- SYDNEY, AAP – Westpac has reported a “promising” jump in interim cash earnings due to a better economic outlook, a stronger balance sheet and increased loan activity.
Cash earnings, which strips out items like hedging impacts and one-off events, rose 256 per cent to $3.5 billion in the first half of 2020/21, from the same period in the previous year.
Bottom line net profit was 189 per cent higher at $3.4 billion, after a challenging period in 2020 due to the COVID-19 pandemic.
“It has been a promising start to the year with increased cash earning, growth in mortgage and continued balance sheet strength,” CEO Peter King said on Monday.
“While the economic outlook is more positive there is still some uncertainty.”
Mr King said Westpac’s Australian mortgage book expanded by $2.6 billion in the six months, with growth in owner-occupier loans partly offset by lower lending to investors.
Owner-occupier loans rose by three per cent, with first home buyers making up 13 per cent of new loans.
Mr King noted housing prices have been rising but believes the rate of price growth will moderate in the months ahead.
WBC H1 profit soars as economy strengthens
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