Reports have confirmed that Australia's Commonwealth Bank is all set to post a much-better-than-expected yearly profit, of about $6 Billion, after it sent out a shock earnings update yesterday, and the development is in sharp contrast to the world's current banking system, which is still fighting to come out of the financial meltdown.
 
The positive outlook for the country's biggest lender for residential property buyers, which has managed to make the most of the Government's stimulus packages, is a strong indication of Australia's rapidly growing economy.
 
The Commonwealth Bank had frozen the income of its top executives, as the bank struggled with global recession. But with the positive earnings and rebound in profits, the next financial year will be a very happy one for the bank's Chief Executive, Sir Ralph Norris, who would be talking his earnings much further from 2008-09's package of $9.2 Million.
 
''Post the global financial crisis the strongest banks have just got stronger'', said Stewart Oldfield, an analyst at E. L. & C. Baillieu Stockbroking.
 
Expectation are that Commonwealth's earnings for the 6 months up-to December 31 would grow by about 44% as compared to last year, i. e., would grow from $2.013 Billion to a new high of $2.9 Billion.