Technology Slice

Westpac Profits Rise

Westpac has delivered its latest earnings update, saying its December quarter performance shows clear signs of an improved banking environment.

It says unaudited cash earnings for the quarter have come in at $1.6 billion, a 33 per cent rise since the same period a year earlier.

The bank has attributed the improved earnings to a fall in bad debts and increased market share.

“Although we remain cautious on the economic outlook, we believe that the worst of the crisis is now behind us and this is reflected in the significant fall in impairment charges,” noted Westpac’s chief executive, Gail Kelly, in the trading update.

“Consumer asset quality remains strong although we expect a small increase in delinquencies throughout the year.”

The bank has seen a roughly 50 per cent reduction in asset impairment charges over the past year, to around $400 million.

Tags: Asset Impairment, Asset Quality, Bad Debts, Cash Earnings, Chief Executive, Delinquencies, Economic Outlook, Impairment Charges, Market Share, Profits, Quarter Performance, Signs, Westpac
Posted in Money