Westpac NZ beats Aussie parent on lending growth
Strong third quarter for Westpac's New Zealand operations
Westpac’s New Zealand was the jewel in the transtasman bank’s crown last quarter, outstripping its Australian parent when it came to lending growth.
In a quarterly update today, Westpac Banking Corp reveals New Zealand lending rose almost 2% in the three months to June 30, compared to a 1% rise in lending growth across the group.
Gains were made across business and mortgage lending.
In a statement to the Australian Stock Exchange, Westpac said the upswing in New Zealand reflected significant investment in staff training and an enlarged footprint via new community branches.
Fatter margins also contributed.
Despite the positive result, Westpac shares have tumbled more than 2% on the NZX to $25.5 – the lowest they have traded at this year.
Westpac Banking Corp, Australia’s third largest bank, revealed a modest dip in net profit of $A1.45 billion for the quarter.
The operating environment across the Tasman had become more subdued as consumers exercised more caution and larger businesses continued to deleverage.
ANZ will open the books for its quarterly update later in the week.
Georgina Bond
Tue, 16 Aug 2011
Tue, 16 Aug 2011
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Westpac NZ beats Aussie parent on lending growth
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