Westpac Q3 Profit Rises to A$1.8 Billion

Westpac Banking Corp.'s third-quarter profit increased to A$1.8 billion ($1.2 billion), driven by improved net interest margins and stronger mortgage lending, despite economic challenges. Analysts noted that the bank's performance showcased resilience with lower-than-expected credit impairment charges. Shares rose 1.5% in Sydney following the announcement. However, high interest rates and cost-of-living pressures continue to stress households and businesses, impacting loan repayments and demand. UBS analysts anticipate potential earnings upgrades due to the positive financial indicators. The Reserve Bank of Australia indicated that interest rate cuts are not imminent despite persistent inflation.