Westpac makes $964 million profit
The big-four bank reaped a $28 million increase in net profit compared to the previous year. The bank said home lending had risen by 5%, while customer deposits rose by 4% over the year.
Westpac's mortgage book grew from $48.9 billion in 2018 to $51.5 billion this year. Business loans grew from $29.8 billion to $31.3 billion over the year, while net loans jumped from $80.4 billion to $84.2 billion.
Net operating income grew to $2.4 billion, a 2% increase on the prior year.
Westpac NZ chief executive David McLean said the low interest rate environment would continue to boost home buyers.
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