Westpac profit up five per cent to over $1 billion

Westpac New Zealand has delivered a strong full-year financial result with its cash earnings up five per cent on the same period last year.

Westpac received cash earnings of $1.017 billion over the twelve months ending on 30 September 2018.

Net operating income is also up four per cent on the same period last year at $2.349 billion.

Mr McLean said 13 banking fees or charges had been reduced or removed in the past year, on top of 11 fees or charges in the previous year.

Westpac NZ also removed individual sales targets for frontline branch and contact centre staff, with incentives strongly focused on customer service and feedback.

Mr McLean noted the report on conduct and culture by the Financial Markets Authority and Reserve Bank of New Zealand would be released later today.

“We’ve been working closely with the regulators.  We will be working through any issues regulators identify to ensure we retain the trust of our customers and other stakeholders.

“Where any issues are identified we are committed to fixing those quickly.”

ANZ's profit was close to $2 billion and BNZ just over $1 billion.

Westpac bank Source: 1 NEWS