Westpac says despite a drop in annual profit, it's well-positioned for a difficult part of the economic cycle
Westpac says despite a drop in annual profit, it's well-positioned for a difficult part of the economic cycle
6 November 2023
The bank's reported a profit of 963-million-dollars in the September year, seven percent down on last year.
Chief executive Catherine McGrath says they've invested heavily in immediate challenges, including weather impacts and high interest rates.
She says hardship levels have stayed low, and the number of homeowners behind on repayments has reduced in the past six months.
But their economists are projecting subdued growth over next year, with concerns over high interest rates and weaknesses in key trading partners like China.
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