More borrowers getting into trouble says Westpac
Westpac has reported a rise in the level of provisioning for bad debts and loans. Overdue consumer loans were 0.99 per cent said Westpac, up 0.06 per cent, while the number of home loans 90-days or more overdue in Australia is up to 0.42 per cent of the total loan book, up 0.07 per cent since September.
Westpac said it had made provisions for $930 million in bad debt, with 74 per cent of that from corporate loans including loans to ABC Learning, Allco and Babcock and Brown.
Source: The Sheet