Westpac first half profit rises 3% to A$3.7 bln, NZ unit's earnings up 2%

Sun, 01 May 2016

By Fiona Rotherham May 2 (BusinessDesk) - Westpac Banking Corp first-half profit rose 3 percent to A$3.7 billion following a hefty increase in capital to meet regulatory demands which came at the cost of returns while its New Zealand division lifted cash earnings by 2 percent to A$445 million. Group cash earnings were A$3.9 billion, also up 3 percent for the six months ended Mar. 31, with growth slowed by higher impairment charges, mostly from additional provisions raised for a small number of larger customers coming under increased stre...

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