Westpac’s Q3 posts rise in late mortgage payments

AUSTRALIA’S no. 3 lender Westpac Banking Corp reported an uptick in its debt arrears in third-quarter due to high interest rates and sticky inflation, while also posting a fall in its capital levels.

The bank said that its mortgages with more than 90 days late rose 0.80 per cent in the three-months ended June for the country, in a update which did not include any cash earnings number.

The bank further reported cash profit of A$1.8 billion (S$1.56 billion) for the third quarter ended June on account of higher earnings and margin management. REUTERS