While United States regulators are working to head off further instability in the US regional banking sector by forcing a sale of First Republic Bank, local giants NAB, ANZ Bank and Macquarie Group are forecast to reveal strong profits this week.
Australia’s major banks are expected to report sharply higher first-half profits, with analysts forecasting the big four made more than $16 billion in combined earnings in six months.
But despite the surging profits, which are likely to fuel bigger dividends, some in the market believe banks will face a tougher slog in the second half, asPortfolio manager at Opal Capital, Omkar Joshi, said interest rate rises were no longer boosting bank margins like they did last year, due in part to
Consensus estimates cited by Citi have NAB delivering $4.16 billion in cash earnings on Thursday; ANZ reporting $3.8 billion in earnings on Friday; and Westpac reporting $3.8 billion in net profit on Monday next week.
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