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
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
