Subdued conditions have been blamed for Westpac Banking Corporation’s (ASX:WBC) 2 per cent fall in third quarter earnings, compared to a year earlier.
In the three months to June 30, the bank posted cash earnings of $1.55 billion. Net profit came in at $1.45 billion.
CEO Gail Kelly says the operating environment over the quarter saw consumers increasingly cautious and larger businesses continuing to deleverage. As a result, Westpac saw slowing credit growth and weaker markets.
Neverthless, Ms Kelly says momentum across the group has been sound with solid flows in lending, deposits and funds under administration.
In the first half of its 2011 financial year Westpac generated a net profit of $3.9 billion.
WBC Price at posting:
$20.61 Sentiment: None Disclosure: Held
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