Westpac Posts A$1.8 Billion Profit as Mortgage Applications Drop 20%
Updated
Updated · Bloomberg · Aug 9
Westpac Posts A$1.8 Billion Profit as Mortgage Applications Drop 20%
1 articles · Updated · Bloomberg · Aug 9
Summary
A$1.8 billion in unaudited net profit for the three months to June 30 marked a slight increase for Westpac, despite management warning that Australia’s housing market is moderating.
Deposit and loan growth helped offset that caution, while the Sydney-based lender reported a net interest margin of 1.89%.
Mortgage applications have fallen about 20% since the government’s May budget, giving a concrete sign of softer housing demand flagged by Chief Executive Anthony Miller.