Westpac’s NZ unit FY cash earnings rise 9 percent as lending grows, impairments fall

Sun, 03 Nov 2013

Nov. 4 (BusinessDesk) – Westpac Banking Corp’s New Zealand unit reported a 9 percent increase in full-year earnings after lifting deposits and lending and holding expenses unchanged, making up for margin shrinkage. New Zealand cash earnings, which exclude one-time items, rose to $770 million in the year ended Sept. 30, according to its Australian parent’s results. New Zealand generates 9 percent of earnings for Australia’s second-largest lender, excluding its group businesses and Westpac Pacific business. The parent today posted an 8 percen...

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