Heavyweight Westpac Profit Soars 33%+
Westpac Bank, the nations third largest lender has reported a 33% jump in profits this first quarter. SMH has reported that the profit increase has come a few weeks after the Bank decided to almost double the RBA’s 25 point base interest rate rise. Wide criticism was incurred by Westpac following that many of its competitors did not pass on anymore than the RBA’s official base point rise. Westpac though has stated for the same period that customer profits were down 5 basis points due to reducing fees and to the increased costs of funds.
Simon Reibelt from Oasis Home Loans Northern Beaches said that customers would show their approval through their movements over the next couple of months. If customers were unhappy with service or the cost of their current mortgage, there were great opportunities for refinancing with other non bank lenders with lower rates.