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Bank profits fell by over a third in 2020

Mortgage Business Bank profits fell by over a third in 2020 By Annie Kane 17 March 2021 Despite a surging mortgage market, bank profits dropped by over a third in the calendar year 2020, new APRA stats show. The Australian Prudential Regulation Authority (APRA) has released the Quarterly Authorised Deposit-taking Institution (ADI) Performance and the Quarterly Authorised Deposit-taking Institution Property Exposures publications for the period ending December 2020. According to the data, the banking sector’s collective net profit after tax totalled $21.9 billion in the year ending December 2020, down a massive 35 per cent on the year ending December 2019. The APRA figures show that the banking sector suffered greatly in the first quarter of the calendar year (following Christmas and the be

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