Gail Kelly says Westpac interest rate decision coming tomorrow after RBA rate cut
Westpac chief executive Gail Kelly says she will announce the bank's response to Tuesday's surprise supersized RBA rate cut tomorrow. And backing her senior economist Bill Evans, the Westpac boss says she believes there is room for another 50-basis-point cut by RBA in the future.
Australia’s second-biggest bank today reported a 25% fall in net profit to $2.967 billion for the first half of fiscal 2012, given tax consolidation from its St George acquisition had boosted last year's profits. Its net income matched analysts’ estimates.
Cash earnings in the six months ended March 31 gained 1% to $3.2 billion.