May 5, 2026 — 1:54pm
Add us as a preferred source on Google
Banking giant Westpac has raised its buffers for soured loans as it prepares for a weakening in the economy due to the Middle East war, even as its latest results showed fewer borrowers were struggling with repayments.
The country’s second-largest mortgage lender said on Tuesday that it was increasing its provisions for bad debts, a sign the bank is preparing for a softer economy and disruption from the energy crisis, as it notched up $3.4 billion in first-half profits.
The results included about $200 million in extra provisions for bad debts compared with the previous half, as the lender sought to protect its balance sheet from potential losses caused by pain inflicted on energy-intensive sectors.
