Westpac

2025 - 2 - 16

Westpac's Rollercoaster Ride: Outages, Profits & Unhappy Wallets!

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From online banking outages to profit rises, Westpac's latest news is a wild ride for customers! 🚀💸

Westpac customers have had quite the whirlwind ride lately! After major online and mobile banking outages left millions feeling like they were stuck in a digital Bermuda Triangle, relief has finally arrived. Customers can breathe a sigh of relief as they’ve regained full access to their banking services. While technology hiccups are always frustrating, especially when you're trying to manage your finances, it's great to see Westpac bouncing back quickly from the chaos.

But wait, there's more! Beyond the tech troubles, Westpac has also painted a mixed picture of the future of Australia’s economy. In a rather sobering update, the bank warned that the outlook for employment is looking cloudier. With rising unemployment levels anticipated and economic growth set to stay flat, customers might find themselves with a bit of concern about their financial prospects even as their banking services are back up and running.

On a brighter note, Westpac has also shared some good news about their financial performance. The bank proudly announced a 13% rise in their first-quarter profit, driven by an increase in customer deposits and loan volumes. A hefty $1.7 billion profit might sound sweet, given the financial climate, but it seems that rising interest rates and cost of living challenges have also taken their toll on profit margins. It's a classic case of 'good news and bad news,' isn’t it?

As if the drama couldn’t ramp up any further, Westpac's recent reports reflect not only growth but emphasize the intensive balancing act banks have to perform. Staying afloat amidst economic churn is no small feat, especially for Australia’s second-largest lender. Fun fact: Did you know that despite all the fluctuations, the Australian banking sector remains among the most stable globally? And here’s another: Westpac has been in operation for over 200 years, proving that even in the dicey waters of modern banking, resilience is their middle name!

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Image courtesy of "The Australian"

Relief for millions of Westpac customers (The Australian)

Millions of Westpac customers are able to access their online and mobile banking services hours after the major bank experienced issues causing headaches ...

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Image courtesy of "The Australian Business Journal - The ABJ"

Westpac Online Banking Outage - Australian Business Journal (The Australian Business Journal - The ABJ)

Millions of Westpac customers regained access to their online and mobile banking services after the bank experienced significant.

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Image courtesy of "The Advertiser"

Westpac warns of rising unemployment (The Advertiser)

Westpac has warned Australia's economic growth is set to track sideways, with unemployment expected to rise, as the lending heavyweight revealed $1.7bn in ...

Westpac posts higher quarterly profit as loan volumes grow, late ... (The Business Times)

AUSTRALIA'S Westpac posted a rise in its first-quarter net profit on Monday as deposits and loan volumes grew, and said a widely awaited interest rate cut ...

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Image courtesy of "Capital Brief"

Westpac posts $1.7b quarterly profit, margins dip (Capital Brief)

Australia's second biggest lender Westpac has reported a dip in December quarter profit to $1.7 billion, with cost of living pressures and high interest ...

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Image courtesy of "Investing.com"

Australian lender Westpac reports 13% rise in first-quarter profit (Investing.com)

(Reuters) -Australia's Westpac Banking (NYSE:WBK) posted a 13% rise in its first-quarter net profit on Monday, helped by growth in customer deposits and ...

Westpac Lifts 1Q Profit on Loan and Deposit Growth — Update (Morningstar.com)

By Stuart Condie. SYDNEY--Westpac reported a rise in its unaudited first-quarter profit, supported by what Australia's third-largest bank said was growth in ...

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Image courtesy of "Smarter Analyst"

Westpac Unveils 1Q25 Financial Performance Overview (Smarter Analyst)

Westpac Banking ( ($AU:WBC) ) has shared an update. Westpac Banking Corporation released its 1Q25 Investor Discussion Pack, detailing its financial ...

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Image courtesy of "The Australian"

Westpac warns of rising unemployment (The Australian)

Westpac has warned Australia's economic growth is set to track sideways, with unemployment expected to rise, as the lending heavyweight revealed $1.7bn in ...

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Image courtesy of "Motley Fool Australia"

Westpac share price sinks 5% on Q1 update (Motley Fool Australia)

The Westpac Banking Corp (ASX: WBC) share price is on the move on Monday. Here's why investors are buying the bank's shares...

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Image courtesy of "The Nightly"

Westpac profit sinks, backs in rate relief this week (The Nightly)

Westpac has reported a fall in net profit as new chief executive Anthony Miller warns cost of living pressures and high interest rates remain challenging ...

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Image courtesy of "The Australian Financial Review"

RBA interest rates: Westpac CEO Anthony Miller supports RBA rate ... (The Australian Financial Review)

The bank said its quarterly net profit of $1.7 billion was lower due to some notable items, while its profit margin also contracted due to competition.

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Image courtesy of "Rask Media"

Westpac (ASX:WBC) share price in focus on FY25 first quarter update (Rask Media)

The Westpac Banking Corp (ASX:WBC) share price is under the spotlight after releasing its FY25 first quarter update.

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Image courtesy of "Livemint"

Westpac Shares Drop as Profit Slips, Margin Concern Flagged (Livemint)

Westpac Banking Corp.'s shares declined as much as 6% after profit and margins slipped and Chief Executive Officer Anthony Miller said the high cost of ...

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Image courtesy of "Reuters Australia"

Australia's Westpac posts higher quarterly profit as loan volumes ... (Reuters Australia)

Westpac said its domestic housing loans grew 2% during the period and business loans grew 3%. The ratio of loan repayments more than 90 days late to the bank's ...

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Image courtesy of "NEWS.com.au"

Big bank posts eye-watering profit (NEWS.com.au)

Westpac has posted a $1.7bn quarterly profit despite earnings falling almost 10 per cent.

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Image courtesy of "Asian Banking & Finance"

Westpac lets home loan clients set-up offset accounts with no extra ... (Asian Banking & Finance)

The new feature is available for lenders and brokers to request on behalf of eligible customers from 17 February 2025.

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Image courtesy of "NEWS.com.au"

Major bank's huge move on rates (NEWS.com.au)

Australia's second largest home loan lender has tweaked its variable rates just days after announcing an update to fixed rates, as the Reserve Bank of ...

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Image courtesy of "Daily Mail"

Westpac drops variable rates for millions of Aussies with a mortgage (Daily Mail)

A Big Four banks has slashed variable mortgage rates a day ahead of an expected official rate cut from the Reserve Bank of Australia.

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