(Bloomberg) – The profit of Westpac Banking Corp. Slipped as the CEO, Anthony Miller said that the high cost of life in the Australian economy continues to bite customer expenditure power.
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Net profit that is not audited for the three months closed on December 31 arrived at $ 1.7 billion ($ 1.1 billion), the Bank based in Sydney said on Monday. The coverage contributed to most of the fall, with margins and a profit otherwise flat.
A few months before work, Miller took the bar in Westpac while the Australian economy is heading for a relaxation phase of the expected monetary policy which could limit bank margins. Analysts are also wary of prospects after the share price has climbed more than 40% over the past year.
“Pressures on the cost of living and high interest rates are difficult for certain customers, while many companies face pressure on costs and the drop in demand,” Miller said in the press release . “In an encouraging way, inflation was held and we were able to see the Australian reserve bank reduce the cash rate tomorrow.”
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