Aus banking profits steady even as new mortgage lending falls
Australian banks are highly exposed to the housing market. Yet despite tightening credit growth, the sector’s profits are largely in line with the past decade.
New residential mortgage loans for the banking sector fell 1.2% to A$131.1b compared to March 2023 quarter.
Despite narrowing margins and slowing profit growth, profit levels for Australian banks remained in line with levels seen over the past decade and capital ratios have reached a new high, according to data from the Australian Prudential Regulation Authority (Apra).
For the sector, net profit after
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