• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

Australian lender Westpac’s annual profit falls 3%, increases buyback

by November 3, 2024
written by November 3, 2024

(Reuters) -Australia’s Westpac Banking (NYSE:WBK) Corp reported a 3% fall in annual profit on Monday due to rising costs and intense competition in the mortgage market, while it increased its buyback program by A$1 billion.

The bank’s consumer segment was the worst performing, contributing the most to the lender’s profit decline, reflecting competition in the mortgage market.

Westpac said in a statement it expects solid demand for housing and business credit in 2025, as the country’s central bank looks to shift to an easing stance next year.

High interest rates in Australia have increased the lender’s exposure to bad debt as customers grappling with cost-of-living pressures struggle to repay loans on time.

Australia’s third largest lender by market value reported net profit attributable of A$6.99 billion ($4.61 billion) for the year ended Sept. 30, compared with A$7.20 billion reported last year and an LSEG estimate of A$6.50 billion.

It declared a higher final dividend of 76 Australian cents per share, as compared to 72 Australian cents a year earlier.

($1 = 1.5147 Australian dollars)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Morning Bid: Navigating US election, Fed, bond market tumult
next post
Dollar dips as US election outcome remains uncertain, Fed rate cut looms

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • NY Fed says banks obscuring commercial real estate risks by extending loan terms
    • ECB should continue small rate cuts, Patsalides tells Reuters

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy