Westpac has announced a 10 per cent increase in its half-year profit. The bank made $3.62 billion in the six months to the end of March. The banking industry’s preferred measure – the cash profit – was up 8 per cent to $3.77 billion.
Westpac’s result was based on a 7 per cent increase in revenue to $9.79 billion.
Most of Westpac’s income growth came from issuing more loans. Westpac says home lending grew by 5 per cent over the past year, a little behind the average for the banking sector, with business lending up by 5 per cent as well.
The bank says personal lending jumped 21 per cent, while customer deposits were up by $29 billion, or 8 per cent, to $389 billion.
The bank says it also posted strong growth in its wealth management business, with its non-interest income up 9 per cent to $3.18 billion.
Source: ABC