...November 6, 2022 MELBOURNE (S&P Global Ratings) Nov. 7, 2022--Westpac Banking Corp.'s (Westpac) financial profile will remain strong despite economic uncertainties, S&P Global Ratings said today. Westpac (##-/Stable/A-1+), one of the four major Australian banks, today announced solid results for the full year ended Sept. 30, 2022. Over the next two years, earnings should remain robust, benefiting from improving interest margins on the back of rising interest rates. Westpac's credit losses are likely to remain low at about 15 basis points over the next two years, in line with those of other major Australian banks. The relatively benign economic outlook, low unemployment, and strong household balance sheets should temper the risks to the Australian banking system from rising inflation, geopolitical uncertainties, and low business and consumer confidence. We expect the ongoing orderly correction in Australian house prices to continue until mid to late 2023, alleviating the risk of a sharp...
