Westpac reports 6% drop in Q1 profits

Westpac has reported a 6% decrease in unaudited net profit for the first quarter of 2024, which amounted to $1.5 billion.

The bank's net interest margin for the quarter was 1.78%.

However, its unaudited net profit, excluding notable items, remained flat at $1.8bn.

Westpac's chief executive, Peter King, described it as a solid quarter with growth in the franchise and a strong financial position.

The bank also saw positive operating momentum, with customer deposit growth of $7.9bn and loan growth of $5.6bn.

Despite the decline in net interest margin, King expressed satisfaction with the efforts to strengthen the Westpac franchise.

The bank expects the economy to remain resilient, supported by low unemployment and healthy corporate sector balance sheets.