Westpac share price slips following release of Q3 update

The Westpac Banking Corp (ASX: WBC) share price is in the red in morning trade.

Westpac shares closed on Friday at $22.66 and are currently trading for $22.42, down 1.06%.

Financial shares are broadly underperforming today, with the S&P/ASX 200 Financials Index (ASX: XFJ) down 0.33% at the time of writing compared to a 0.31% gain posted by the S&P/ASX 200 Index (ASX: XJO).

However, the Westpac share price is the only one of the big four banks in the red.

What are ASX investors considering?

The Westpac share price may be coming under some selling pressure following the release of the bank’s third quarter (Q3) results.

On the positive end of that release, Westpac reported that its capital, credit, and funding positions remained strong in Q3.

With investors increasingly cautious about the outlook for a potential uptick in bad debts as interest rates rise for the first time in a decade, among the good news was the 0.04% drop in the bank’s stressed assets to total committed exposures (TCE), which declined to 1.06% in Q3.

However, as my fellow Fool James Mickleboro noted this morning, “No details were provided in respect to its profits, margins, or cost cutting during the quarter. Investors may have to wait until its full-year results later this year for that unfortunately.”

That lack of detail may be seeing some investors hitting the sell button today.

Westpac share price snapshot

Westpac has been a strong performer in 2022, with the share price up 3.8% since the opening bell on 4 January. That compares to a year-to-date loss of 7% on the ASX 200.

The post Westpac share price slips following release of Q3 update appeared first on The Motley Fool Australia.

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More reading

• Westpac share price on watch following Q3 update
• 5 things to watch on the ASX 200 on Monday
• Up 12% in 30 days, is the Westpac share price still a buy?
• Top ASX dividend shares to buy in August 2022
• Own Westpac shares? Here’s when the ASX 200 bank will release its FY22 earnings

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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