Westpac Shares Rise as Bank Reports $1.5 Billion Profit

Published on February 19, 2024

Australian big four bank Westpac has reported a $1.5 billion (US$980 million) net profit in the first quarter of 2024, down 6 percent on the average profit in the second half of 2023. The bank reported (pdf) a core net interest margin of 1.8 percent, down four basis points as a result of “prudent management” amid ongoing mortgage competition. Westpac said the fall in unaudited net profit was solely due to notable items related to hedge accounting, which CEO Peter King explained will “reverse over time.” The bank’s shares are up 2.52 percent at the time of writing, trading at $25.19 each, following the release of these results to the Australian Stock Exchange (ASX)....

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