16 Feb 2012

Westpac profit down

12:12 pm on 16 February 2012

Profits at Westpac Bank, the third-largest lender in Australia, fell 3% in the first quarter as loan growth slowed and funding costs rose.

The bank made a cash profit of $A1.5 billion.

Bad debt provisions also rose to $A300 million, due to falling property prices in a subdued market.