Westpac’s New Zealand cash earnings rose 24% in the first half, reflecting improved margins and growth in lending and deposits in a "subdued" local economy.

It was a year of two halves for Westpac, mirroring the wild ride the rest of the economy has been on.

Westpac New Zealand chief executive George Frazis told NBR one of the major features of the year was the difference in results between the six months to March and the six months to September.

And, this, he said, was tied to the health of the New Zealand economy in general.

“It’s really been a performance of two halves for us,” he said. “In the second half we started to see some growth and momentum.”