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By Roushni Nair
(Reuters) -Australia's Westpac Banking Corp on Monday warned of "intense" mortgage competition pressuring its margins in the current half, and said it was dropping a cost target to instead focus on relative peer performance because of high inflation.
Westpac, which previously benefited from a bold cost-cutting strategy, disclosed plans to move away from an absolute expense target and to focus more on improving its expense-to-income ratio in comparison to its peers.
"We're maki...
>>> Read more: Australia's Westpac flags H2 margin pressure, drops cost target
(Reuters) -Australia's Westpac Banking Corp on Monday warned of "intense" mortgage competition pressuring its margins in the current half, and said it was dropping a cost target to instead focus on relative peer performance because of high inflation.
Westpac, which previously benefited from a bold cost-cutting strategy, disclosed plans to move away from an absolute expense target and to focus more on improving its expense-to-income ratio in comparison to its peers.
"We're maki...
>>> Read more: Australia's Westpac flags H2 margin pressure, drops cost target
