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Westpac Group profit flat at $1b as headwinds persist

Hardship levels remain low and fewer customers are behind on mortgage repayments.

Home lending, business lending, and customer deposits all expanded over the year.

Key points
  • What’s at stake: Westpac has reported its full-year results showing resilience in the face of higher inflation and interest rates. 
  • Background: NZ group net profit rose 1% to $1.06 billion, while customer lending to households and businesses increased. 
  • Main players: Westpac, Catherine McGrath, Australia, New Zealand, Commerce Commission.

Westpac Group’s full-year profit has remained flat at just over $1 billion, as the bank helps customers and businesses navigate higher interest rates and natural disasters.

Its result in the year ended September 30 showed New Zealand group net profit after tax up 1% to $1.06b, compared with $1.05b

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Key points
  • What’s at stake: Westpac has reported its full-year results showing resilience in the face of higher inflation and interest rates. 
  • Background: NZ group net profit rose 1% to $1.06 billion, while customer lending to households and businesses increased. 
  • Main players: Westpac, Catherine McGrath, Australia, New Zealand, Commerce Commission.
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Westpac Group profit flat at $1b as headwinds persist
Investment,
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