Westpac forecasts the central bank will cut rates in February, which would be the country's first in five years. Profit for Australia's oldest bank declined 3% for the year ended Sept. 30 to A$6.99 billion ($4.61 billion), bettering an LSEG estimate of A$6 ...

Westpac Banking Corp, Australia's third largest lender by market value, said on Monday that its annual profit fell as expenses stemming from a technology upgrade blew out, sending its shares lower. The stock fell as much as 2.

The lender said its annual net profit fell by 3%, but signaled hopes that demand for housing and business credit will rise in 2025 as Australia’s central bank joins global counterparts in cutting interest rates.

Westpac New Zealand’s profit jumped 10% over the past year, as it suffered less of a hit from borrowers struggling to repay debts than it did in 2023. The Australian bank’s New Zealand division reported a net profit of $1.