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Australia's Large Banks Record Impressive Growth In 1H 2007, S&P Report Says Jul 07
Standard & Poors, July 2007
Abstract
MELBOURNE (Standard & Poor's) July 19, 2007--Australia's strong and sustained economic growth since the 1990s has fueled the impressive growth among the country's large banks, according to a report published today by Standard & Poor's Ratings Services. The report, titled 'Australia's Large Banks Ride On Financial Services Boom With Impressive Growth In 1H 2007', highlights that the large banks' international operations, wealth management business, and continued good cost control also contributed to the average 15.3% growth in pretax profit among the large banks for the first half of 2007. 'We expect the earnings outlook for the short term to be stable but large banks will face continued interest margin compression due to competition from regional financial institutions and other financial...
Companies mentioned in this report are: National Australia Bank Ltd.,Australia and New Zealand Banking Group Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia,Macquarie Bank Ltd.,St.George Bank Ltd.
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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