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Large profits from the majors have raised the question of whether they should return some margin through higher commissions and lower rates.
Commonwealth Bank annual profits rose 13.3 per cent to $8.6 billion, Westpac profits rose 12 per cent to $7.6 billion and ANZ profits rose 15.2 per cent to $7.3 billion.
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NAB's net profit fell 0.7 per cent to $5.1 billion, although that result was affected by $1.5 billion of one-off write-offs.
FBAA chief executive Peter White said it was time for the big four to surrender some of their profit margins given that the GFC was now well in the past.
"We are starting to see some of that in that some of the banks have increased their commissions to brokers, which I think is a smart thing to do," he told The Adviser.
"They should be passing rate cut benefits back to borrowers as well. They've got the profits to do it."
Mr White also called on the big banks to make interest rate adjustments in a timely fashion.
"They're very quick to tell new borrowers they will instantly get a benefit because of a rate adjustment, but don't tell existing borrowers they will have to wait a month or two," he said.
Last's year's Young Broker of the Year, James Chatfield, said the big banks have been returning some of their profits through rate cuts, refinance rebates and more efficient processes.
"Essentially, both brokers and clients benefit from the increased market competitiveness we are currently experiencing," he said.
"That competitiveness makes it easier for clients to look at refinancing and find a better deal, so it makes our sales job a lot easier."
Mr Chatfield said it was good to see commissions had also improved, although he added that they had yet to return to pre-GFC levels.
HSBC chief economist Paul Bloxham said the continuing profitability of Australia's entire banking system had helped the country dodge the GFC.
"The question of whether banks should be returning a bit more to households in the form of lower interest rates really comes down to the extent of competition in the market," he told The Adviser.
"Competition is already seeing that market rates are falling, even though the RBA isn't delivering any further interest rate cuts."
[Related: Bank reform would deliver 'increased pricing tension']
