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-- 222.130 Big 4 Earnings Report: Westpac reports $1.5 million profit
One of Australia's biggest four banks, $Westpac Banking Corp (WBC.AU)$, released it's financials on Monday for the first-quarter update. Here's the details of their earnings for the quarter:
Unaudited net profit of $1.5 billion, down 6% from the 2H 2023 average
Unaudited net profit excluding notable items of $1.8 billion, in line with 2H 2023
Core net interest margin (NIM) of 1.80%, down 0.04% from 2H 2023
Common Equity Tier 1 (CET1) capital ratio of 12.3%, down 0.09% from September 2023
Despite a drop in profit, Westpac shares rose to almost 2.5 year highs
This could be due to their margins falling less than expected, and their positive loan book growth, reflecting that it could be outperforming its peers.
As for what’s ahead, although it sees impairments reducing overtime, this year it expects its profits to drop 10%. At the same time, WBC sees the RBA easing interest rates within the year to ease the stress in the financial system, and combat the economic slowdown.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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