Westpac Reports Cash Profit of $4.02 Billion

Westpac has reported an interim first-half cash profit of $4.02 billion, an increase of three per cent as expected by market.

Cash earnings from the consumer bank rose five per cent to $1.511 billion for the six month to March 31, while total loans were up six per cent and deposits seven per cent.

However, the bank said the demand for housing loans, which supported its performance in the consumer sector, is expected to slow down. “We remain positive about the Australian housing market, although we expect price growth to moderate through 2017,” said Brian Hartzer, chief executive at Westpac.

The interim dividend was set at 94 cents per share and will be paid on July 4.

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