Westpac NZ boosts 1H earnings 7 percent on lending growth in housing, agri, smaller charges on bad debt

Thu, 02 May 2013

By Paul McBeth May 3 (BusinessDesk) - Westpac Banking Corp's New Zealand unit boosted first-half earnings 7 percent from a year ago on increased mortgage and agriculture lending and a lower charge for bad debts. Cash earnings rose to $370 million in the six months ended March 31, from $346 million a year earlier, the Sydney-based lender said in a statement. Net profit attributable to the parent's owners climbed to A$298 million from A$267 million, accounting for about 9 percent of the group's A$3.3 billion profit. The New Zealand unit's ne...

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