Westpac: Interim result 2016

Bad debts are back – that's the lesson from today's interim result from Westpac.

This morning’s interim result from Westpac showed reasonable growth in most areas, but unfortunately the biggest growth of all was in its impairment charge, which almost doubled from a year ago to $667m, or 0.21% of average loans (up from 0.11% a year ago).

Most of the increase came from a total of $252m relating to four major problem borrowers in the institutional banking division (thought likely to include Peabody Energy, Slater & Gordon and Arrium).


SMS Code Sent…

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Log in to access this content

Looks you are already a member. Please enter your password to proceed

Hi {{ user.FirstName }}

Verify your mobile number to unlock a FREE trial

Looks like you've already taken a free trial

Please sign up for full access

Updating information

Please wait ...

Related Articles