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Australian Lender Westpac’s Full-Year Profit Ticks Higher
Westpac Banking Corporation reported a $6.8 billion annual profit, down one per cent, as net interest income rose one per cent to $19.7 billion amid an uncertain economic backdrop.
Recently cutting about 250 jobs through voluntary and unplanned redundancies, Westpac CEO Anthony Miller described the result as a "solid result" despite facing significant economic and social challenges.
The bank supported more than 190,000 Australians to buy homes and targets $100 billion in housing-related lending by 2030, yet expects house prices to fall 10.9 per cent by March 2027.
On Tuesday, the Reserve Bank of Australia is widely expected to raise the key cash interest rate by 0.25 per cent to 4.85 per cent, marking the fifth rate rise this year.
Interest rates are likely to remain elevated into 2027 as inflation persists above the Reserve Bank's target, though Westpac claims the domestic economy is holding up "relatively well" on strong business investment.