Australia’s Westpac Bank Reports $1.8 Billion Profit Amid Cost of Living Pressures

Major Australian bank Westpac has reported a strong profit while acknowledging cost of living and inflationary pressures. Westpac delivered a net profit after tax of $1.8 billion (US$1.2 billion), 6 percent higher than the first half of the 2024 quarterly average (pdf). The bank’s net interest income (NIM) increased 1.92 percent to $4.7 billion, a measure of its lending performance. Banks make money on the interest when they lend out money for loans, and pay out interest to those who deposit funds with the bank. The net interest margin is the difference in these figures. Westpac also reported positive operating momentum, with a $15.4 billion boost in customer deposits and $14.7 billion in loan growth....