The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Friday.
This is because Australiaâs oldest bank has just released its first quarter update.
Westpac share price on watch
Investors will be watching the Westpac share price closely today after the banking giantâs first quarter update was released to the market.
Unfortunately, the banking giantâs update isnât as thorough as the one from rival National Australia Bank Ltd (ASX: NAB) on Thursday and doesnât include any profit details.
However, it does provide a few metrics that gives investors an idea of how Westpac is performing right now.
What did Westpac report?
Westpac’s update provided details on its credit quality, capital position, and funding and liquidity.
In respect to credit quality, Westpac reported that its 90+ day mortgage delinquencies were down five basis points to 0.7%.
It also revealed that its provisions to total committed exposure (TCE) edged slightly higher to 40 basis points from 39 basis points. Though, this is still lower than the prior corresponding period.
As for its capital position, Westpac reported a CET1 ratio of 11.13% and an 0.6% or $2.8 billion increase in risk weighted assets (RWA) to $480.4 billion. The latter was driven by higher lending.
Finally, the banking giant provided investors with a funding and liquidity update, which revealed that both measures have strengthened during the quarter.
Westpacâs liquidity coverage ratio (LCR) was up 7 percentage points to 139%, its net stable funding ratio (NSFR) was up 1 percentage point to 122%, and its deposit to loan ratio came in 1.1 percentage points higher at 84%.
The Westpac share price is down 3% over the last 12 months.
The post Westpac share price on watch following Q1 update appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Friday
- Why CBA, Corporate Travel Management, Treasury Wine, and Westpac shares are dropping
- 3 catalysts for Westpac shares to take off in 2023
- Westpac share price higher amid latest BNPL moves
- 3 of the best ASX 200 shares to buy now: broker
Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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. 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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