Mortgage News

Westpac's profit plunges as charges for bad loans soar

Monday 29th of June 2009

Westpac's latest general disclosure statement shows net profit for the three months fell to $45 million from $180 in the March quarter last year, bringing profit for the six months to $160 million, down 46.5% from the same six months a year earlier.

By contrast, net interest income for the latest quarter was up 24.8% to $393 million and up 16.7% to $700 million for the half year.

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