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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.
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13 Articles
13 Articles
Westpac's full-year profit ticks higher, flags slowing loan ...
·London, United Kingdom
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Sydney Morning Herald+3 Reposted by 3 other sources
Westpac expects 11 per cent house price fall, posts $6.8 billion profit
The nation’s second-biggest lender expects interest rates to remain “elevated” and for house prices to have fallen more than 10 per cent by March.
·North Sydney, Australia
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Coverage Details
Total News Sources13
Leaning Left4Leaning Right4Center4Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
Factuality
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