Westpac's BT lifts annual net profit 10.8%

BT Funds Management (NZ), Westpac's investment arm in New Zealand, has reported a 10.8% rise in annual net profit for the year ended Sept 30, 2024.

The net profit of $6.8 million compares with $6.1 million the previous year.

While the fund manager's interest, net fees and other income rose 13.7% to $48.1 million in the latest year, its operating expenses rose a greater14.6% to $38.6 million.

BT maintained its KiwiSaver default provider status when in May 2021 the government cut the number of providers to six.