Aussie banks the world's most profitable

Aussie banks the world's most profitable
Aussie banks the world's most profitable

Australia’s banks are the most profitable in the world, according to the latest annual report from the Bank of International Settlements.

The big four last year pocketed $27 billion in profit, up 9.5% on the previous year.

Australian banks lead the world in terms of pre-tax profits (as a percentage of total assets) at 1.28%, with the US coming in a close second at 1.24%. Australia also showed the third best net-interest margin, the fifth best loan loss provisions and the third lowest operating costs.

Australia’s insurance sector also stood out as the best performing in the world.

This article first appeared on SmartCompany.

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