Westpac posts eye-watering NZ$4.55b profit, up 5.8%

Westpac has lifted first-half profit 5.8 per cent to NZ$4.55 billion (A$4.25b).

Westpac bank Source: 1 NEWS

Cash profit for the six months to March 31 was up from A$4.02 billion in the prior corresponding period, with consumer and business banking driving the increase.

Australian mortgage lending was up 5.6 per cent on the same time a year earlier and the lender says the quality of its loan book - which has been queried by analysts - remains "fundamentally sound".



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'It's a profit he's created' – Rod Drury to cash in Xero shares, netting almost $95 million

It comes as the company prepares to delist from the NZ stock exchange. Source: 1 NEWS

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Kiwi wines outselling Australian counterparts in world's biggest market

For the first time New Zealand wines are winning the Tasman battle in the US. Source: 1 NEWS