Westpac Banking Sees Tougher Economic Outlook as Profit Climbs

Westpac, the last of the major Australian banks to report, showed strong financial results with a net income of 4 billion AUD, up 22%. The bank's net interest margin increased slightly, but competition in mortgages and deposits is intense. Westpac plans to focus on higher-margin business lending. The economic outlook is challenging, with potential slowdowns and high interest rates. Despite strong capital ratios, Westpac is seeking cost savings, but the market has reacted negatively, with shares down over 8% this year.

What was Westpac's net income reported in the latest cycle?

How much did Westpac's dividend come in line with?

What is the current focus of Westpac regarding its lending strategy?

What challenges does Westpac anticipate in the second half of the year?

What was the Tier one capital ratio for Westpac, and how does it compare to regulatory requirements?