Westpac Banking (AU:WBC) has released an update.
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Westpac Banking Corporation has reported a strong financial performance for the year, achieving a net profit of $7 billion with a return on tangible equity of 11%. Despite a 3% decline in profit due to mortgage competition and rising technology costs, the bank maintained stable revenue and witnessed growth in loans and deposits. The reduction in impairment charges highlights the resilience of customers and prudent lending practices.
For further insights into AU:WBC stock, check out TipRanks’ Stock Analysis page.
