Australia's Westpac Banking Corp on Monday said continued margin pressure from competition in mortgage lending caused its first-half earnings to drop over 12% from a year-ago, but Westpac forecast lower expenses in the second half of the year with its cost reset plan in full swing.
A woman exits the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease restrictions in the Central Business District of Sydney, Australia, June 3, 2020. Picture taken June 3, 2020. REUTERS/Loren Elliotton Monday said continued margin pressure from competition in mortgage lending caused its first-half earnings to drop over 12% from a year-ago, but Westpac forecast lower expenses in the second half of the year with its cost reset plan in full swing.
Westpac said net interest margin, a key profitability indicator, fell 15 basis points to 1.91% in the first half. It booked an impairment charge of A$139 million as it set aside more funds to cover bad debts related to recent floods in Australia and broader global uncertainty."The first half of 2022 has been challenging for many customers.
Westpac, which is emerging from a costly turnaround to fix outdated software and convoluted procedures, said it cut more than 4,000 jobs in the first half and expenses fell 27% from the 2021 second half, putting it on track for its annual cost target of A$8 billion by fiscal 2024.
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