Westpac New Zealand has delivered a flat half year result while it's Australian owner saw a A$4.017 billion (NZ$4.31b) cash profit. Westpac New Zealand made cash earnings of $462 million in the six months to March 31, up 2 per cent from $445m in the same prior period. The Australian result for the bank was a A$4.017b (NZ$4.31b) cash profit for the first half of the financial year. The bank's loan book in New Zealand was up 7 per cent to $76.5b compared to the six months to March 2016 but only grew 2 per cent compared to six months to September 2016. While its deposits were up 3 per cent to $56.8b compared to the same prior period, they were down 1 per cent compared to the six months to September 2016.

Source: New Zealand Herald May 07, 2017 23:14 UTC