Westpac Bank NZ reports $1B of cash earnings

Sun, 04 Nov 2018

By Rebecca Howard Nov. 5 (BusinessDesk) - Westpac Banking Corp's New Zealand unit lifted its full-year cash earnings, growing both deposits and lending against the backdrop of a strong economy and changing banking environment. Cash earnings, the preferred measure of the Australian-owned banks, rose 5 percent to $1.0 billion in the 12 months to Sept 30, the Sydney-based lender said in a statement. Home loans and business lending both grew 4 percent over the past year, supported by customer deposit growth of 6 percent. The result coi...

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