Australian banks

Westpac prints another weak bank result

David Llewellyn-Smith
Monday, 6 November 2017
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Via AFR:

Westpac Banking Group has marginally undershot expectations with a full year cash profit up 3 per cent to $8.062 billion versus consensus forecasts for $8.162b.

Westpac’s CEO Brian Hartzer spoke of the difficult environment for banks which included the impact of the major bank levy and the higher capital levels required by the regulator.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.