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Westpac reports 3Q rise in stressed assets

AAP logoAAP 11/08/2016

Westpac shares have dropped more than 2.5 per cent after it reported a small increase in stressed assets, partly due to higher mortgage delinquencies in WA, SA and Queensland.

The lender says the rise in mortgage repayments more than 90 days overdue and an increase in assets on its watchlist had pushed its stressed exposures for the three months to June 30 up to 1.15 per cent of total exposures. The figure was 1.03 per cent in the previous quarter.

The increase in watchlist and substandard assets to $1.4 billion reflected stress in the New Zealand dairy industry and challenges facing some business customers in mining-related regions.

At 1055 AEST, Westpac shares were down 81 cents, or 2.63 per cent, at $30.00.

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