Westpac Banking Corporation
(ASX:WBC) has reported earnings of around $1.1 billion for the June quarter, inline with its performance in the prior quarter.
The bank says total lending for the quarter rose 1.3 per cent, with particularly good growth in Australian mortgages.
Bad debt charges increased six per cent to $865 million in the three months to June 30, up from $811 million in the prior quarter, reflecting the continued deterioration in the commercial sector in New Zealand.
Impaired assets increased 24 per cent principally from commercial facilities in the Institutional Bank and in New Zealand.
CEO Gail Kelly says Westpac continues to perform solidly despite the challenging operating conditions, saying that group revenue remains strong at around levels recorded in the first two quarters of the year.
Westpac’s profits have been increasing year on year over the past four years.
