Westpac boss Peter King says the economy is on track for a soft landing, even as customer stress has ticked up, and the bank posted a drop in profits.
Westpac boss Peter King says the economy is on track for a soft landing, even as customer stress has ticked up, and the bank posted a 16 per cent drop in profits.
Westpac boss Peter King said the economy was on track for a soft landing but that it was not certain.Westpac announced a 75 cent interim dividend, up from 70 cents last year, a 15 cent special dividend and a $1 billion increase in buybacks. Westpac’s net interest margin, a core measure of profitability comparing a bank’s funding costs with what it charges for loans, fell 7 basis points to 1.89 per cent, largely reflecting mortgage competition which King said had started to cool in the six months to March.Despite continued pressure from mortgage and deposit competition for the broader banking sector, Westpac grew its mortgages and deposits by 5 per cent and business lending by 9 per cent over the year.
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