Westpac Banking Corp reports a 6% Q3 net profit increase, driven by capital and deposits.
Westpac Banking Corp reports a 6% increase in Q3 net profit, boosted by capital and hedged deposits. The Australian bank faces challenges due to high interest rates and rising cost-of-living pressures. Despite this, Westpac reports 3% quarterly annualized growth in household deposits and an 8% increase in Australian housing loans. CEO Peter King maintains a focus on financial strength and the bank's capital, funding, and liquidity are well above regulatory minimums.
August 18, 2024
14 Articles