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Australian banks’ profits continued to rise in 2007, data released today by the Australian Prudential Regulation Authority (APRA) revealed.
Total net profits for the banking sector for the year ending September 2007 reached $22,281 million – up 13 per cent ($19,743 million) from in the corresponding period the year prior.
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In contrast, data released by APRA last week showed that credit unions and building societies' profits fell by 12 per cent in the year to December 2007. Net profit after tax for mutuals for the period was $380.9 million, down from $430.7 million recorded for 2006.
Published: 25-03-08
