Business
Westpac’s King takes plunge on cutting provisions – The Australian Financial Review
The brighter economic outlook means that the country’s big banks are sitting on more provisions to cover soured loans than they’ll need. Westpac is at the front…
In large part it has to do with the stronger-than-expected recovery in the Australian economy, which has translated into a better performance in the jobs market, and in property prices.
But King also has the advantage of having spent a long stint as Westpacs chief financial officer. That means that he has a detailed knowledge of how the banks balance sheet works, as well as understanding the intricacies of accounting standards that require banks to set aside provisions on future problem loans.
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