The Age
·general
·1 hour ago
Westpac raises buffers for bad loans as it braces for slowdown
Westpac raised bad debt provisions by A$200 million Tuesday as it braces for economic slowdown from Middle East tensions and energy disruption, despite first-half profits of A$3.4 billion. The country's second-largest lender expects three more rate hikes and unemployment rising to 5 percent by early next year. CEO Anthony Miller cited business investment uncertainty as a greater concern than recession.
Summary by Glance · The Age
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