Westpac NZ lifts 1H profit 2% as impairment charges eat into earnings

Sun, 03 May 2015

By Paul McBeth May 4 (BusinessDesk) - Westpac Banking Corp's New Zealand unit lifted first-half profit 2 percent as gains in residential and business lending were offset by increased impairment charges. Cash earnings in the New Zealand business rose to $441 million in the six months ended March 31, from $432 million a year earlier, the Sydney-based bank said in a statement. Net interest income rose 6 percent to $832 million as the local lender grew its mortgage loan book 5 percent to $40.7 billion and business lending expanded 5 percent t...

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