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Westpac H1 net profit up 10%

Australian banking heavyweight Westpac has announced a 10 per cent jump in first-half net profit Monday to A$3.62 billion (US$3.35 billion).

SYDNEY: Australian banking heavyweight Westpac announced a 10 per cent jump in first-half net profit ON Monday to A$3.62 billion (US$3.35 billion), driven by strong performances across all divisions as lending continued to grow.

The cash profit of Australia's second largest bank, the industry's preferred measure which strips out volatile items, rose eight percent to A$3.77 billion in the six months to the end of March, slightly above expectations.

Chief executive Gail Kelly said the result was driven by a strong overall performance, supported by improvements in asset quality.

"I am pleased with this result and the momentum we have built across the group. It is a strong performance and reflects the consistent execution of our strategy, which has customers at its centre," she said.

"Our balance sheet is strong, and we have sector-leading positions in capital, credit quality and in productivity. This enables us to further support customers as we tilt towards growth."

Over the six-month period the bank provided more than A$41 billion in new lending to Australian retail and business customers.

Westpac said its housing loans in Australia were up five percent while personal lending spiked 21 per cent. Business lending also grew five percent.

The Sydney-based lender declared an interim dividend of 90 cents, up five percent on a year earlier.

Last week, the Australia and New Zealand Banking Group posted a first-half net profit rise of 15 per cent to A$3.38 billion, with National Australia Bank reporting its half-yearly results on Thursday.

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