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
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
