Westpac Records Slight Profit Drop Amid Geopolitical Risk Concerns

0

Miller highlighted the bank's strong performance in business and institutional banking as a positive offset to other pressures. A noteworthy rise of 14 per cent in Australian business lending and a 15 per cent increase in institutional lending were key contributors to their results. This elevation underscores Westpac's strategic shift towards strengthening its business banking division.

The bank also noted a reduction in the impacts from inflation and high interest rates, as evidenced by falling credit impairment charges and a drop in stressed exposures, currently sitting at a low 1.36 per cent. This indicates a measure of resilience among Westpac's customers, who have navigated through substantial cost-of-living challenges in recent years.

With other major banks yet to report, Westpac's release sets a cautiously optimistic tone in the current economic climate. Keeping a forward-looking approach, Anthony Miller stated the bank’s intention to collaborate with the government on crucial issues such as housing provision and cash access sustainability, aiming to bolster competition and national growth.

Shareholders will receive an interim dividend of 76 cents, marking a moment of stability in an otherwise unpredictable financial landscape.

Published:Monday, 5th May 2025
Source: Paige Estritori

Share this news item:

Finance News

Clear

Navigating the Challenges of Bond Income Distributions 05 May 2025: Paige Estritori As global bond yields experience a resurgence, many income-seeking investors face diminishing returns from cash distributions. According to a recent analysis by investment researcher Zenith, a noticeable discrepancy has emerged between the average yields of bond fund portfolios and their actual income distributions. - read more

Westpac Records Slight Profit Drop Amid Geopolitical Risk Concerns 05 May 2025: Paige Estritori In a cautious signal to the market, Westpac has recorded a marginal decline in its half-year profit, posting a $3.45 billion result, down by one per cent compared to previous figures. This financial outcome marks the first under the direction of their new CEO, Anthony Miller, who commenced his role in December last year. Westpac has flagged geopolitical unpredictability as a significant ongoing risk, reflecting a challenging environment for the financial sector. - read more

US Federal Reserve Rate Decision Grips Australian Investors 04 May 2025: Paige Estritori The upcoming interest rate decision by the US Federal Reserve is creating significant anticipation among Australian investors. As the announcement is set for Thursday, the market is particularly keen on understanding the future direction beyond the expected maintenance of the current cash rate, which Federal Reserve Chair Jerome Powell has previously indicated for May. - read more

Court Imposes $11 Million Penalty on Advice Firm for Breaching Remuneration Rules 02 May 2025: Paige Estritori The Federal Court has imposed a substantial $11 million penalty on a financial advice firm after discovering the firm breached conflicted remuneration regulations. The case revealed that DOD Bookkeeping, formerly Equiti Financial Services, engaged in practices that involved providing standardized advice that improperly favored in-house property investments. - read more

Strategic Analytics Appointment Boosts La Trobe's Growth Ambitions 30 Apr 2025: Paige Estritori La Trobe Financial is intensifying its focus on strategic growth with the appointment of Himanshu Yadav as the new Head of Strategic Analytics and Projects. This move aligns with the company's ambitious goal of reaching $30 billion in assets under management, marking a significant milestone in its expansion strategy. - read more

Class Expands Integration with Major Share Registries 29 Apr 2025: Paige Estritori Class, a leading accounting software provider, has announced the integration of Automic’s data stream, resulting in comprehensive access to data from major share registries. This move enhances existing connections with BoardRoom, Computershare, and MUFG Pension & Market Services, and gives Class users access to the share registry data of 97% of Australian Securities Exchange (ASX)-listed companies. - read more

Melbourne Man Loses $20k in Costly Email Scam 29 Apr 2025: Paige Estritori A Melbourne resident, Brett D’Souza, has encountered a significant financial setback after losing $20,000 through an email interception scam. The funds, earmarked for legal fees, vanished following four bank transfers purportedly initiated under legitimate premises. Yet, only two weeks after the transactions, he discovered he had been a victim of fraud. - read more