Westpac’s profits climbed to $1.8 billion in the June quarter, chief executive Peter King revealed, as he noted many businesses were seeing lower demand for their goods as the cost-of-living pressure bites.
The bank’s unaudited net profit of $1.8 billion was up 6 per cent on the first half, while its net interest margin – a core measure of profitability – rose 3 basis points to 1.92 per cent.
“The cost of living and high-interest rates remain a challenge for some customers while many businesses are facing cost pressures and experiencing lower demand.“: Westpac CEO Peter King. “We continue to prioritise financial strength with capital, funding and liquidity well above regulatory minimums,” King said.
“The cost of living and high-interest rates remain a challenge for some customers while many businesses are facing cost pressures and experiencing lower demand. We encourage customers to call us if they need help.”Mortgage holders who were 30 days behind their repayments rose to 1.9 per cent, while those 90 days behind increased to 1.12 per cent. Westpac said 1.42 per cent of its lending book was delinquent, or on a watch list, up 26 basis points in a year.
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