Australia: Westpac posts cash profit of $2.9bn; results below expectations
May 4 , 2015
Australian lender Westpac has recorded a cash profit of $2.98 billion for the six months ending March, which is below market expectations and unchanged from the previous year.
Its net profit for the period was also unchanged at A$3.61 billion.
Westpac is the second biggest lender in Australia according to market value.
Though Australia’s banks were relatively unscathed by the global financial crisis, a report published in 2014 has stressed the need for lenders to hold more capital to tackle future crises.