Mortgage News

Wespac's mortgage book gallops but profit falls

Friday 26th of February 2010

However, the subsidiary's net profit fell sharply in the December quarter as net interest income and fees and commissions fell while operating expenses and charges for bad loans both rose.

Westpac's net profit fell 64% to $42 million for the three months ended December 31. Net interest income fell 7.2% to $285 million in the three months while income from fees and commissions dropped to...

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