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Banks stay profit kings

CONFIRMATION of bank supremacy in the profit stakes have been confirmed by new Australian Bureau of Statistics data.

The finance and insurance industry recorded the highest profit margins in 1997-98 of 27.3 per cent.

Distribution industries had the lowest profit margin for the period of 3.8 per cent.

While the finance and insurance industry had extreme profit margins compared with other industries, the return on assets was the lowest at 2.7 per cent, while the distribution sector had an 8 per cent return on assets.

Nearly one third of operating profit before tax recorded in 1997-98 was contributed by the finance and insurance industry with $33,274 million or 31 per cent of total profit going to this sector.

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