Westpac Profit Dips as CEO Miller Sees Rates Challenging Clients

(Bloomberg) – Westpac Banking Corp. The profit slipped because the chief executive director Anthony Miller said that the high cost of living in Australia continues to bite the cost of customers.

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During the three months of December 31, the net profit was $ 1.7 billion ($ 1.1 billion), the statement said in Sydney’s bank on Monday. Hedging contributed to the autumn of the majority, margins and profit else.

In the past months, Miller has gone to the wheel at Westpac, as Australia’s economy is leading monetary policy that can curb bank margins. Analysts are also afraid of increasing the share price over the past year by more than 40%.

“The cost of living pressure and high interest rates are hard for some customers, while many businesses face expenses and lower demand,” Miller said in a statement. “Boxing, inflation is relieved, and we can see that the Australian Reserve Bank reduces the cash register tomorrow.”

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