- Bank reports A$1.8 billion unaudited net profit for Q3
- Inflationary pressure lifting expenses at the Australian bank
Signage at a Westpac bank branch in Sydney, Australia.
Photographer: Brendon Thorne/BloombergWestpac Banking Corp. said it’s seeing a modest increase in customer stress, while inflationary pressures are causing expenses to rise at the Australian lender.
Unaudited net profit came in at A$1.8 billion ($1.2 billion) for the third quarter, Westpac said in a statement Monday. Unlike some of its peers, the lender opted not to buy back stock.
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Westpac Bank Sees Modest Increase in Stress Amid Inflation Rise