Westpac results: First half profit $3.45 billion, down 1 per cent, as bank warns of ‘key risk’

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Westpac results: First half profit $3.45 billion, down 1 per cent, as bank warns of ‘key risk’

Westpac has described geopolitical uncertainty as “a key risk that’s as high as it has been for a very long time” in bringing in a $3.45 billion first half profit, a drop of one per cent.

The first results under chief executive Anthony Miller, who took the top job in December last year, highlighted the bank’s push into business banking, with the segment delivering the highest profit contribution across the group.

“Our focus on business and institutional is delivering results with *********** business lending up 14 per cent and institutional lending up 15 per cent over the year,” Mr Miller said in a statement.

Westpac also confirmed the impact of inflation and high interest rates has materially subsided, with credit impairment charges falling and stressed exposures at just 1.36 per cent.

“The resilience of customers who have navigated significant cost of living challenges over the past few years is impressive,” the bank said.

“This resilience is reflected in the improvement in credit quality metrics indicating we may have passed the low point in the cycle. Mortgage delinquencies and impairment charges remain low.

As the first of the banks to report following the election, Westpac offered a cautiously optimistic tone about the future.

“We look forward to working with the Government and combining our efforts to address key challenges and opportunities, including providing more housing, guaranteeing access to cash with a sustainable long-term model and challenging ourselves as to how we compete as a nation going forward,” Mr Miller said.

The bank will pay an interim dividend of 76 cents.

More to come

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