Westpac shares rise as profit gains margin pressure eases

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Westpac shares rise as profit gains margin pressure eases

Westpac Banking Corp.’s profit edged higher as pressure on margins eased and mortgage lending grew faster than the wider industry, offsetting a fragile

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for the economy.

Unaudited net profit came in at $1.8 billion in the three months to June 30, according to a quarterly update on Monday. The credit impairment charge was lower than expected and the lender is well placed to return more capital to shareholders, analysts said.

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