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Investment
3 mins to read

Westpac profit rises, with business, home lending gains

Group net profit up 20% to $562m, with decline in bank’s net interest margin and customer deposits.

WATCH: Westpac NZ chief executive Catherine McGrath speaks with Jonathan Mitchell.

Westpac has reported a higher net profit, as impairment provisions fell after Cyclone Gabrielle and revenue ticked up slightly.

Group net profit rose 20% to $562 million in the six months ended March 31, compared with $467m the previous year.

The bank’s revenue increased 1% to $1.38 billion, while

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Westpac profit rises, with business, home lending gains
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