Australia's second-biggest lender Westpac Banking Corp posted its lowest ha...
SYDNEY - Australia’s second-biggest lender Westpac Banking Corp posted its lowest half-year profit since 2013 on Monday, as interest income shrank along with the housing market, and costs rose as the bank compensated customers for botched service.
At the same time, the “Big Four” are spending millions of dollars refunding customers and repairing reputations after a government-ordered inquiry into financial sector business practices exposed widespread wrongdoing. At Westpac, cash profit fell 22 percent in October-March to A$3.3 billion , versus the A$3.52 billion average estimate of six analysts polled by Reuters. Cash profit is a closely watched measure of performance as it strips out unusual items.
“House prices are likely to remain soft and home building is set to reduce through 2019 and into 2020,” Hartzer said. Westpac expects housing credit to slow to 2.5 percent in its next financial year from a record-low 4 percent at present, he said. Though maintaining a low level of stressed exposure and impairment charges, Westpac also reported a 21 percent spike in properties in possession to 482 - about 0.31 percent of total loans.
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