Australia’s second greatest lender Westpac has cautioned a few more durable interval for customers in 2023 and is “carefully watching” the impacts of upper rates of interest on prospects.
Westpac chief govt Peter King is about to inform shareholders that whereas credit score metrics have proven an enchancment up to now this yr, the development may reverse after the festive season.
“There is no doubt that tighter monetary policy and slowing economic growth will impact some customers in the year ahead. We are prepared for this cycle given the quality of the loan portfolio and the strength of our balance sheet and provisioning,” Mr King will say on the firm’s annual basic assembly in Melbourne on Wednesday.
“There is no doubt that tighter monetary policy and slowing economic growth will impact some customers in the year ahead.”
Meanwhile, Westpac chairman John Mcfarlane is about to inform shareholders he’ll retire from the board on the conclusion of the 2023 AGM in December subsequent yr.
“This delivers on my commitment to shareholders when I first took on the role in 2020 to create a leaner, more agile, and better performing company. It also ensures the Board has time to appoint a new chair in an orderly way,” he’ll say in his tackle on the AGM.
