KPMG has published its Major Australian Banks: Year End 2011 survey of the state of the country’s major banks.


The survey found that the major banks had weathered the economic downturn and are due to post a ‘solid profit’ of $31.9 billion for the 2011 year, up 12 per cent from the 2012 result of $28.5 billion.


However, the report warns of the effects of growing global economic uncertainty.


“Despite a solid economy in Australia and Asia, consumer and business confidence has remained low throughout 2011, depressing demand for loans and presenting a significant revenue challenge to the majors,” the report found.


However, the report maintains that the Australian banking system remains in a very strong positioned when compared to other developed markets.


The full report can be found here.