WENDELL HUSSEY | Cadet | Contact
Which bank is financially ruined by the tough economic headwinds that we are told about every day?
Commbank.
That’s right, the little Aussie battlers at the black and gold branded bank are today trying to figure out how to keep a roof over their heads after seeing a massive drop in their profit this year.
The struggling bank has reported a devastating drop in earnings, falling from a yearly profit of $10.2 billion all the way down to $9.8 billion.
The awful slide of nearly 2% means the Commonwealth Bank will now struggle pay those mounting electricity bills and may be forced to skip meals like millions of other Australians living below, or on the poverty line.
It’s believed the huge loss comes as the cost of living crisis bites, with the defaulting mortgage holders lowering the amount of money they can make off raising interest rates on debt at a quicker rate than they raise rates on savings.
That and their investment portfolio didn’t make as much as it did the year before, when they cracked the 10 billy off the back of an awful few years for the majority of the population economically.
While their profits (which arguably come from creating absolutely zero value for anyone other than their company and their shareholders), are significantly down, it’s confirmed that the formerly Commonwealth owned bank’s profits could cover universal dental health care for the entire nation.
Speaking to The Advocate about the tough economic conditions, a Commonwealth spokesperson dropped a bunch on industry jargon that they normally use to muddy up the waters and make people tune out.
“Yes unfortunately margins have decreased this year as a result of the volatile nature of investment returns in specialised growth sectors, and a downturn in the amount of capital return we are seeing in forecasted lending portfolios,” or some shit like that.
They did confirm though that their mega profits won’t be a contributing factor to inflation and we probably need to raise interest rates again to make sure poor and middle class people give them more money.
More to come.
