Westpac’s record haul hits $1b profit milestone

Westpac has crossed the $1 billion profit mark. The bank reported earnings for the year ended on September 30 of $1.017b, up 5 per cent on the same period the year before. The result follows ANZ’s $2b profit, and a 10 per cent jump in profitability for Bank of New Zealand. Westpac grew deposits and lending, against the backdrop of a strong economy and a changing banking environment, and had low levels of impairment expenses. Westpac New Zealand chief executive David McLean said a three-year focus on business transformation was delivering benefits for the bank, its customers and communities. He said 13 banking fees or charges had been reduced or removed in the past year, on top of 11 fees or charges in the previous year. Westpac NZ had also removed individual sales targets for frontline branch and contact centre staff.