Australia's second biggest lender Westpac Banking Corp posted its lowest ha...
SYDNEY - Australia’s second biggest lender Westpac Banking Corp posted its lowest half-yearly profit in six years on Monday, missing analyst forecasts, as a shrinking housing market weighed on sales and the bank set aside money to compensate customers.
“This is a disappointing result reflecting weaker business conditions and the bank dealing decisively with outstanding issues, including remediation and resetting our wealth strategy,” Chief Executive Officer Brian Hartzer said in a statement. The two-centuries-old lender, which serves over 14 million people, last week flagged a A$617 million hit to half-year profit related to provisions for refunding wronged customers.
But a property downturn and tighter lending conditions after a regulatory crackdown have left banks wrestling for new customers, making it harder to write new loans.
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