Westpac's results show mortgage lending has been brisk but Massey University banking professor David Tripe says the market is suffering from a lack of competition.
Simon Power will be acting chief executive from June 25 while the bank undertakes a global search for a permanent replacement.
The New Zealand subsidiary of ANZ Bank will actually contribute a small profit from notable items.
Former senior minister in the Helen Clark Labour-led government, Steve Maharey, appointed to ACC.