Australian banks brace for lower earnings as costs, competition bite [Yahoo! Finance]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Yahoo! Finance
whether intense competition in lending and the rising costs of deposits will outweigh gains in mortgage revenues. The earnings will be closely monitored to see if the banking sector's share price surge by over a quarter since late 2023 is justified, with the sector posting its strongest rally in nearly two years in July. Although margins are stabilising, Australian banks face rising costs as depositors move funds into savings accounts paying more attractive rates and borrowers struggling with loan repayments due to high interest rates. "The banks hold large loan loss provisions to cover rising defaults, and borrowers struggling to service loans are remedying their financial situation by selling into a strong housing market," advisory firm Morningstar wrote in a client note. The Reserve Bank of Australia has held rates steady at 4.35% since November 2023 after a rapid 425 basis-point hike since May 2022. Markets expect the RBA to ease policy by year-end, though the central bank
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