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Westpac’s Q3 posts rise in late mortgage payments

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Published Mon, Aug 21, 2023 · 06:27 AM
    • Westpac 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.
    • Westpac 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. PHOTO: REUTERS

    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

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