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.
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Mike Taylor
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