Westpac Q3 posts rise in late mortgage payments
2023.08.20 17:55
© Reuters. FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia’s Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray
(Reuters) – Australia’s no. 3 lender Westpac Banking (NYSE:) Corp reported an uptick in its debt arrears in third-quarter due to high interest rates and sticky inflation, while also posting a fall in its capital levels.
The bank said that its mortgages with more than 90 days late rose 0.80% in the three-months ended June for the country, in a update which did not include any cash earnings number.
The bank further reported cash profit of A$1.8 billion ($1.15 billion) for the third quarter ended June on account of higher earnings and margin management.
($1 = 1.5630 Australian dollars)
