May 6, 2018 / 10:00 PM / 6 months ago

BRIEF-Westpac Banking Corp Says H1 Cash Earnings Rose 6 Pct

May 7 (Reuters) - Westpac Banking Corp:

* H1 CASH RETURN ON EQUITY (ROE) 14.0%

* H1 REPORTED NET INTEREST MARGIN INCREASED 11 BASIS POINTS TO 2.16%

* H1 NET INTEREST INCOME $8,301 MLN VS $7,693 MLN

* “OUTLOOK FOR AUSTRALIA REMAINS POSITIVE WITH GDP GROWTH EXPECTED TO BE NEAR TREND AT AROUND 2.7% FOR REMAINDER OF 2018 AND 2019”

* “AUSTRALIAN HOUSING MARKET IS IN GOOD SHAPE”

* “WESTPAC’S CREDIT PORTFOLIO IS FUNDAMENTALLY SOUND AND CONTINUES TO BE WELL POSITIONED”

* “HOUSEHOLD INCOME GROWTH REMAINS LACKLUSTRE AND INFLATION IS LOW. RESERVE BANK IS LIKELY TO KEEP RATES ON HOLD FOR SOME TIME”

* H1 OPERATING EXPENSES UP $50 MLN OR 1%, DUE TO REGULATORY AND COMPLIANCE COSTS INCLUDING ROYAL COMMISSION OF $34 MLN Source text for Eikon: Further company coverage:

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