August 20, 2017 / 10:30 PM / a year ago

Australia's Westpac Q3 stressed loans dip

Aug 21 (Reuters) - Australia’s Westpac Banking Corp said on Monday its stressed assets edged lower during the third quarter helped by a fall in impaired assets.

In a limited third-quarter update, Australia’s second-biggest bank by market value said stressed assets slipped four basis points to 1.10 percent although Australian mortgage defaults nudged two basis points higher due to the impact of Cyclone Debbie.

The fortunes of Australia’s “Big Four” banks are closely tied to the performance of the housing market, with the group holding a combined market share of more than 80 percent of the lending market. (Reporting by Shashwat Pradhan in Bengaluru; Editing by Sandra Maler)

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