Westpac posts worst half-year profit since 2013

Profit down: A pedestrian looks at his phone as he walks past a Westpac logo outside a branch in Sydney. Westpac’s cash profit fell 22% in October-March to A$3.3bil (US$2.3bil). — Reuters

SYDNEY: Australia’s second-biggest lender Westpac Banking Corp posted its lowest half-year profit since 2013, as interest income shrank along with the housing market, and costs rose as the bank compensated customers for botched service.

The result comes as the country’s four biggest lenders, which dominate about 80% of the consumer and commercial banking market, grapple with record-low mortgage demand after regulators responded to a property-price boom with lending caps.