SYDNEY: Westpac Banking Corp posted a lower than expected 3% rise in annual cash profit and a drop in profitability, with hesitant consumers and a tepid economy weighing on the growth prospects of Australia’s second biggest lender.
Australia’s “Big Four” banks are still earning record profits led by modest lending growth and a focus on costs but they are now starting to feel the impact of cracks in the property market, weak retail sales, heightened competition and an increased regulatory burden.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!