Westpac cautious on outlook
Westpac Group recorded a solid June quarter with cash earnings totalling $1.4 billion, despite slightly decreased earnings when compared to the previous quarter.
In an August trading update released to the Australian Securities Exchange today, Westpac chief executive Gail Kelly described the result as “solid” and foreshadowed further improvement across the businesses as the bank developed better technology and processing infrastructure.
Kelly also foreshadowed a continuing cautious approach, saying that while the Australian economy was robust, conditions in Europe and signs of slowing growth in the US continued to create global uncertainty.
She said the uncertain conditions supported the bank’s decision to lengthen the term of its wholesale funding and increase its holdings of liquid assets.
AUTHOR
Mike Taylor
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
