Australia's Westpac Banking Corp. (WBC.AX,WBK) reported that its net profit attributable to owners of the company for the half year ended 31 March 2023 rose to A$4.00 billion or 107.7 cents per share from A$3.28 billion or 85.7 cents per share in the prior year.
Net interest income for the period was A$9.11 billion up from A$8.29 billion in the prior year. But total non-interest income was A$1.89 billion down from A$1.94 billion in the previous year.
According to the company, interest rates are now closer to their forecast peak, but the company is focused on how long they stay high and what this means for household budgets and discretionary spending. The company expects to see more stress in the period ahead, particularly in small business.
Economic growth is expected to be positive, however it is likely to slow further during the remainder of 2023. Unemployment is likely to rise and the company expects credit growth, both household and business, to slow further.
The company declared an interim dividend of 70 cents per share, an increase of 15% or 9 cents on the first-half of 2022.
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