Chief executive describes profit result as ‘very strong’ and increase in customer stress from interest rates as ‘modest’

Follow our Australia news live blog for latest updates

Get our morning and afternoon news emails, free app or daily news podcast

Westpac has recorded a dramatic lift in annual net profit to $7.2bn, prompting the major bank to give some of its excess funds to shareholders even as mortgage stress rises among customers.

The 26% lift in profit rubs against economic warnings issued by the banking sector earlier this year, as lenders continue to profit from a period of fast-rising interest rates felt most acutely by mortgage holders and small businesses.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Leave a Reply