Westpac’s profit down 22 percent
(6 May 2019 – Australia) Westpac Banking Corporation said its first-half cash profit fell 22 percent despite its New Zealand arm reporting a 7 percent rise.
Westpac Banking Corporation put its $3.296 billion cash profit, down from $4.251 billion, on ongoing compensation costs and its decision to exit the loss-making personal finance advice market.
Chief executive Brian Hartzer accepted the result was poor however he felt the substantial restructuring taking place at the bank marked a turning point for its future performance.
David McLean, Westpac NZ chief executive put the subsidiary’s performance down to its ongoing focus on customer outcomes and described the result as “solid”.
Westpac Banking Corp’s results were in line with expectations and continued the main theme established by rival banks ANZ and NAB which were characterised by sharp falls in profit from their Australian retail arms.
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