Westpac's 1H net profit down 5%, core earnings up 16%

Jenny Ruth
Mon, 09 May 2022

Westpac's 1H net profit down 5%, core earnings up 16%
Chief executive Catherine McGrath said refreshed board and executive "exciting". (Image: supplied)
Jenny Ruth
Mon, 09 May 2022
Westpac New Zealand's first-half results are a bit of a mixed bag with net profit falling 5% but core earnings up 16%.The result was boosted by a $126 million profit on the sale of Westpac Life but the $10m write-back of prior provisions compared with a $99m writeback in the previous first half.While costs rose only 5%, the bank's net interest margin (NIM) fell eight basis points to 1.98%.So, the bottom line for the six months ended March 31 fell to $497m compared with the $523m reported for the previous first half.Net lending was up 4%...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

My Net Worth FREE
My Net Worth: Zac Stephenson, managing director, MediaCom
Daniel Dunkley | Sun, 03 Jul 2022

MediaCom managing director Zac Stephenson says he's proud of surviving in the media industry, which can be stressful and intense. 

Finance FREE
Money Answers: what's the best share investing strategy in a recession?
Frances Cook | Sat, 02 Jul 2022

Spreading your money through good quality companies, then leaving it alone for a few years is the boring but most likely way to build wealth for most of us. 

On the Money
On The Money: Air NZ's feeding frenzy, Kerry Prendergast's movie date, and more
Pattrick Smellie | Sat, 02 Jul 2022

In this week's OTM: Greg Foran's preference for pies, Kerry Prendergast's future at the film commission, a blast from the past from Enable Networks, and more...

Digital innovation could shape the future of NZ

The digital age allows us to collaborate on some of our greatest scientific and environmental challenges

Investments to sustain the momentum of building in NZ

Classic Capital has opened its Land & Build fund to qualified wholesale and eligible investors.