Bank profit margins will continue to dwindle in the first half of this financial year according to analysts who point to customers shifting their savings into higher-interest offerings, as well as robust mortgage and deposit competition.
Banks’ net interest margins – a measure of profitability comparing banks’ funding costs with what they charge for loans – have been under pressure for some time amid intense competition for home loans including heavy discounting and a period in which banks were offering ultra-cheap mortgages. In February, Australian household deposits grew by $6.2 billion to a record high of $1.46 trillion. Since the beginning of the interest rate hiking cycle by the Reserve Bank of Australia, household deposits have risen by more than 15 per cent according to RateCity.
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