Westpac's profit misses expectations due to global trade risks, shares slide

From Yahoo Finance: 2025-05-04 17:47:00

Australian no.2 mortgage lender Westpac reported a first-half profit below expectations due to shrinking margins. CEO Anthony Miller cited geopolitical uncertainty and weakening business confidence as risks affecting funding costs. Net profit fell 1% to A$3.32 billion, missing estimates. Operating costs rose 6%, offsetting lending growth. The bank’s net interest margin dropped, and shares fell 3%. Analysts question lending sustainability amidst rate cuts. Mortgage delinquencies remain low. The results follow Australia’s election, with housing costs a key issue. Westpac declared an interim dividend of 76 Australian cents. ($1 = 1.5513 Australian dollars)



Read more at Yahoo Finance: Australia’s Westpac flags global trade risks, shares slide after profit miss