Westpac posts steady third-quarter profit, helped by higher capital earnings

  • 📰 CNBC
  • ⏱ Reading Time:
  • 31 sec. here
  • 15 min. at publisher
  • 📊 Quality Score:
  • News: 61%
  • Publisher: 72%

Banks News

Financials,Earnings Estimates,Earnings Outlook

Westpac Banking Corp beat Q3 profit forecasts, improved net interest margin, and hit a six-year share peak on better cost controls and fewer bad loans.

beat analyst forecasts for third-quarter profit on Monday and reported improved net interest margin, helped by fewer bad loans and better-than-expected cost controls, sending its shares to a six-year peak.

Quarterly expenses rose 2% to AU$2.7 billion, due to increased technological investments and higher costs for tech services. "We think this will be well received by investors, given the positive differentiation versus peer results last week....we think the market will focus on the positive momentum in core NIM and volumes, which should lead to a better revenue outcome vs peers," analysts at Citi said in a note.Decade-high interest rates and growing cost-of-living pressures are impacting households' ability to repay loans on time, increasing financial stress for Australian banks.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australia's Westpac posts steady Q3 profit, helped by higher capital earningsAustralia's Westpac posts steady Q3 profit, helped by higher capital earnings
Source: Investingcom - 🏆 450. / 53 Read more »