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Bankwest has showed an improvement in bad loans for the September quarter, with past-due loans for more than 90 days decreasing to $446 million at September 30 compared with $585 million at the same time last year.
According to a report in today’s The Australian Financial Review, the drop in arrears echoes trends reported by other banks that indicate the impairment cycle is turning for lenders.
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Actual losses on the balance sheet were $24 million, down from $89 million three months earlier. Nevertheless, the size of impaired loans rose from $1.4 billion to $1.6 million for the quarter, driven by impairments coming from corporate lending and residential mortgages, the daily reported.
