<\/p>\n
No.2 Australian mortgage lender Westpac’s first-half profit missed expectations as loan spreads narrowed, and it warned that shifting global trade policies were rattling markets and tightening funding conditions.<\/p>\n
Westpac posted a 1% drop in its net profit for the six months ended March to A$3.32 billion ($2.14 billion), missing a Visible Alpha consensus estimate of A$3.43 billion.<\/p>\n
A 6% rise in the bank’s operating costs due to investments in technology and its UNITE simplification program offset growth in home, business and institutional lending volumes.<\/p>\n
“Changes to global trade policies have impacted markets and funding for the bank,” CEO Anthony Miller said in a statement.<\/p>\n
“Geopolitical uncertainty is a key risk that’s as high as it has been for a very long time,” he said, adding that Australia is well placed to handle the instability.<\/p>\n
Westpac’s net interest margin – the difference between interest earned from lending and paid for deposits – fell one basis point from last year to 1.88%.<\/p>\n
Its core net interest margin stood at 1.80%, narrowing by three basis points as loan spreads tightened in an intensely competitive mortgage market and as customers shifted toward lower-margin savings accounts.<\/p>\n
“We’re managing margins actively in a competitive environment, achieving sustainable growth in our target areas,” Westpac said.<\/p>\n
The result comes shortly after the Australian Labor Party secured a historic second consecutive term on Saturday, in an election in which soaring housing costs were a key issue.<\/p>\n
Miller said he’s eager to work with the government on a range of issues, “including providing more housing, guaranteeing access to cash with a sustainable long-term model and challenging ourselves as to how we compete as a nation going forward.”<\/p>\n
Westpac declared an interim dividend of 76 Australian cents, up 1 cent from a year earlier.<\/p>\n
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