Westpac Second-Half Cash Profit Up as Mortgage Demand Grows
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Westpac Banking Corp. reported an 8 percent rise in second-half cash profit as it kept pace with Australian home lending growth for the first time in three years.
Cash profit, which excludes one-time items, increased to A$3.86 billion ($3.37 billion) in the six months to Sept. 30 from A$3.57 billion a year earlier, the Sydney-based lender said in a statement today. That compares with the A$3.87 billion mean estimate of five analysts surveyed by Bloomberg.