Reported about 12 hours ago
Westpac Banking Corp, Australia's second-largest mortgage lender, reported a 1% decline in first-half profit to A$3.32 billion, missing expectations due to margin contractions and global trade risks. CEO Anthony Miller highlighted geopolitical uncertainty and weakened business confidence as key challenges. The bank's stock fell by 3% following the announcement, amid rising funding costs and competition in the mortgage market. Despite the dip in profits, Westpac noted low mortgage delinquencies and declared a slight increase in dividends.
Source: YAHOO