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).

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