Westpac’s full-year profits fell 3 per cent on the back of “intense mortgage competition”.
Westpac’s full-year net profit fell 3 per cent to $7 billion as the mortgage wars dragged down its cash earnings.
Westpac on Monday morning reported the sharpest losses in its consumer division. Although net loans and deposits grew, revenue was down 6 per cent in 2024, “reflecting intense mortgage competition”.Credit:It declared a higher final dividend of 76 cents per share, up from 72 cents a year earlier. Outgoing chief executive Peter King said while some customers were struggling, the economy was showing positive sings.“Consumer sentiment has risen to a two and a half year high, the labour market is holding up well and inflation is nearing target,” King said.
“Some central banks have shifted to an easing cycle and the RBA is likely to follow in 2025. This will be good news for many households and businesses. Combined with an undersupply of housing, population growth and limited spare capacity across much of the business sector, we expect solid demand for both housing and business credit in 2025.
“The impact of overseas elections and geopolitical uncertainty remain difficult to predict and therefore it makes sense to maintain a strong balance sheet.”
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