Australia's major banks have been ranked as the most profitable in the developed world according to the Bank for International Settlements.
Following the emerging BRIC economies Swiss-based BIS reported Australian bank pre-tax profits as a percentage of total assets lifted to 1.28 per cent in 2013.
The rating came in ahead of the US with earnings of 1.24 per cent of assets, Canada at 1.06 per cent, Sweden at 0.77 per cent and Japan at 0.68 per cent.
The annual report underscores the strength of Australia’s Big Four Banks, ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA), National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC).
Morningstar has forecast the Big Four Banks will together deliver combined profits of almost $30 billion this year.
ANZ Banking Group lifted its net profit to $3.38 billion in the first half of its 2014 financial year.
