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Two more rate rises likely: Westpac
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November 1, 2007 - 11:59AM
Westpac Banking Corporation Ltd chief executive David Morgan says believes "a couple more" interest rate rises are likely, as financial markets prepare for an expected hike in official rates next week.
Dr Morgan also left open the possibility that Westpac would lift rates on its variable home loans by more than central bank changes in the cash rate, because of higher funding costs.
"I think you're right about a couple more interest rate rises being likely," Dr Morgan told analysts.
Asked if Westpac could raise rates beyond moves in the cash rate, Dr Morgan replied: "In terms of re-pricing, it is obviously very volatile out there and we are monitoring it closely.
"We will be taking decisions in the context of funding costs, the competitive environment, the evolution of monetary policy and the needs of all of our stakeholders.
"So those are the things that will drive us on that."
Dr Morgan said the federal government deserved credit for helping to de-couple the political process from the setting of interest rates.
But Treasurer Peter Costello recently told the major banks there was no need for them to raise rates on their variable home loans by more than movements in the cash rate.
Dr Morgan said he doubted that two more official interest rate rises would cause significant stress in Westpac's mortgage book.
"Arrears and delinquencies are trending up moderately from a low base exactly in line with expectations and there's nothing that we can see in a couple more interest rates rises, that are completely possible, to cause us stress there."
The outgoing chief executive also offered some forecasts for the banking industry in fiscal 2008.
"Through 2008, strong business credit growth is likely to continue, although moderating from current levels," Dr Morgan said.
"As a result, we expect business credit growth to rise 20 per cent in 2008, a little higher than 2007."
After rising 13 per cent in fiscal 2007, housing credit growth is expected to average 11 per cent in fiscal 2008, Dr Morgan said.
Wealth management now accounts for 12 per cent of Westpac's total earnings and is expected to account for 20 per cent in three year's time, Dr Morgan said.
The bank on Thursday reported a 12.4 per cent rise in bottom line net profit to a record $3.451 billion, for the year ended September 30. |
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发表于 2007-10-22 10:37
