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[ Mon, Feb 17th 2025 ]: Reuters
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[ Sun, Feb 16th 2025 ]: Reuters
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Australia's Westpac's first-quarter margin contracts, shares slide

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Westpac Banking Corp reported a 13% rise in first-quarter profit for 2025, driven by higher interest rates and a robust performance in its institutional banking division. The Australian lender's net profit for the three months ending December 31 was A$1.5 billion, up from A$1.3 billion in the same period the previous year. This increase was supported by a 7% growth in total income to A$5.9 billion, although expenses also rose by 5% to A$3.1 billion. Westpac's CEO, Peter King, highlighted the bank's focus on cost management and operational efficiency amidst a challenging economic environment. Additionally, the bank's common equity tier 1 capital ratio improved to 12.3% from 11.3%, indicating a stronger capital position.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/australian-lender-westpac-reports-13-rise-first-quarter-profit-2025-02-16/ ]