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Rising interest rates for banks ‘helps their bottom line profits’

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Morningstar Analyst Nathan Zaia says rising interest rates “helps” the banks’ bottom line profits.

It comes as Westpac will update its profit outlook on Thursday as it delivers quarterly results.

“Imminently, it helps their bottom line profits, it gives them the ability to reprice their back book,” Mr Zaia told Sky News Business Editor Ross Greenwood.

“But we’ve been thinking longer term rates are going to have to go up, so we’ve already factored that into our outlook on the banks.

“It’s more…what will drive the share price in the short term, I think, whether it happens sooner or later.”



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