Australia’s Westpac at over 6-year high on profit beat, better cost controlUncategorizedAustralia’s Westpac at over 6-year high on profit beat, better cost control

Australia’s Westpac at over 6-year high on profit beat, better cost control

Australia’s Westpac Banking Corp (WBC.AX), opens new tab beat analyst forecasts for third-quarter profit on Monday and reported improved net interest margin, helped by fewer bad loans and better-than-expected cost controls, sending its shares to a six-year peak.

Based on the lender’s average quarterly performance in the first half of 2024, unaudited net profit of A$1.8 billion ($1.20 billion) for the three months ended June 30 was up 6%, and was 7% higher than Visible Alpha consensus estimates, according to Citi.

Source: REUTER

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