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Westpac NZ defends $1b profit to help ride economic uncertainty

Westpac lifts full-year profit after sale of Life division.

Westpac chief executive Catherine McGrath speaks with Jonathan Mitchell.

Westpac New Zealand has defended its $1 billion net profit, saying strong banks are needed to ride any economic storms.

Its net profit in the year to September 30, 2022, was up 12% to $1.05 billion, compared with $931 million in the previous year.

Meanwhile, its cash earnings – used by the bank to

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Contact the Writer: jmitchell@nbr.co.nz
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Westpac NZ defends $1b profit to help ride economic uncertainty
Investment,
96486
true