REUTERS/David Gray Acquire Licensing RightsSummaryCompanies Reports quarterly cash profit A$1.8 billionLate loan repayments rises to 0.8% in AustraliaCET1 Ratio of 11.9%Aug 21 (Reuters) - Westpac Banking Corp (WBC.AX), Australia's third-largest lender, on Monday posted a quarterly cash profit of A$1.8 billion ($1.15 billion), as increased competition for home lending squeezed margins.
Australia's major banks have all flagged stiff competition in the mortgage space, along with higher expenses as inflationary pressures weigh.
Sydney-based Westpac said expenses for the second half to date were up 5% from the first half, fuelled by higher supplier costs and staff wages.
In Australia, loan repayments past 90 days late rose to 0.80% in the three-months ended June, up 7 basis points from 0.73% in March, Westpac said.
The lender reported a core net interest margin of 1.86% for the quarter, down 4 basis points from the first half of fiscal 2023.
Persons:
David Gray, Riya Sharma, Archishma Iyer, Lisa Shumaker, Sam Holmes
Organizations:
Australia's Westpac Banking Corp, REUTERS, Westpac Banking Corp, Westpac, Commonwealth Bank of Australia, Australia Bank, Thomson
Locations:
Sydney, Australia