 1.9 per cent this month, which is already the biggest decline since February 2023, a month when companies typically provide profit updates. This month last year, the gauge was up 0.2 per cent as bank stocks drove the bourse to record-breaking levels.

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Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom. Connect with Joanne on Twitter. Email Joanne at jo.tran@afr.com

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    Original URL: https://www.afr.com/markets/equity-markets/asx-faces-worst-profit-season-in-two-years-as-banks-sell-off-20250219-p5lddd