Westpac Reports Q3 Net Profit Of A$1.8 Bln

(RTTNews) - Australia's Westpac Banking Corp. (WBC.AX, WBK) said that its unaudited net profit for the third-quarter was A$1.8 billion up 6% compared to the first half 2024 quarterly average.

Excluding the impact of Notable Items, related solely to hedge accounting which will reverse over time, quarterly net profit increased 2% to A$1.8 billion. The slight decline in pre-provision profit was more than offset by a reduction in impairment charges.

The company stated that operating momentum was positive with customer deposit growth of A$15.4 billion and loan growth of A$14.7 billion. This includes Australian household deposit growth of 3% and housing loan growth of 8%, which outperformed system.