AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Headlines:
- Profit Growth: Westpac Banking Corporation (ASX:WBC) reported a 6% increase in net profit for Q3 2024, reaching $1.8 billion. Excluding notable items, the profit growth was 2%.
- Customer Engagement and Financial Metrics: The bank saw strong customer engagement with deposits up by $15.5 billion and loans growing by $14.7 billion. The net interest margin (NIM) for the quarter was 1.92%, reflecting a slight increase from earlier in the year.
- Technological Advancements: Westpac introduced several technological improvements, including online ID verification for new home loan customers, mobile notifications for savings opportunities, and enhanced fraud detection with the updated Westpac Verify, aimed at improving customer security and banking experience.
Westpac Banking Corporation (ASX:WBC) announced a 6% increase in net profit for Q3 2024, driven by technological innovations aimed at enhancing customer security and banking experience. The unaudited net profit for the quarter reached $1.8 billion, up 6% from the average quarterly profit in the first half of 2024. Excluding the impact of notable items, including hedge accounting, the profit increase stood at 2%.
The bank's net interest margin (NIM) for Q3 2024 was 1.92%, a 3-basis point rise compared to the first half of the year, with core NIM also rising by 2 basis points to 1.92%.
Customer engagement remained strong, with deposits increasing by $15.5 billion and loans growing by $14.7 billion during the quarter. Household deposit growth was 3%, while housing loan growth reached 8%, reflecting solid performance in a challenging economic environment.
Westpac's CEO, Peter King, attributed the results to the bank's unwavering focus on customer needs. He highlighted the launch of several technological initiatives, including an online ID verification process for new home loan customers, mobile notifications for savings opportunities, and a faster cash-backed Bank Guarantee process for small businesses. The latest version of Westpac Verify was also introduced to enhance the detection of payment scams and reduce mistaken payments.
King acknowledged the challenges posed by the cost of living and high interest rates, emphasizing the bank's commitment to supporting both individual customers and businesses during these difficult times.
