Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Westpac earnings slip

Staff Reporter 1 minute read

Westpac’s profit dipped in the December quarter as a result of challenging market conditions, the bank revealed in a market update today.

In the December quarter Westpac advised that its cash earnings were approximately $1.2 billion, 2 per cent down on the prior corresponding period.

An increase in impairment charges was a major reason for the result, rising to $800 million from just $144 million in the prior corresponding period.

The bank said this was the result of an increase in provisions for three large corporate exposures but emphasised that its underlying performance remained robust, with strong revenue and margin growth.

“Our underlying performance remains solid as we continue to support our customers in what is clearly a deteriorating economic environment,” Gail Kelly, Westpac CEO said.

Advertisement
Advertisement

“With global economic conditions continuing to be volatile, operating conditions will remain difficult. However, Westpac is well positioned to meet the challenges ahead.”

COMMENT HERE


Westpac earnings slip
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
court gavel ta Lending officer sentenced for giving misleading information

A former lending officer has been sentenced in court after pleadi...

fingerprint VOI rule changes postponed due to COVID

ARNECC has advised that it has reassessed its proposed amendments...

approval stamp documents ta Bank automates pre-approval process

A non-major lender has announced changes to its pre-approval proc...

FROM THE WEB