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

CEO Catherine McGrath said her bank has “good positive momentum”. (Image: Supplied)

Mon, 07 Nov 2022

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...

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