Australia banks face profit squeeze on rising costs, mortgage competition
- Australia's biggest banks are likely to report weaker first-half profit as high operating costs and competition to sell mortgages and deposits squeeze margins, setting up a possible reversal of a stock rally that analysts said has left the sector overheated.
"We expect further margin erosion in the first half of fiscal 2024, as the sector continues to be impacted by deposit/mortgage competition and adverse deposit mix shifts," analysts at investment and advisory firm Jarden wrote in a client note.
The lenders' shares have risen around one-fifth since October when investors began forecasting that economic data indicating inflation was being tamed would prompt central banks to start cutting rates from mid-2024.
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