Interest rate rises have left many Australians under financial pressure, but are proving profitable for banks.
Operating income was up 13 per cent to $27 billion as the bank's net interest margin climbed 17 basis points higher.Interest rate rises have left many Australians under financial pressure and struggling to meet mortgage payments, but are proving profitable for banks.
However, the margin dropped five basis points during the past six months, indicating profit margins for lenders are on the way down. Chief executive Matt Comyn said the company's conservative balance sheet placed it well to ride out economic headwinds, with a tier 1 capital ratio of 12.2 per cent comfortably above the strict 10.25 per cent minimum buffer required by Australian regulators.
The bank paid investors a dividend of $2.40 per share fully franked, taking its full-year dividend to $4.50.
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