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Wholesale banks lift profits: Australian wholesale banks have reported a sound result in...

OPERATING PROFIT AFTER TAX for the sector rose by 18.5% during 2001, representing a surprisingly strong result when considering the low merger and acquisition transaction levels, lower equity market volumes and bad debt losses.

KPMG surveyed 10 wholesale banks with Australian operations analysing information relating to size, growth, profitability, efficiency and credit quality.

KPMG Financial Services partner, Andrew Dickinson said the positive performance of the Australian wholesale banks is primarily due to a strong performing Australian economy, coupled

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