Westpac latest big bank to record whopping earnings

Source: 1News

Westpac is the latest of New Zealand's Australian-owned banks to report a healthy financial year.

Brisbane, Queensland, Australia - 27th November 2019 : , while a man is passing by

It released its full year financials today, with cash earnings up 56 per cent to $1.01 billion for the 12 months ending September 30, 2021.

Last week ANZ reported a massive $1.92 billion profit, on the back of a hot housing market.

Westpac says it's issued 10 per cent more mortgages, with first home buyers purchasing 6598 homes during the period - an increase of 24 per cent.

“The Delta variant poses serious health and financial challenges and we’re committed to helping customers who have been affected," acting chief executive Simon Power said.

"Looking to the horizon, we’re optimistic increasing vaccination rates will reduce the impact of the virus on New Zealanders’ health and the economy.”