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Westpac’s profit dipped in the December quarter as a result of challenging market conditions, the bank revealed in a market update today.
In the December quarter Westpac advised that its cash earnings were approximately $1.2 billion, 2 per cent down on the prior corresponding period.
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An increase in impairment charges was a major reason for the result, rising to $800 million from just $144 million in the prior corresponding period.
The bank said this was the result of an increase in provisions for three large corporate exposures but emphasised that its underlying performance remained robust, with strong revenue and margin growth.
“Our underlying performance remains solid as we continue to support our customers in what is clearly a deteriorating economic environment,” Gail Kelly, Westpac CEO said.
“With global economic conditions continuing to be volatile, operating conditions will remain difficult. However, Westpac is well positioned to meet the challenges ahead.”
