A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/File Photo/File Photoon Monday reported a 1.4% drop in annual profit, hurt by competition in its home lending business and a charge related to the sale of its life insurance unit, while raising its cost target.of a A$1.
While its lending margins in the second half did recover slightly from the first half, full-year margins were still down 13 basis points from last year. Since May, the bank has moved in step with the Reserve Bank of Australia toThe bank also moved away from its cost target of A$8 billion by the 2024 financial year, revising it upwards to A$8.6 billion, citing wage increases from a tight labour market and regulatory costs.
Cash earnings came in at A$5.28 billion for the year ended September, down from A$5.35 billion a year earlier but beating a Morgan Stanley estimate of A$5.23 billion. Westpac declared a final dividend of 64 Australian cents per share, compared with 60 Australian cents last year.Our Standards:
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