Westpac’s chief executive said the bank’s profit jumped to $7.2 billion on the back of steady margins and loan growth despite a “challenging year” for customers.
Westpac has announced a $1.5 billion share buyback despite its boss warning the Australian jobs market will be tested next year and that consumer sentiment remains weak, as the bank’s profit jumped to $7.2 billion on the back of steady margins and loan growth.
Westpac posted a net profit of $7.2 billion, up 26 per cent on the previous financial year. King said the result was built on the back of growth in deposits, mortgages and institutional banking. While it had been a “challenging year” for customers, King said hardship levels remained below COVID levels.
Westpac grew its loan book by 5 per cent to $773 billion over the year, including a $23 billion increase in home loans and a $12 billion increase in business loans. Customer deposits increased by $28 million.The bank’s net interest margin – which compares funding costs with what lenders charge for loans – increased 2 basis points to 1.95 per cent. This was partly driven by a wider deposit spread in the first half.
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