CANBERA (dpa-AFX) - Westpac Banking Corp. (WBK, WBC.AX) reported Monday a third-quarter net profit of A$1.8 billion, up 3 percent compared to the first-half quarterly average.
On an adjusted basis, net profit increased 2 percent.
Pre-provision profit was A$2.8 billion, a growth of 1 percent versus the first-half quarterly average.
Net operating income or revenue was up 1 percent to A$5.7 billion, with a 2 percent rise in net interest income to $5 billion, despite 3 percent drop in non-interest income to A$0.7 billion.
Net Interest Margin was stable at 1.89 percent, compared to the first-half quarterly average.
Operating expenses were well managed, increasing 1 percent due to salary and wage growth and investment in the business.
The company said it continues to pursue productivity savings of more than A$550 million in fiscal 2026.
The company added that the undersupply of housing combined with population growth is expected to partially offset the impact of higher interest rates and recent Federal Government policy changes on the housing market.
Going ahead, the company said it projects housing credit growth to moderate from 6.8 percent in FY26 to 4.7 percent in FY27.
In Australia, the shares were trading 5.14 percent lower, at A$35.98.
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