Business
Westpac (ASX:WBC) share price on watch as it delivers $2bn quarterly profit result
The Westpac Banking Corp (ASX: WBC) share price will be in the spotlight this morning after it posted a $1.97 billion quarterly cash profit.
The big bank’s result reaffirms the recovery in the sector as the December quarter profit was up on the 2HFY20 quarterly average of $808 million.
Westpac’s statutory net profit was also sharply higher at $1.7 billion compared to the average $550 million in its second half.
The real highlight in Westpac’s results
But Westpac managed to do something its peers have so far been unable to – that is to lift profit margin!
The bank’s net interest margin (the difference between the cost of debt and how much the bank can charge for loans) expanded 3 basis points (bps) to 2.06%.
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