Westpac Reports Mixed Results: Profit Falls 3% Amid Strong Credit Demand

Westpac, Australia's second-largest mortgage lender, reported a 3% decline in annual profit to A$6.99 billion due to increased costs from a technology overhaul, despite an improved net interest margin. The bank raised its final dividend and extended a share buyback, boosting its stock slightly. Westpac anticipates the Reserve Bank of Australia will cut interest rates in February, which could ease cost pressures. While loan impairment charges rose, mortgage delinquencies stabilized, and hardship packages began to decrease.