Westpac shares slide 6% to $35.70 after Q3 update
AI Market Summary
Westpac shares fell 6% despite steady net interest margin (1.89%) and a 2% lift in underlying net profit, as investors focused on slowing mortgage demand. Average monthly applications dropped from ~29k to ~26k and Westpac expects Australian housing credit growth to decelerate (6.8% in FY26 to 4.7% in FY27). While delinquencies remain low, softer lending momentum and tighter downside scenarios weigh on Australian bank risk sentiment.
Impact level
● Medium
Affected assets
NCFXAUD2USD/USDT+0.06%
AI Insight · NCFXAUD2USD/USDTAI Insight
▼ Bearish
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Westpac shares fell 6% on Monday to 35.70 Australian dollars after a third-quarter update showed net profit excluding one-off items of A$1.8 billion, up 2% from the prior half’s quarterly average, while net interest margin was steady at 1.89%. The bank’s average monthly mortgage applications eased from about 29,000 to roughly 26,000, suggesting softer momentum in a business dominated by home lending. Westpac expects Australian housing credit growth to slow from 6.8% in FY26 to 4.7% in FY27. Mortgage 90-day delinquencies were 0.58% and 85% of balances were ahead on repayments when offset accounts were included.
