Westpac H1 cash profit drops to $3.1b
Westpac has posted a 12 per cent drop in first half cash earnings to $3.1 billion, on the back of competitive pressures in the home loan market and increased provisions for bad debts.
As well, statutory net profit for the six months to March 31 was five per cent lower at $3.28 billion from a year ago, while revenue for the half year was down four per cent at $10.23 billion.
"Asset quality has improved and most credit quality metrics are back to pre-COVID levels, however we increased overlays in our provisions for supply chain issues, inflation, expectations of higher interest rates and recent floods," CEO Peter King said in a statement on Monday.
Costs were down 10 per cent from the same period a year ago.
Westpac will pay a fully franked interim dividend of 61 cents a share, up from the 60 cents a year ago.
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