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Westpac first half profits soar

By Reporter
 — 1 minute read

The big four bank has reported a more than 180 per cent rise in net profit for the first half of the 2021 year off the back of the economic recovery from COVID.

In a statement to the market on Monday, Westpac said it had recorded a net profit of $3.4 billion for the first half of the 2021 financial year, up 189 per cent on the prior corresponding period.

The bank's cash earnings had risen 256 per cent to $3.5 billion, in what chief executive Peter King called "a promising start to the year".

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"First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook," Mr King said.

"Importantly, we are beginning to see the benefits of our new operating model through improved performance."

Mr King said the bank's mortgage book had soared more than $2.6 billion over the past six months due to soaring demand in the property market.

"Owner occupier loans increased 3 per cent [in the half], with first home buyers making up 13 per cent of new loans," he said.

Mr King added that the bank still "remained prudent in our impairment positioning" despite the improved economic outlook for the Australian economy.

 

Westpac first half profits soar
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