After a roller-coaster year with the royal commission and property prices in free fall, bank profits are in recovery.

The three banks rose nearly $10 billion in profit, with Commonwealth Bank leading the charge.

The growth in the finance sector led to a strong day overall for the Australian market followed closely by the technology sector.

ANZ

ANZ Banking Group has met its expectations by announcing a 2 per cent rise in cash profits from continuing operations to just over $3.5 billion in the six months leading to March 31.

Key news for investors

With this result, ANZ will pay dividends of 80 cents per share, or roughly $2.27 billion to be paid out to shareholders.

Commonwealth Bank

The half-year profits for 2019 continued to deliver strong core growth, with cash net profit after taxes from continuing operations of $4,676 million or a 1.7 per cent growth.

Key news for investors

The strong result from Australia’s largest bank-led to a jump in share price on the morning of 1 May. Shareholders are in line for an interim dividend of $2.00 per share.

National Australia Bank (NAB)

NAB’s first-half profits in the six months to March rose by 4.3 per cent to $2.7 billion compared to the same period last year.

Key news for investors

NAB has cut its dividends by 16 per cent from 99 cents a share down to 83 cents.

Westpac

Westpac’s half-year results will be released on May 6.