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Westpac CEO Anthony Miller said the bank was being prudent in raising its provisions.

Topic: generalRegion: asia pacificUpdated: i1 outletsSources: 1Spectrum: Left Only⏱ 2 min read
📰 Scored from 1 outletsacross 1 Left How we score bias →
Story Summary
SITUATION
Westpac raises buffers for bad loans as it braces for slowdown Westpac has raised its buffers for soured loans as it prepares for a weakening in the economy due to the Middle East war, even as its latest results showed fewer borrowers were struggling with repayments. The country’s second-largest mortgage lender on Tuesday said it was increasing its provisions for bad debts, a sign the bank is preparing for a softer economy and disruption from the energy crisis, as it notched up $3.4 billion in first-half profits.
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Spectrum: Left Only🌍Asia: 1
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i1 outlets · Center
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Left: 1
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i1 unique outlets · Dominant: Asia
KEY FACTS
  • Westpac has raised its buffers for soured loans as it prepares for a weakening in the economy due to the Middle East war, even as its latest results showed fewer borrowers were struggling with repayments.
  • Chief executive Anthony Miller said he thought the economy would avoid a recession, and his bigger concern was that business investment decisions would be put on hold because of uncertainty.
  • Miller said that while higher interest rates were slowing the economy down, price rises caused by the energy crisis could also dampen spending in the economy, which could mean fewer rate rises were needed.
  • Miller said that although the latest results showed the number of customers in financial distress had declined, the bank was being prudent in raising its provisions.
HISTORICAL CONTEXT

This development falls within the broader context of General activity in Asia Pacific. Current reporting indicates: Westpac CEO Anthony Miller said the bank was being prudent in raising its provisions.

Westpac has raised its buffers for soured loans as it prepares for a weakening in the economy due to the Middle East war, even as its latest results showed fewer borrowers were struggling with repayments.

Brief

Westpac raises buffers for bad loans as it braces for slowdown Westpac has raised its buffers for soured loans as it prepares for a weakening in the economy due to the Middle East war, even as its latest results showed fewer borrowers were struggling with repayments.

The country’s second-largest mortgage lender on Tuesday said it was increasing its provisions for bad debts, a sign the bank is preparing for a softer economy and disruption from the energy crisis, as it notched up $3.4 billion in first-half profits.

Sources
1 of 1 linked articles