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Bank shares worse than an ETF – The Australian Financial Review

Another profit reporting season for the big banks has ended with optimistic comments by CEOs and much brighter economic assumptions baked into provisioning.

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CBA, which will release a quarterly update next week, beat the index with an annual return of 12.2 per cent over the five-year period.
It could be argued that the returns achieved by NAB and ANZ over the five-year period were good relative to inflation.
But shareholders in NAB and Westpac actually saw their capital eaten away. Excluding dividends, NAB was down 5.6 per cent and Westpac 15.7 per cent.
Much of the underperformance can be attributed to strategic mistakes and risk management failures…

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