Westpac Bank

At Westpac’s first quarter trading update (Westpac has a 30 September year end), chief bean counter Phil Coffey warned that dividends would be cut if banks were unable to pass on higher funding costs. Australia’s oldest bank reportedly isn’t earning a profit on new mortgages due to a tenfold increase in the cost of wholesale funding since the GFC. Cash earnings are expected to fall from $1.55bn to $1.50bn, due to a $200m fall in operating income from the Markets/Treasury division as the cost of borrowing money increased. Like its big three rivals, Westpac is lifting mortgage rates to...

At Westpac’s first quarter trading update (Westpac has a 30 September year end), chief bean counter Phil Coffey warned that dividends would be cut if banks were unable to pass on higher funding costs. Australia’s oldest bank reportedly isn’t earning a profit on new mortgages due to a tenfold increase in the cost of wholesale funding since the GFC.

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