Westpac Banking Corp has confirmed a full-year cash profit of $7.82 billion, up 3 per cent for the year driven by loan growth, and said while the economy is progressing from growth driven by resources to services, banks are stuck in a "lower-for-longer" environment.
Westpac, the country's biggest lender to property investors, also outlined a shift towards borrowing by owner-occupiers in the second half, as a crackdown on investor borrowing started to bite.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Clancy Yeates is deputy business editor. He has covered banking and financial services, and was previously national business correspondent in the Canberra bureau. Connect with Clancy on Twitter.
