The interest rate hike helped Westpac’s profit in the last quarter exceed 2 billion yuan. Thanks to the expansion of the interest spread and the reduction in the cost of compensation, West Pacific earned more than 2 billion in the last three months of 2018, an increase of 6.8% over the previous quarter. The second-largest bank in Australia reported an unaudited cash profit of 2.04 billion yuan in the December quarter, compared with an average quarterly profit of 1.91 billion yuan in the previous six months. Despite the rise in profits, West Pacific said that the first half of the year’s earnings fell due to the drag on compensation. If you do not pay compensation, the profit in the second half of 2018 should be 2.05 billion yuan. After West Pacific took the lead in raising interest rates in September last year, its net interest spread rose. It said that the proportion of pressure loans has not changed, and there have been no new loans with more than 10 million bad debts.
Reference:
https://www.smh.com.au/business/ … 0190218-p50ygr.html