Donate.

Advertisement

Aussie Bank Profits Drop

Please select playlist name from following

Aussie Bank Profits Drop

Sources

NAB seeks $3.5b from investors, cuts dividend as profits drop 51 per cent amid coronavirus-hit economy
https://www.abc.net.au/news/2020-04-27/nab-goes-to-share-market-for-more-than-3-billion/12188112

NAB Stock Price
https://www.tradingview.com/symbols/ASX-NAB/

ANZ sets aside $1b for coronavirus recession losses, defers dividend
https://www.abc.net.au/news/2020-04-30/anz-announces-51pc-profit-slump-dividend-deferral/12199970

ANZ Stock Price
https://www.tradingview.com/symbols/ASX-ANZ/

Commonwealth Bank temporarily closes 114 branches, 500 staff affected due to coronavirus impacts
https://www.abc.net.au/news/2020-05-07/cba-temporarily-shuts-branches-to-deal-with-covid-19-issues/12225160

CBA Stock Price
https://www.tradingview.com/symbols/ASX-CBA/

It is now more important than ever to protect yourself with a VPN
Virtual Shield VPN - https://virtualshield.com/?rfsn=3925492.f46dfe


Join the Freak Show here
Bitchute - https://www.bitchute.com/channel/5dl9IOJ9ch2G/

153news - https://153news.net/view_channel.php?user=The%20Greatest%20Freak%20Show%20on%20Earth

LBRY - https://lbry.tv/@freakshow:7

0 Comments

Please login to comment

Video Transcript:

Good day and welcome to the Freak Show. This is BJ. Now I'm going to be going over a few articles that I've been collecting from abc.net.au recently and they're all in regards to Aussie Bank Profits Dropping. Start off with the NAB. So NAB seeks 3.5 billion from investors. Cuts dividend as profits drop 51% amid coronavirus hit economy. This is the 27th of April 2020. Just read a small section here. So the bank reported 51% slump in half year profit to 1.3 billion. They're saying that it's related to COVID-19 effects but some of the interesting parts here that I was going to read down below. Why are they raising the cash? So essentially CET is the money that regulators require banks to hold in reserve. Invested in safe assets they can use to cover any losses from bad debts to ensure the bank can pay out depositors and bondholders and will not go bankrupt in the event of large scale losses. Depositors would be people that put their money in the bank. Bank said it was raising much more capital than regulators currently required because it did not yet know how big the losses related to COVID-19 would be. NAB is taking proactive steps to build capital via an equity raising and reduction and a reduction in the interim dividend in light of the uncertain economic outlook due to the COVID-19 pandemic. It noted in a statement all blamed on the COVID-19. So basically they're getting a lot trying to get some funds in there in preparation for a economic crisis that they're going to say was due to COVID-19. Obviously there, unprecedented times, jump over to the next one. ANZ sets aside 1 billion for coronavirus recession losses and defers dividend. So more people missing out on money from the banks. That's the 30th of April. So similar story, ANZ has announced 51% slump in profits mainly due to 1 billion in extra reserves for coronavirus related loan losses. Same story. I'll put the link below so you can read the whole thing. This one's a little different. Commonwealth Bank temporarily closes 114 branches. 500 staff affected due to coronavirus impacts. That was three days ago. So the seventh of May. So the same, what they're doing is they're closing 114 branches across the nation to deal with staffing needs elsewhere. They're putting 500 staff redeployed to call centres and online operations to help meet demand from people seeking financial assistance. Now their customers are pretty pissed off and a lot of people are closing their accounts. Now I thought this would be interesting. So we'll look at their stock prices. National Australia Bank limited NAB. So they dropped where are we? February 21st of February. Bang. All right, so it's down here now. I thought, oh yeah, and it's have a look larger range. Yeah, no, we're doing it right and then they dropped. Looking at the larger, larger scale here. The last drop was, oh, what a surprise. November 2007, so we've got the crash. Don't little rise drop again. Same as what's going on right now. So we're probably around this area here compared to the 2008 crash. Australia and New Zealand Banking Group limited. A&Z. Oh, look, looks exactly the same. Check out 2008 drop. Don't dump. Don't. Same thing again. Commonwealth Bank of Australia. CBA. Stocks look the same. 2008 crash. Drop. Little regain there. Another drop. So we're seeing this play out exactly as it did in 2008. Now what would you do with a company that is about to lose all their value in their stock? Do you think you'd put your money into it? I'll leave you with that question. Thanks for watching.