Banks Report Drop in Stressed Loans
Westpac says its stressed assets have fallen in the third quarter, despite a rise in mortgage delinquencies.Stressed assets are generally defined as non-performing assets
like loans where the repayment is overdue by 90 days, restructured loans or loans that are written off.
Westpac said stressed assets slipped four basis points to 1.10% of total lending, although repossessions increased due to prolonged weakness in the mining states of Western Australia and Queensland.
Rivals Commonwealth Bank, ANZ and National Australia Bank earlier this month all reported a decline in expenses related to bad debts.
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