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Westpac posts $4.2bn first-half profit

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Westpac has announced a statutory net profit of $4.2 billion for the six months to 31 March, up 7 per cent on the prior corresponding period.

Cash return on equity for Westpac was 14 per cent, at the top end of the 13-14 per cent range the bank had targeted.

The bank announced an interim fully franked dividend of 94 cents per share, and a common equity Tier 1 capital ratio of 10.5 per cent.

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Announcing the result, Westpac chief executive Brian Hartzer noted the bank has invested $1.3 billion upgrading the bank's infrastructure and delivering new services.

"Our businesses continue to perform solidly, with the results from the consumer and business banks particularly good," said Mr Hartzer.

"All businesses increased core earnings over the prior half. We are pleased that there were no on-offs, making it a clean result," he said.

 

Westpac posts $4.2bn first-half profit
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