Westpac NZ annual profit up 12%, fattened margins in the second half

Westpac NZ annual profit up 12%, fattened margins in the second half
CEO Catherine McGrath said her bank has “good positive momentum”. (Image: Supplied)
Jenny Ruth
Westpac New Zealand’s annual net profit jumped 12%, boosted by the sale of Westpac Life, fatter second-half profit margins and a further release of provisions for bad debts.The bank reported a $1.05 billion net profit for the year ended September, up from $931 million the previous year. Its first-half net profit was down 5%.Westpac’s Australian parent reported a 4% rise in annual net profit to A$5.69b (NZ$6.21b).The NZ result included the $126m profit on the sale of its life insurance business, Westpac Life, and the writeback of $27...

More Finance

Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024
Singapore becomes hot spot for M&A bankers hunting Asia deals
Finance

Singapore becomes hot spot for M&A bankers hunting Asia deals

The island is a magnet for parties interested in mergers and acquisitions.

Bloomberg 28 Jun 2024
Medicine working but business confidence continues to fall
Finance

Medicine working but business confidence continues to fall

Confidence in retail and construction rose, while other sectors were more downbeat.

Tom Raynel 27 Jun 2024
Shareholders association opposes Geneva Finance delisting
Finance

Shareholders association opposes Geneva Finance delisting

Company says it will exceed USX governance rules.

Jem Traylen 26 Jun 2024