Westpac profit up 13%; Advisers account for more loans

In the year ended September 30, the mortgage book grew by $3.23 billion to $70.7 billion, up from the $1.94 billion growth the previous year.

Westpac’s Australian parent’s slides showed the percentage of the overall mortgage book originated by advisers at Sept 30 rose from 53.8% to 56.7%  a year earlier.

In May, chief executive Catherine McGrath said advisers had accounted for 64% of new loans in the six months ended March.

The NZ subsidiary’s statutory net profit for the year ended Sept 30 fell 2% to $1.2 billion while the Australian parent reported a 1% drop in net profit to A$6.92 billion.