World NewsAustralia News

Westpac Shares Rise as Bank Reports $1.5 Billion Profit

Westpac shares were up 2.52 percent.
Save
Westpac Shares Rise as Bank Reports $1.5 Billion Profit
Monica O’Shea
Updated:
0:00

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.
Monica O’Shea
Monica O’Shea
Author
Monica O’Shea is a reporter based in Australia. She previously worked as a reporter for Motley Fool Australia, Daily Mail Australia, and Fairfax Regional Media. She can be reached at monica.o'[email protected]
Related Topics