Banks make still more money and that's official
The information comes from KPMG’s Financial Institutions Performance Survey (FIPS) for the year 2022.
The FIPS report has come in the wake of repeated calls for an enquiry into bank profits by a range of social critics. But it has nothing to do with those statements and is a statistical enumeration of actual profits, not a politicised call for action.
And it offers mitigation of the wave of anti-bank criticism, saying banks' Return on Equity (RoE) is actually lower than the Top 50 average on the Stock Exchange.
Broken down further, the FIPS report finds the banking sector increased its Net Profit After Tax (NPAT) by $1.06 billion, or 17.26% in 2022 compared with 2021.
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