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the banking system is the backbone of any country's financial system strength modern
banks are not only providers of credit and reserves of cash but are also associated
with financial trading stock broking insurance and funds management australia is home to banks that
provide a unique mix of traditional banking functions and also contemporary trading and
insurance facilities with over 80 banks as part of its banking structure australia has a
robust financial sector during the pandemic the performance of australian banks is a testament
to the same as these institutions maintained sufficient liquidity even in trying times
during the initial stages of a pandemic-induced global crisis reserve bank of australia governor
philip lowe stated that the country owed a great deal of credit to the financial sector
for keeping its head above water some of the biggest banks in the australian financial sector
are the following firstly we have the commonwealth bank with branches across asia europe and north
america the commonwealth bank is a household name in australia it was founded in the early 1900s
the bank has outgrown the tag of a general banking services provider to becoming a booming business
with over 800 000 shareholders for the march 2021 quarter the bank reported an unaudited empath
of 2.4 billion dollars which was 24 higher than the pandemic riddled march quarter of 2020
despite the widespread economic slowdown the cba reported a strong balance sheet during the
quarter with a customer deposit funding ratio of 75 percent over the last year commonwealth
bank shares have shown an unwavering upward movement reaching a six-month high in mid-june the
uptick came after cba announced the sale of its australian general insurance business shareholders
of cba have not been disappointed despite the hard-hitting ill effects of kovit 19 over the
economy the bank's large market cap of 184 billion dollars certainly adds to the credibility factor
next there is the national australian bank touted as one of the largest australian banks the nab
serves more than 12.7 million clients across australia the bank provides a diversified
range of financial products including retail business institutional banking and also wealth
management products in terms of assets deposits and market capitalization the nab tops the list of
australian banks during the six months ending 31st of march 2021 the company reported cash earnings
of hundred and forty three million dollars with a statute profit of three thousand two hundred
and eight million dollars this was followed by an update on the bank's interim dividend
to sixty cents per share the nav has been urged by other banking institutions to not lend towards
environmentally harmful operations including oil and gas projects in response the bearing
has stated that it would adopt a more conscious effort after reviewing current funded projects
the australian new zealand bank provides banking services to customers across australia and new
zealand with australia being its biggest market with approximately 6 million retail and commercial
customers the bank is a pioneer in terms of the internet banking facilities provided by it
for the half year ending the 31st of march 2021 the anz reported a profit before tax of 4 376
million dollars with total cash profit of 2 982 million dollars as of the 31st of march 2021 the
anz held in net tangible assets attributable to ordinary shareholders worth 58.5 billion dollars
the anz bag also reported that it is expected to enjoy the larger customer base once the new
trade deal between the uk and australia is signed the free trade deal would see
some tariffs being lifted or lessened creating opportunities for australian businesses
moving on to one of the oldest banking institutions in australia the westpac banking
corporation has gained the utmost trust of the australian population over the years the bank has
five divisions to provide banking services that is consumer bank business bank bt financial group
westpac institutional bank and westpac new zealand the bank aims to help fellow australians succeed
in the business through its portfolio of financial services brands westpac caters to a broad range of
customers in risk management customer remediation simplification of technological solutions
and optimization of returns for the first half of 2021 wbc's net profit was up 189 over the previous
year's first half at 3 43 million additionally cash earnings during the period amounted to 3537
dollars amid these promising figures westpac announced an interim dividend of 58 cents per
share and finally we have the macquarie bank founded in 1969 macquarie's positioned itself
as the largest investment bank in australia the wide ranging services provided by the bank include
asset management financial advisory risk and capital solutions across debt commodity and equity
markets the farm has made its mark in the field of mergers and acquisitions and is constantly
releasing a lucrative rewards for its shareholders macquarie was dubbed the millionaires factory
prior to the global financial crisis as its bankers benefited from big pay packets as the
group worked on large mergers and acquisitions and expanded across the globe macquarie has
obtained a steady inflow of borrowers higher by 25 in april this year and 33 in total over the
last year the bank's stock market performance has also been robust over the past few months
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