...May 2, 2021 MELBOURNE (S&P Global Ratings) May 3, 2021--A more positive economic outlook will continue to support Australia-based Westpac Banking Corp.'s (Westpac; ##-/Negative/A-1+) earnings, S&P Global Ratings said today. The bank, one of the four major Australian lenders, announced today that its net profit for the half year ended March 31, 2021, increased by 189% compared with the previous corresponding period. Westpac's continued investment in technology should support ongoing loan growth but low interest rates suggest that margin pressure will persist for all banks, including Westpac. We believe Westpac's cost base will remain high in fiscal 2021, as the bank continues to invest in strengthening its risk governance. In our view, operating costs will fall in subsequent years with Westpac targeting technology improvements, streamlining operations, and exiting noncore businesses. In the next two years, we expect Westpac's credit losses to remain under control at about 30 basis points...
