Australia has a highly-developed market economy that offers immense possibilities. This nation gives great opportunities to students, entrepreneurs, and professionals from various domains. Backed by multiple industries and business-friendly policies, this nation is an exemplar for many developing countries. With a sound monetary state, Australian banks give plenty of chances to earn profits.
The land down under is home to multiple banks that eke out amazing profits. They have been giving great returns to their investors. Thus, investors around the world remain keen to know about them. Here are some that have maintained a highly-lucrative profile.
Australian Banks That Every Investor Should Consider
These institutions from Australia have eked out amazing returns. They have also made services and solutions better.
Commonwealth Bank of Australia (CBA)
Also known as CommBank, this multinational financial institution operates in different countries. It provides broking, investment, insurance, superannuation, fund management, retail, and business services. On Australian Securities Exchange, it is the largest Australian-listed company. The Australian government itself founded the bank in 1911. In 1996, it got fully privatized and became a part of the “big four” Australian banks.
National Australia Bank (NAB)
A part of the “big four”, NAB is the 21st largest bank in the world by market capitalization. It serves 9 Million customers with a presence in multiple countries. A merger of the Commercial Banking Company of Sydney and the National Bank of Australasia begotten NAB in 1982. Additionally, it made some major acquisitions to expand its operations across the globe. Its financial performance has also been quite exceptional.
Westpac Banking
Westpac was originally established as the Bank of New South Wales in 1817. It serves 14 Million customers in multiple countries across the globe. A part of the big four, it employs 40,000 people. Before being rechristened as Westpac, it acquired the Commercial Bank of Australia in 1981. With a gamut of essential solutions, the bank plays a pivotal role in Australia’s economy.
Bendigo & Adelaide Bank (BEN)
It was formed by the merger of two separate banks: Adelaide Bank and Bendigo Bank. They merged in November 2007 to form a single entity. It primarily operates in retail, but provides many other services too. With over 400 branches, it has branches in Queensland and Victoria as well. Its financial performance has been quite impressive in the last few years.
Bank of Queensland (BOQ)
BOQ is a retail bank with astounding customer satisfaction ratings. It was founded in 1863 but shut down operations in 1866 due to financial depression. It reopened as the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) in 1874. Currently, it has 111 owner-managed branches spread across the continent. In 2003, it acquired UFJ Bank in Australia and New Zealand.
Conclusion
By investing in Australian banks, every market participant can enjoy brighter prospects. These are sound financial institutions that have produced massive amounts of profits for their investors. Not only do they diversify the portfolio, but they also bring more lucrative aspects. With their stock in hand, one can ensure stability, growth, and profits.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/02/5-australian-bank-stocks-that-will-strengthen-investors-portfolio/