Westpac first-half profit misses estimates despite income rise
Updated
Updated · Bloomberg · May 4
Westpac first-half profit misses estimates despite income rise
4 articles · Updated · Bloomberg · May 4
Net income increased 3% to A$3.4 billion in the six months to 31 March, below analysts’ average A$3.5 billion forecast, while CEO Anthony Miller warned of Middle East war risks.
The Australian lender said concerns about how the conflict could affect customers weighed on the outlook as it reported the first-half result.
The miss suggests geopolitical tensions are adding pressure for banks even as earnings continue to grow year on year.
With profits hit by war, can Westpac's tech overhaul shield it from the looming economic storm?
Westpac's stock is near a record high, yet it missed profit forecasts. What are investors overlooking?
As Westpac braces for loan defaults, are Australian mortgages and business credit facing a severe squeeze?